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Compounding
*
and
Discounting Tables
*
for
Project Analysis
EDI SERIES
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IN ECONOMIC
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DEVELOPMENT
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Compounding
and
Discounting Tables
for
Project Analysis
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1witha Guide to Their Applications
*
*
Second Edition,
Revised and Expanded
J. Price Gittinger
.
S
.
THE
ECONOMIC
FOR
PUBLISHED
DEVELOPMENT
OF THE WORLD
INSTITUTE
BANK
The Johns Hopkins University Press

BALTIMORE
AND
LONDON
.
SECOND EDITION, REVISED AND EXPANDED
COPYRIGHT
) 1984 BY THE
FOR RECONSTRUCTION
1818
INTERNATIONAL
AND DEVELOPMENT
H STREET, N.W., WASHINGTON,
D.C.
BANK
/ THE WORLD BANK
20433, U.S.A.
ALL RIGHTS RESERVED

MANUFACTURED IN THE UNITED STATES OF AMERICA
6
5
S
S
The Johns Hopkins University Press

Baltimore, Maryland 21218, U.S.A.
The views and interpretations

in this book are the author's and should not be
attributed to the World Bank, to its affiliated organizations, or to any individual
acting in their behalf. Although every effort has been made to avoid errors, the
World Bank accepts no responsibility for the accuracy of the tables in this book.
EDITOR
James E. McEuen
PRODUCTION
Yamile M. Kahn
Catherine Ann Kocak

BOOK DESIGN
Brian J. Svikhart
COVER DESIGN
George P. Parakamannil
FIGURE
Une version fran,aise de cet ouvrage a et6 publiee sous le titre Tables d'interets
composes et d'actualisation, Editions Economica (49, rue Hericart, 75015 Paris,
France; distributeur au Canada: Le Diffuseur, C.P. 85, Boucherville, Quebec J4B
5E6).
La Editorial Tecnos ha publicado una versi6n espaftola con el tItulo de Tablas de
Interes Compuesto y de Descuento para Evaluaci6n de Proyectos (distribuci6n en
Espafia: Grupo Editorial, S.A., Don Ram6n de la Cruz, 67, Madrid 1; distribuci6n
en otros paises: GSR Internacional, Villafranca, 22, Madrid 28, Espafia).
First published as Compounding and Discounting Tables
for Project Evaluation in 1973.
This revised and expanded edition first published in November 1984.
Library of Congress Cataloging in Publication Data
Main entrv under title:
Compounding and discounting tables for project analysis.
(EDI series in economic development)
Rev. ed. of: Compounding and discounting tables for
project evaluation. 1973.
"Published for the Economic Development Institute of
the World Bank."
Bibliography: p.
1. Interest-Tables.
2. Discount-Tables.
3. Economic
development projects-Evaluation-Tables.
I. Gittinger,
J. Price (James Price), 1928. II. Economic
Development Institute (Washington, D.C.) III. Compounding
and discounting tables for project evaluation.
IV. Series.
1984
332.8'0212
83-49364
HG1632.C65
ISBN 0-8018-2409-5
5
5
5
5
5
.
.
~~~Foreword
FOR NEARLY THIRTY YEARS, the
Economic Development Institute (EDI) of the
~~World
Bank has been a leading educational center where senior officials from
~~Recently
the World Bank has reaffirmed its commitment to providing this
~~opportunityand has increased its emphasis on helping regional and national
~~traininginstitutions build the competence to impart these skills to a broader
developing countries could sharpen their skills in policy and project analysis.
@
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audience of officials. A major part of this effort is to ensure that relevant

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~~trainingmaterials are readily available.

~~~The
present volume reflects this concern. As the EDI expanded its teaching
of project analysis, both at its headquarters and in cooperation with regional
~~andnational institutions, it recognized the need for compounding and
~~discountingtables. The tables were assembled with the circumstances of
~~developing
countries explicitly in mind. The tables were first published by
~~theWorld Bank in 1973 and, in the decade since then, they have become a
~~standardtool both in the teaching of project analysis and in the work of
~~projectanalysts.
In this second edition, several of the tables have been extended, and new
~~examples
of their use have been drawn from situations in developing coun~~tries.
With these additions the EDI hopes the tables will be more useful and
ol
akhsbe
edn
dctonlcne
hr
eirofcasfo
more widely the needs of project analysts as they endeavor to use scarce
~~serve
~~investmentresources efficiently and wisely.
@
~~~~~~~~~~~~Christopher
R. Willoughby
d
Economic
JUlY 1984
~~~~~~~~~~~~~~~~~~~~~~~~~v
Director
Development Institute
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~~~Contents
"
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3
"
CPreface
and Discounting Tables

I
~~Compounding
~~SummaryTables: Discount, Present Worth of an Annuity, and Capital
~~Recovery
Factors
103
bI~arrow-interval Compounding
Tables
III
~~Using
These Tables: A Guide to Their Applications
155
The Tables in This Book 156
~~~Applications
of the Tables 158
Using Calculators to Compute Compounding and Discounting Factors
~~~Calculating
Discounted Measures of Project Worth 182
~Mathematical Appendix 195

~~~Compounding
Factor for 1 196
Compounding Factor for I per Annum

196
196
Discount Factor 197
U
Present Worth of Annuity Factor 197
a*Capital
Recovery Factor 197
"
Fund Factor
~~Sinking
UsigheeBibliography
199
opudn
aco
MathematicalAppendix
15vii
170
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Preface
~~THESE
TABLES were assembled to meet the needs of analysts working on
~~project
analysis. The factors were chosen to facilitate determination of mea~~sures
of project worth, estimates of rates of growth, and such project calcu-
projects in developing countries and of students studying the techniques of

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lations as debt service payments and the relative merits of buying as opposed
~~toleasing. The table formats were designed for ease of application during
~~project
analysis. The reception of the first edition, both by project analysts
~~andby students, indicates the tables meet a real need.
Although this second edition extends some elements of the first, the basic
~~str-ucture
of the tables has not been altered. The six-place tables for the
~~compounding
factor for one, compounding factor for one per annum, sinking
~~fundfactor, discount factor, present worth of an annuity factor, and capital
recovery factor remain unchanged. The tables for the summary discount
~~factorand present worth of an annuity factor have been augmented by a
~~summarycapital recovery factor table with the same intervals and number
of years. The narrow interval table for the compounding factor for one has
~~been
extended to include higher rates which have become increasingly common
~~over
the past decade.
'l'~hesection on "Using These Tables" has been considerably expanded to
illustrate in greater detail how the factors in the tables may be applied to
~~project
design and analysis, and it includes several applications to show the
of the capital recovery factor

Puse
to help decide whether to buy or to lease.
3
3
@
*
@
@
The most extensive addition to this section is a discussion of how simple

~~electroniccalculators may be applied to compounding and discounting
~~computationsfor project analysis. Calculators are especially useful when
~~fractional
interest rates are needed for such applications as calculating annual
installments to repay a loan. Few tables are available for many rates now
~~common
in developing countries. Fortunatelv, the computations are not diffi~~cultwhen calculators are used and the results are verified by consulting the
~~tablesto be sure no errors of concept or data entry have crept into the
computation. The discussion of measures of project worth has been extended
Lt
to illustrate applications of cost-effectiveness analysis, the net benefit-investment ratio (which is useful to rank projects), and sensitivity tests including
switching value.
We hope these additions will make this second edition even more helpful
both for experienced project analysts and for students just approaching the
use of compounding and discounting for project analysis.
J. Price Gittinger
"~~~~~~~
a
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Compounding
a
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and Discounting
Tables
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RATE
1%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Yea
r
1
2
3
4
5
compound
interest
1.010 000
1.020 100
1.030 301
1.040 604
1.051010
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000 000
2.010 000
3.030 100
4.060 401
5.101005
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
1.000000
.497 512
.330 022
.246 281
.196 040
6
7
8
9
10
1.061
1.072
1.082
1.093
1.104
520
135
857
685
622
6.152
7.213
8.285
9.368
10.462
015
535
671
527
213
162
.138
.120
106
.095
11
12
13
14
15
1.115
1.126
1.138
1.149
1.160
668
825
093
474
969
11.566
12.682
13.809
14.947
16.096
835
503
328
421
896
.086454
.078 849
.072 415
.066 901
.062 124
16
17
18
19
20
1.172
1.184
1.196
1.208
1.220
579
304
147
109
190
17.257
18.430
19.614
20.810
22.019
864
443
748
895
004
.057
054
.050
.048
.045
945
258
982
052
415
21
22
23
24
25
1.232
1.244
1.257
1.269
1.282
392
716
163
735
432
23.239
24.471
25.716
26.973
28.243
194
586
302
465
200
.043
.040
.038
.037
.035
031
864
886
073
407
26
27
28
29
30
1.295
1.308
1.321
1.334
1.347
256
209
291
504
849
29.525
30.820
32.129
33.450
34.784
631
888
097
388
892
.033
.032
.031
.029
.028
869
446
124
895
748
31
32
33
34
35
1.361
1.374
1.388
1.402
1.416
327
941
690
577
603
36.132
37.494
38.869
40.257
41.660
740
068
009
699
276
.027
026
.025
.024
.024
676
671
727
840
004
36
37
38
39
40
1.430
1.445
1.459
1.474
1.488
769
076
527
123
864
43.076
44.507
45.952
47.412
48.886
878
647
724
251
373
.023
.022
.021
.021
.020
214
468
761
092
456
41
42
43
44
45
1.503
1.518
1.533
1.549
1.564
752
790
978
318
811
50.375 237
51.878 989
53.397 779
54.931 757
56.481075
.019
.019
.018
.018
.017
851
276
727
204
705
46
47
48
49
1.580
1.596
1.612
1.628
459
263
226
348
58.045
59.626
61.222
62.834
885
344
608
834
.017
.016
.016
.015
228
771
334
915
64.463
182
.015 513
501
1.644 632
year
548
628
690
740
582
COMPOUNDING
& DISCOUNTING
TABLES
RATE
1%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
CAPITAL
RECOVERY
FACTOR
Annual payment that will
repay a $1 loan in X years
with compound
interest
on the unpaid balance
Year
990 099
.990 099
980 296
1 970 395
507 512
.970 590
.960 980
.951466
2.940 985
3 901966
4.853 431
340 022
256 281
206 040
3
4
5
942 045
932 718
5.795
6.728
.172 548
.148 628
6
7
476
195
.923 483
7 651 678
914 340
8 566 018
905 287
9 471305
1.010
000
130 690
.116 740
105 582
10
.896
.887
.878
.869
.861
324
449
663
963
349
10 367 628
11.255 077
12.133
740
13.003
703
13 865 053
096
.088
.082
.076
072
454
849
415
901
124
11
12
13
14
15
.852
844
.836
827
819
821
377
017
740
544
14 717
15.562
16 398
17 226
18.045
874
251
269
008
553
.067
.064
.060
.058
055
945
258
982
052
415
16
17
18
19
20
.811
803
.795
.787
430
396
442
566
768
5779
18.856
19 660
20.455
21.243
22 023
983
379
821
387
156
053
.050
.048
.047
.045
031
864
886
073
407
21
22
23
24
25
.772
.764
.756
.749
.741
048
404
836
342
923
22.795
23 559
24.316
25.065
25.807
204
608
443
785
708
.043
.042
.041
.039
.038
869
446
124
895
748
26
27
28
29
30
.734
.727
.720
.712
.705
577
304
103
973
914
26.542
27.269
27.989
28 702
29 408
285
589
693
666
580
037
.036
.035
.034
.034
676
671
727
840
004
31
32
33
34
35
.698
.692
.685
.678
.671
925
005
153
370
653
30.107
30.799
31.484
32.163
32.834
505
510
663
033
686
.033
.032
.031
.031
.030
214
468
761
092
456
36
37
38
39
40
.665
.658
.651
.645
.639
003
419
900
445
055
33 499 689
34.158
108
34.810 008
35.455 454
36.094
508
.029
.029
.028
.028
.027
851
276
727
204
705
41
42
43
44
45
36.727
37.353
37.973
38.588
39.196
.027 228
.026 771
.026 334
.025 915
.025513
46
47
48
49
50
.632 728
.626 463
.620 260
.614 119
.608039
COMPOUNDING
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
& DISCOUNTING
TABLES
236
699
959
079
118
RATE
2%
5
COMPOUNDING
FACTOR
FOR 1
What an initial
becomes
amount
when growing
at
Yea
r
1
2
3
4
5
compound
interest
1.020
1.040
1.061
1.082
1,104
000
400
208
432
081
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end
deposits
all growing
at compound
interest
1.000 000
2.020
000
3.060 400
4.121608
5.204 040
SINKING
FUND
FACTOR
Level deposit
required
each
year to reach 1
by a given
I.000000
495 050
326 755
242 624
.192 158
1.126
162
1.148 686
1.171659
1.195 093
1.218 994
6.308
7.434
8.582
9.754
10.949
121
283
969
628
721
.158 526
134 512
.116 510
.102 515
091327
11
12
13
14
15
1.243
1.268
1.293
1.319
1.345
374
242
607
479
868
12.168
13.412
14.680
15.973
17.293
715
090
332
938
417
082 178
074 560
.068 118
062 602
057 825
16
17
18
19
20
1.372
1.400
1.428
1.456
1.485
786
241
246
811
947
18.639
20.012
21.412
22.840
24.297
285
071
312
559
370
053
049
046
.043
.041
650
970
702
782
157
21
22
23
24
25
1.515
1.545
1.576
1.608
1.640
666
980
899
437
606
25.783
27.298
28.844
30.421
32.030
317
984
963
862
300
.038
.036
.034
.032
.031
785
631
668
871
220
26
27
28
29
30
1.673 418
1 706 886
1.741024
1.775 845
1.811 362
33.670
35.344
37.051
38.792
40.568
906
324
210
235
079
.029
.028
.026
.025
.024
699
293
990
778
650
31
32
33
34
35
1.847
1.884
1.922
1.960
1.999
589
541
231
676
890
42.379
44.227
46.111
48.033
49.994
441
030
570
802
478
023 596
022 611
021687
020 819
020 002
36
37
38
39
40
2.039
2.080
2.122
2.164
2.208
887
685
299
745
040
51994
54.034
56.114
58.237
60.401
367
255
940
238
983
019 233
.018 507
017 821
.017 171
.016 556
41
42
43
44
45
2.252
2.297
2.343
2.390
2.437
200
244
189
053
854
62.610
64.862
67.159
69.502
71.892
023
223
468
657
710
015
015
014
.014
.013
972
417
890
388
910
46
47
48
49
50
2.486
2.536
2.587
2.638
2.691
611
344
070
812
588
74.330
76.817
79.353
81.940
84.579
564
176
519
590
401
.013
.013
.012
.012
.011
453
018
602
204
823
COMPOUNDING
year
6
7
8
9
10
& DISCOUNTING
TABLES
.
RATE
2%
*
*
FACTOR
DISCOUNT
How much 1 at
a future date
is worth today
OF
WORTH
PRESENT
FACTOR
AN ANNUITY
How much 1 received
or paid annually
for X years
is worth today
RECOVERY
CAPITAL
FACTOR
interest
with compound
Year
.980
.961
942
.923
.905
392
169
322
845
731
980
1.941
2.883
3.807
4.713
392
561
883
729
460
1 020
515
.346
.262
.212
000
050
755
624
158
1
2
3
4
5
.887
.870
.853
.836
.820
971
560
490
755
348
5.601431
6.471 991
7.325 481
8.162 237
8 982 585
]78
.154
136
122
111
526
512
510
515
327
6
7
8
9
10
804
.788
773
757
743
263
493
033
875
015
9 786
10.575
11 348
12 106
12 849
848
341
374
249
264
102
094
088
082
077
178
560
118
602
825
11
12
13
14
15
728
.714
.700
686
.672
446
163
159
431
971
13 577 709
14 291872
14 992 031
15.678 462
16 351 433
073 650
069 970
066 702
.063 782
061 157
16
17
18
19
20
.659
.646
.634
.621
609
776
839
156
721
531
17 011209
17.658 048
18 292 204
18.913 926
19 523 456
058
.056
.054
.052
051
785
631
668
871
220
21
22
23
24
25
.597 579
.585 862
.574 375
563112
.552 071
20.121 036
20 706 898
21281272
21.844385
22 396 456
.049 699
.048 293
.046 990
045778
044 650
26
27
28
29
30
541
530
.520
510
500
246
633
229
028
028
22 937
23 468
23 988
24.498
24.998
702
335
564
592
619
043
.042
041
040
040
596
611
687
819
002
31
32
33
34
35
.490
480
471
461
452
223
611
187
948
890
25.488
25.969
26 440
26.902
27.355
842
453
641
589
479
.039
.038
.037
.037
.036
233
507
821
171
556
36
37
38
39
40
444
435
426
.418
410
010
304
769
401
197
27.799
28 234
28.661
29.079
29 490
489
794
562
963
160
.035
.035
.034
.034
.033
972
417
890
388
910
41
42
43
44
45
402
394
386
.378
371
154
268
538
958
528
29 892
30.286
30.673
31052
31 423
314
582
120
078
606
033
.033
.032
032
.031
453
018
602
204
823
46
47
48
49
50
*
*
*
*
5
3
e
3
*1
S
S
_
*
*
5
.
.
.
*
COMPOUNDING
&DISCOUNTING
TABLES
RATE
3%
FACTOR
COMPOUNDING
FOR 1
What an initial
becomes
amount
at
when growing
Year
compound
interest
FACTOR
COMPOUNDING
FOR 1 PER ANNUM
equal
of
Growth
deposits
year-end
all growing
at compound
interest
1000
492
323
.239
188
000
611
530
027
355
6.468
7.662
8.892
10.159
11.463
410
462
336
106
879
154
130
112
098
.087
598
506
456
434
231
234
761
534
590
967
12.807
14.192
15.617
17.086
18.598
796
030
790
324
914
078
.070
.064
058
.053
077
462
030
526
767
1.604
1.652
1.702
1.753
1.806
706
848
433
506
111
20.156
21.761
23.414
25.116
26.870
881
588
435
868
374
.049
.045
.042
.039
037
611
953
709
814
216
21
22
23
24
25
1.860
1.916
1.973
2.032
2.093
295
103
587
794
778
28.676
30.536
32.452
34.426
36.459
486
780
884
470
264
034
032
.030
029
027
872
747
814
047
428
26
27
28
29
30
2.156
2.221
2.287
2 356
2.427
591
289
928
566
262
38.553
40.709
42.930
45.218
47.575
042
634
923
850
416
.025
024
023
022
021
938
564
293
115
019
31
32
33
34
35
2.500
2.575
2.652
2.731
2.813
080
083
335
905
862
50.002
52.502
55.077
57.730
60.462
678
759
841
177
082
.019
019
018
017
016
999
047
156
322
539
36
37
38
39
40
2.898
2.985
3.074
3.167
3.262
278
227
783
027
038
63.275
66.174
69.159
72.234
75.401
944
223
449
233
260
015
015
.014
.013
013
804
112
459
844
262
41
42
43
44
45
3.359
3.460
3.564
3.671
3.781
899
696
517
452
596
78.663 298
196
82.023
85.483 892
89.048409
92.719 861
.012
.012
.011
.011
.010
712
192
698
230
785
46
47
48
49
50
3.895
4.011
4.132
4.256
4.383
044
895
252
219
906
1.030
1.060
1.092
1.125
1.159
000
900
727
509
274
6
7
8
9
10
1.194
1.229
1 266
1.304
1.343
052
874
770
773
916
11
12
13
14
15
1.384
1.425
1.468
1 512
1 557
16
17
18
19
20
96.501
100.396
104.408
108.540
112.796
457
501
396
648
867
year
by a given
1.000 000
2.030 ooC
3.090 900
4.183 627
5.309 136
1
2
3
4
5
FUND
SINKING
FACTOR
Level deposit
required each
year to reach 1
010 363
009961
.009 578
.009 213
008 865
.
6
NDING &DISCOUNTING
~~~~~~~COMPOU
TABLES
.
.
RATE
3%
5
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
970
942
915
888
862
3
_
5
*
*
*
St
J
53
3
5
_
3
*
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
874
596
142
487
609
970 874
1 913 470
2.828
611
3 717 098
4 579 707
CAPITAL
RECOVERY
FACTOR
Annual
payment
that will
with compound
interest
Year
1030000
522 611
.353 530
.269 027
.218 355
1
2
3
4
5
837 484
813 092
.789 409
766417
744 094
5.417
6 230
7 019
7 786
8.530
191
283
692
109
203
.184 598
.160 506
142 456
128434
117 231
6
7
8
9
10
722 421
701380
680 951
661 118
641 862
9.252
9 954
10 634
11 296
11 937
624
004
955
073
935
.108 077
100 462
094 030
.088 526
.083 767
11
12
13
14
15
.623
.605
.587
.570
553
167
016
395
286
676
12.561
13 166
13.753
14.323
14.877
102
118
513
799
475
.079
075
.072
069
.067
611
953
709
814
216
16
17
18
19
20
537
521
.506
491
.477
549
893
692
934
606
15 415
15 936
16.443
16 935
17.413
024
917
608
542
148
064
062
.060
059
.057
872
747
814
047
428
21
22
23
24
25
463 695
450 189
.437 077
.424 346
411987
17 876
18 327
18 764
19.188
19 600
042
031
108
455
441
055 938
054 564
053 293
052
115
051019
26
27
28
29
30
399
388
377
366
.355
987
337
026
045
383
20.000
20 388
20 765
21 131
21 487
428
766
792
837
220
.049
049
.048
047
046
999
047
156
322
539
31
32
33
34
35
.345
.334
325
.315
306
032
983
226
754
557
21 832
22.167
22.492
22.808
23.114
252
235
462
215
772
.045
045
.044
.043
.043
804
112
459
844
262
36
37
38
39
40
297
288
.280
.272
.264
628
959
543
372
439
23.412
23.701
23.981
24 254
24 518
400
359
902
274
713
042 712
.042 192
.041 698
041 230
040 785
41
42
43
44
45
.256
.249
.241
234
228
737
259
999
950
107
24.775
25.024
25.266
25 501
25 729
449
708
707
657
764
.040
.039
039
039
038
46
47
48
49
50
363
961
578
213
865
.
@
.
.
~~COMPO
UNsDING
&DISCO
UNTIN-GTAB
LES
RATE
4%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
1
2
3
4
5
compound
interest
1.040 000
1.081600
1.124 864
1.169 859
1.216 653
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required
each
year to reach 1
by a given
000
000
600
464
323
1.000
.490
.320
.235
.184
000
196
349
490
627
762
610
528
493
291
6
7
8
9
10
1.265
1.315
1.368
1.423
1.480
319
932
569
312
244
6.632
7.898
9.214
10.582
12.006
975
294
226
795
107
.150
.126
.108
.094
.083
11
12
13
14
15
1.539
1.601
1.665
1.731
1.800
454
032
074
676
944
13.486
15.025
16.626
18.291
20.023
351
805
838
911
588
.074 149
066 552
060 144
054669
049 941
16
17
18
19
20
1.872
1.947
2.025
2.106
2.191
981
900
817
849
123
21.824
23.697
25.645
27.671
29.778
531
512
413
229
079
.045
.042
038
.036
.033
820
199
993
139
582
21
22
23
24
25
2.278
2.369
2.464
2.563
2.665
768
919
716
304
836
31.969
34.247
36.617
39.082
41.645
202
970
889
604
908
.031
.029
.027
.025
.024
280
199
309
587
012
26
27
28
29
30
2.772
2.883
2.998
3.118
3.243
470
369
703
651
398
44.311
47.084
49.967
52.966
56.084
745
214
583
286
938
.022
.021
.020
018
017
567
239
013
880
830
31
32
33
34
35
3.373
3.508
3.648
3.794
3.946
133
059
381
316
089
59.328
62.701
66.209
69.857
73.652
335
469
527
909
225
016
015
015
014
.013
855
949
104
315
577
36
37
38
39
40
4.103
4.268
4.438
4.616
4.801
933
090
813
366
021
77.598
81.702
85.970
90.409
95.025
314
246
336
150
516
.012
.012
.011
.011
.010
887
240
632
061
523
41
42
43
44
45
4.993
5.192
5.400
5.616
5.841
061
784
495
515
176
99.826
104.819
110.012
115.412
121.029
536
598
382
877
392
.010
.009
.009
.008
.008
017
540
090
665
262
46
47
48
49
50
6.074
6.317
6.570
6.833
7.106
823
816
528
349
683
126.870
132.945
139.263
145.833
152.667
568
390
206
734
084
.007 882
.007 522
.007 181
006 857
.006 550
year
1.000
2.040
3.121
4.246
5.416
COMPOUNDING
& DISCOUNTING
TABLES
RATE
4%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
_
*
*
*
5
*
*
6
5
3
S
*
1
2
3
4
5
Year
538
556
996
.961
1 886
2.775
538
095
091
854
.821
804
927
3.629
4 451
895
822
1.040 000
530 196
360 349
.275 490
224 627
790
759
730
702
.675
315
918
690
587
564
5 242 137
6 002 055
6.732
745
7.435
332
8.110 896
190 762
166 610
.148 528
.134 493
.123 291
6
7
8
9
10
.649 581
624 597
.600 574
.577 475
555 265
8.760
9 385
9 985
10.563
11 118
477
074
648
123
387
.114 149
106 552
100 144
094 669
089 941
11
12
13
14
15
533
513
.493
11.652
296
12.165
669
12 659 297
16
17
18
280
199
309
21
22
23
065 587
064012
24
25
908
373
628
13.133
13.590
939
326
.085 820
082 199
078 993
.076 139
.073 582
160
115
842
071
069
.067
.438
.421
405
834
955
726
14 029
14451
14 856
390
375
121
117
15 246 963
15.622
080
360 689
346 817
333 477
320 651
308 319
3
3
CAPITAL
RECOVERY
FACTOR
with compound
interest
961
924
.888
474 642
456 387
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
19
20
15.982
16.329
16.663
16 983
17.292
769
586
063
715
033
.062 567
061 239
060 013
058 880
057 830
26
27
28
29
30
494
551
646
198
613
.056 855
055 949
.055 104
.054 315
.053 577
31
32
33
34
35
296
285
274
.263
253
460
058
094
552
415
17.588
17.873
18.147
18.411
18.664
.243
.234
.225
216
.208
669
297
285
621
289
18.908
282
19.142
579
19 367 864
19.584
485
19.792
774
052
.052
.051
.051
.050
887
240
632
061
523
36
37
38
39
40
.200 278
192 575
.185 168
.178 046
19.993
052
20.185
627
20.370
795
20 548 841
20 720 040
.050 017
049 540
.049 090
.048 665
.048 262
41
42
20.884
21 042
21.195
21 341
21482
.047
047
.047
046
046
882
522
181
857
46
47
48
49
550
50
.171
164 614
.158 283
.152 195
146 341
.140 713
198
654
936
131
472
185
43
44
45
.
.
@
.
.
~~COMPOUNDING
&DISCOUNTING
TABLES
RATE
5%
S
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
1
2
3
4
5
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end
deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
000
500
625
506
282
6
7
8
9
10
1.340
1.407
1.477
1.551
1.628
096
100
455
328
895
6.801913
8.142 008
9.549
109
11.026
564
12.577
893
.147
.122
.104
.090
.079
11
12
13
14
15
1.710
1.795
1.885
1.979
2.078
339
856
649
932
928
14.206
15.917
17.712
19.598
21.578
787
127
983
632
564
.070 389
.062 825
.056 456
.051024
046 342
16
17
18
19
20
2.182
2.292
2.406
2.526
2.653
875
018
619
950
298
23.675
25.840
28.132
30.539
33.065
492
366
385
004
954
042 270
038699
035 546
032 745
.030 243
21
22
23
24
25
2.785
2.925
3.071
3.225
3.386
963
261
524
100
355
35.719
38.505
41.430
44.501
47.727
252
214
475
999
099
.027
.025
.024
.022
020
26
27
28
29
30
3.555
3.733
3.920
4.116
4.321
673
456
129
136
942
51.113
54.669
58.402
62.322
66.438
454
126
583
712
848
019564
018292
017 123
.016 046
.015 051
31
32
33
34
35
4.538
4.764
5.003
5.253
5.516
039
941
189
348
015
70.760
75.298
80.063
85.066
90.320
790
829
771
959
307
014 132
.013 280
.012 490
011 755
011 072
36
37
38
39
40
5.791
6.081
6.385
6.704
7.039
816
407
477
751
989
95.836
101.628
107.709
114.095
120.799
323
139
546
023
774
.010 434
009840
009 284
.008 765
.008 278
41
42
43
44
45
7.391
7.761
8.149
8.557
8.985
988
588
667
150
008
127.839
135.231
142.993
151.143
159.700
763
751
339
006
156
.007 822
.007 395
.006 993
.006 616
006262
46
47
48
49
50
9.434
9.905
10.401
10.921
11.467
258
971
270
333
400
168.685
178.119
188.025
198.426
209.347
164
422
393
663
996
005
.005
.005
.005
.004
1.000
2.050
3.152
4.310
5.525
000
000
500
125
631
year
1.050
1.102
1 157
1 215
1.276
000000
487 805
.317 209
232 012
180 975
017
820
722
690
505
996
971
137
471
952
928
614
318
040
777
.
10
COMPOUNDING
& DISCOUNTING
TABLES
.
.
RATE
*
*
5
5
*
*
*
5
5
S
=
5%
DISCOUNT
FACTOR
How much 1 at
a future
date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
Annual
payment
that will
with compound
interest
Year
.952
.907
.863
822
.783
3S1
029
838
702
526
.952
1.859
2 723
3.545
4.329
381
410
248
951
477
1.050
.537
367
.282
.230
000
805
209
012
975
1
2
3
4
5
746
.710
.676
.644
.613
215
681
839
609
913
5.075
692
5.786 373
6.463 213
7.107
822
7 721735
.197
.172
.154
.140
.129
017
820
722
690
505
6
7
8
9
10
.584 679
.556 837
.530 321
.505 068
.481017
8.306
8.863
9 393
9.898
10 379
414
252
573
641
658
.120
.112
.106
101
.096
389
825
456
024
342
11
12
13
14
15
.458
.436
.415
.395
.376
112
297
521
734
889
10.837
11.274
11.689
12.085
12.462
770
066
587
321
210
.092
.088
.085
.082
.080
270
699
546
745
243
16
17
18
19
20
.358
.341
.325
.310
.295
942
850
571
068
303
12.821
13.163
13.488
13.798
14.093
153
003
574
642
945
.077 996
.075 971
.074 137
.072 471
.070 952
21
22
23
24
25
.281 241
267 848
.255 094
.242 946
.231377
14.375
185
14 643 034
14.898
127
15.141
074
15 372 451
.069 564
.068 292
067 123
066 046
.065 051
26
27
28
29
30
.220
.209
.199
.190
.181290
15.592
15.802
16.002
16.192
16 374
811
677
549
904
194
.064 132
.063 280
.062 490
.061 755
061072
31
32
33
34
35
.172
.164
.156
.149
.142
16.546
16 711
16.867
17.017
17.159
852
287
893
041
086
.060
.059
.059
.058
.058
434
840
284
765
278
36
37
38
39
40
.135 282
.128 840
.122 704
.116 861
.111297
17.294
17.423
17.545
17.662
17.774
368
208
912
773
070
.057 822
057 395
.056 993
.056 616
.056 262
41
42
43
44
45
.105 997
.100 949
.096 142
091564
.087 204
17.880
066
17.981016
18.077
158
18.168
722
18.255
925
.055
.055
.055
.055
.054
46
47
48
49
50
3
3
*
*
5
*
5
S
*
359
866
873
355
657
436
605
148
046
928
614
318
040
777
COMPOUNDING
.
.
& DISCOUNTING
TABLES
11
RATE
6%
Year
6
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
compound interest
at compound interest
by a given year
1
2
1.060 000
1.123 600
1.191
4
5
1.262 477
1.338 226
016
1.000 000
2.060 000
3.183
600
4.374 616
5.637 093
1.000 000
.485 437
.314
110
.228 591
.177 396
6
7
8
9
10
1.418
1.503
1.593
1.689
1.790
519
630
848
479
848
6.975
8.393
9.897
11.491
13.180
319
838
468
316
795
.143
.119
.101
.087
.075
363
135
036
022
868
11
12
13
14
15
1.898
2.012
2.132
2.260
2.396
299
196
928
904
558
14.971
16.869
18.882
21.015
23.275
643
941
138
066
970
.066
.059
.052
.047
.042
793
277
960
585
963
16
17
18
19
20
2.540
2.692
2.854
3.025
3.207
352
773
339
600
135
25.672
28.212
30.905
33.759
36.785
528
880
653
992
591
.038 952
.035 445
032 357
029621
.027 185
21
22
23
24
25
3.399
3.603
3.819
4.048
4.291
564
537
750
935
871
39.992 727
43.392 290
46.995 828
50.815 577
54.864 512
.025
.023
.021
.019
.018
26
27
28
29
30
4.549
4.822
5.111
5.418
5.743
383
346
687
388
491
59.156 383
63.705 766
68.528 112
73.639 798
79.058 186
.016 904
.015 697
.014593
.013 580
.012 649
31
32
33
34
35
6.088
6.453
6.840
7.251
7.686
101
387
590
025
087
84.801
90.889
97.343
104.183
111.434
677
778
165
755
780
011
011
.010
.009
.008
36
37
38
39
40
8.147
8.636
9.154
9.703
10.285
252
087
252
507
718
119.120
127.268
135.904
145.058
154.761
867
206
458
966
.008 395
.007 857
.007 358
.006 894
.006 462
41
42
43
44
45
10.902
11.557
12.250
12.985
13.764
861
033
455
482
611
165.047
175.950
187.507
199.758
212.743
684
545
577
032
514
.006
.005
.005
.005
.004
059
683
333
006
700
46
47
48
49
50
14.590
15.465
16.393
17.377
18.420
487
917
872
504
154
226.508
241.098
256.564
272.958
290.335
125
612
529
401
905
.004
.004
.003
.003
.003
415
148
898
664
444
119
005
046
278
679
227
792
002
273
598
974
12
COMPOUNDING
& DISCOUNTING
TABLES
.
.
.
.
RATE
6%
*
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
Annual payment
that will
with compound
interest
396
996
619
094
258
.943
1 833
2.673
3.465
4 212
396
393
012
106
364
1.060 000
545 437
.374 110
.288 591
.237 396
1
2
3
4
5
704 961
.665 057
.627 412
.591 898
558 395
4.917
5 582
6 209
6.801
7.360
324
381
794
692
087
.203 363
.179 135
161036
.147 022
135 868
6
7
8
9
10
7.886
8.383
8.852
9.294
9.712
875
844
683
984
249
.126
119
.112
107
.102
793
277
960
585
963
11
12
13
14
15
.098 952
.095 445
.092 357
089 621
.087 185
16
17
18
19
20
S
*
3
*
*
*
*
5
*
_
_
51
5
3
*
*
*
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
.943
889
839
792
.747
526
496
468
442
417
788
969
839
301
265
Year
393 646
371364
.350 344
.330 513
.311 805
10.105
895
10.477
260
10 827 603
11.158
116
11.469
921
.294
.277
.261
.246
232
155
505
797
979
999
11.764
12.041
12 303
12 550
12 783
077
582
379
358
356
.085
.083
.081
079
.078
005
046
278
679
227
21
22
23
24
25
219 810
.207 368
.195 630
184 557
.174 110
13 003
13.210
13.406
13.590
13.764
166
534
164
721
831
076
.075
074
.073
072
904
697
593
580
649
26
27
28
29
30
.164
.154
.146
.137
.130
13 929
14.084
14 230
14 368
14.498
086
043
230
141
246
.071 792
071002
.070 273
.069 598
068 974
31
32
33
34
35
.122741
.115 793
.109 239
103 056
.097 222
14.620
14.736
14.846
14.949
15.046
987
780
019
075
297
.068
.067
.067
.066
.066
395
857
358
894
462
36
37
38
39
40
.091
086
.081
077
072
719
527
630
009
650
15.138
016
15.224
543
15 306 173
15.383
182
15 455 832
.066
.065
.065
.065
.064
059
683
333
006
700
41
42
43
44
45
.068
.064
.060
.057
.054
538
658
998
546
288
15.524
370
15.589
028
15 650 027
15 707 572
15 761 861
064
.064
.063
.063
.063
415
148
898
664
444
46
47
48
49
50
255
957
186
912
105
S
COMPOUNDING
& DISCOUNTING
TABLES
13
RATE
7%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required
each
year to reach 1
by a given
1
2
3
4
1.070
1.144
1.225
1.310
000
900
043
796
1.000
2.070
3.214
4.439
000
000
900
943
1.402
552
5.750
739
.173
891
6
7
8
9
10
1.500
1.605
1.718
1.838
1.967
730
781
186
459
151
7.153
8.654
10.259
11.977
13.816
291
021
803
989
448
.139
.115
.097
.083
072
796
553
468
486
378
11
12
13
14
15
2.104
2.252
2.409
2.578
2.759
852
192
845
534
032
15.783
17.888
20.140
22.550
25.129
599
451
643
488
022
063
055
.049
.044
.039
357
902
651
345
795
16
17
18
19
20
2.952
3.158
3.379
3.616
3.869
164
815
932
528
684
27.888
30.840
33.999
37.378
40.995
054
217
033
965
492
.035 858
.032 425
029 413
.026 753
.024 393
21
22
23
24
25
4.140
4.430
4.740
5.072
5.427
562
402
530
367
433
44.865
49.005
53.436
58.176
63.249
177
739
141
671
038
.022
.020
.018
.017
.015
289
406
714
189
811
26
27
28
29
30
5.807
6.213
6.648
7.114
7.612
353
868
838
257
255
68.676
74.483
80.697
87.346
94.460
470
823
691
529
786
.014
.013
.012
.011
.010
561
426
392
449
586
31
32
33
34
35
8.145
8.715
9.325
9.978
10.676
113
271
340
114
581
102.073
110.218
118.933
128.258
138.236
041
154
425
765
878
.009
.009
.008
.007
.007
797
073
408
797
234
36
37
38
39
40
11.423
12.223
13.079
13.994
14.974
942
618
271
820
458
148.913
160.337
172.561
185.640
199.635
460
402
020
292
112
.006 715
.006 237
005 795
.005 387
.005 009
41
42
43
44
45
16.022
17.144
18.344
19.628
21.002
670
257
355
460
452
214.609
230.632
247.776
266.120
285.749
570
240
496
851
311
004 660
004 336
.004 036
003758
003500
46
47
48
49
50
22.472
24.045
25.728
27.529
29.457
623
707
907
930
025
306.751
329.224
353.270
378.999
406.528
763
386
093
000
929
003
003
.002
002
.002
14
COMPOUNDING
year
1 000 000
483092
311052
.225 228
& DISCOUNTING
260
037
831
639
460
TABLES
RATE
7%
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
Annual
payment
that will
with compound
interest
934
1.808
2 624
3 387
4.100
579
018
316
211
197
1.070 000
553 092
381052
295 228
243 891
1
2
3
4
5
.666 342
.622 750
.582 009
.543 934
508 349
4.766
540
5 389 289
5.971299
6.515 232
7.023 582
209 796
.185 553
.167 468
153 486
.142 378
6
7
8
9
10
475 093
444 012
.414 964
.387 817
.362 446
7.498
7.942
8.357
8.745
9 107
674
686
651
468
914
133
125
119
.114
.109
357
902
651
345
795
11
12
13
14
15
105 858
102 425
16
17
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
.934
.873
.816
.762
.712
0
3
*
*
03
5
J
_
_
_
_
3
*
579
439
298
895
986
Year
.338
.316
295
276
258
735
574
864
508
419
9 446
9 763
10.059
10.335
10.594
649
223
087
595
014
099
.096
.094
413
753
393
18
19
20
241
225
.210
197
.184
513
713
947
147
249
10.835
11.061
11.272
11.469
11.653
527
240
187
334
583
.092
.090
.088
087
085
289
406
714
189
811
21
22
23
24
25
.172
.160
.150
.140
.131
195
930
402
563
367
11 825
11.986
12 137
12 277
12 409
779
709
111
674
041
084 561
083 426
.082 392
081449
080 586
26
27
28
29
30
.122
.114
.107
.100
.093
773
741
235
219
663
12 531814
12 646 555
12 753 790
12.854
009
12.947
672
079
.079
.078
077
.077
797
073
408
797
234
31
32
33
34
35
.087 535
.081 809
076 457
071455
.066 780
13 035 208
13.117
017
13.193
473
13.264
928
13.331
709
.076
.076
.075
.075
075
715
237
795
387
009
36
37
38
39
40
.062
058
054
.050
.047
412
329
513
946
613
13.394
13.452
13.506
13.557
13.605
120
449
962
908
522
.074
074
.074
.073
.073
660
336
036
758
500
41
42
43
44
45
.044
041
.038
036
.033
499
587
867
324
948
13.650
13 691
13 730
13 766
13.800
020
608
474
799
746
.073
.073
072
072
072
260
037
831
639
460
46
47
48
49
50
COMPOUNDING
& DISCOUNTING
TABLES
15
RATE
8%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Yea r
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required
each
year to reach 1
by a given
5
_
year
S
1
2
3
4
5
1.080
1.166
1.259
1.360
1.469
000
400
712
489
328
1.000
2.080
3.246
4.506
5.866
000
000
400
112
601
1.000
480
.308
221
.170
000
769
034
921
456
6
7
8
9
10
1.586
1.713
1.850
1.999
2,158
874
824
930
005
925
7.335
8.922
10.636
12.487
14.486
929
803
628
558
562
.136
112
.094
.080
.069
315
072
015
080
029
11
12
13
14
15
2.331
2.518
2.719
2.937
3.172
639
170
624
194
169
16.645
18.977
21.495
24.214
27.152
487
126
297
920
114
.060
.052
.046
.041
.036
076
695
522
297
830
16
17
18
19
20
3.425
3.700
3.996
4.315
4.660
943
018
019
701
957
30.324
33.750
37.450
41.446
45.761
283
226
244
263
964
.032
.029
.026
.024
.021
977
629
702
128
852
21
22
23
24
25
5.033
5.436
5.871
6.341
6.848
834
540
464
181
475
50.422
55.456
60.893
66.764
73.105
921
755
296
759
940
.019
.018
.016
.014
.013
832
032
422
978
679
26
27
28
29
30
7.396
7.988
8.627
9.317
10.062
353
061
106
275
657
79.954
87.350
95.338
103.965
113.283
415
768
830
936
211
.012 507
.011448
.010 489
.009 619
.008 827
31
32
33
34
35
10.867
11.737
12.676
13.690
14.785
669
083
050
134
344
123.345
134.213
145.950
158.626
172.316
868
537
620
670
804
.008
.007
.006
.006
.005
107
451
852
304
803
36
37
38
39
40
15.968
17.245
18.625
20.115
21.724
172
626
276
298
521
187.102
203.070
220.315
238.941
259.056
148
320
945
221
519
.005
.004
.004
.004
.003
345
924
539
185
860
41
42
43
44
45
23.462
25.339
27.366
29.555
31.920
483
482
640
972
449
280.781
304.243
329.583
356.949
386.505
040
523
005
646
617
.003
.003
.003
.002
.002
561
287
034
802
587
46
47
48
49
50
34.474
37.232
40.210
43.427
46.901
085
012
573
419
613
418.426
452.900
490.132
530.342
573.770
067
152
164
737
156
.002 390
.002 208
.002 040
001886
001 743
16
COMPOUNDING
& DISCOUNTING
TABLES
.
RATE
8%
*
_
_
*
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
WORTH
OF
PRESENT
FACTOR
AN ANNUITY
How much 1 received
or paid annually
for X years
is worth today
RECOVERY
CAPITAL
FACTOR
Annual payment
that will
interest
with compound
Year
926
339
832
030
583
.925
1.783
2.577
3.312
3.992
926
265
097
127
710
1.080
.560
.388
.301
.250
000
769
034
921
456
1
2
3
4
5
630 170
.583 490
540 269
.500 249
.463 193
4.622
5 206
5 746
6 246
6.710
880
370
639
888
081
.216
192
.174
.160
149
315
072
015
080
029
6
7
8
9
10
.428
.397
883
114
7.138
7.536
964
078
.367 698
340 461
.315 242
7.903
8.244
8.559
776
237
479
.140 076
132 695
.126 522
121297
.116 830
11
12
13
14
15
291
.270
8.851
369
9.121638
.112
.109
9.371
9.603
9.818
887
599
147
.106
.104
101
977
629
702
128
852
16
17
18
19
20
146
656
941
315
699
018
10.016
10.200
10.371
10.528
10.674
803
744
059
758
776
.099
.098
.096
.094
.093
832
032
422
978
679
21
22
23
24
25
.135
.125
.115
.107
.099
202
187
914
328
377
10.809
978
165
10.935
11.051078
406
11.158
11.257
783
092
.091
.090
089
.088
507
448
489
619
827
26
27
28
29
30
.092
085
.078
.073
067
016
200
889
045
635
11.349
11 434
11.513
11.586
11.654
799
999
888
934
568
.088
.087
086
.086
085
107
451
852
304
803
31
32
33
34
35
062
.057
.053
049
.046
625
986
690
713
031
11.717
11.775
11.828
11.878
11.924
193
179
869
582
613
.085
.084
.084
084
.083
345
924
539
185
860
36
37
38
39
40
042
.039
.036
.033
621
464
541
834
.031328
11.967
12.006
12.043
12 077
12.108
235
699
240
074
402
.083
.083
083
.082
.082
561
287
034
802
587
41
42
43
44
45
.029
.026
024
023
.021
12.137
12.164
12.189
12.212
12.233
409
267
136
163
485
082
082
.082
.081
081
390
208
040
886
743
46
47
48
49
50
3
3
*
*
*1
S3
_
3
_
31
*
3
*
*
.925
.857
793
.735
680
890
269
.250 249
231712
.214 548
.198
.183
.170
.157
COMPOUNDING
007
859
869
027
321
& DISCOUNTING
TABLES
17
RATE
9%
S
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Yea
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
1.090
1.188
1.295
1.411
1.538
000
100
029
582
624
1.000
2.090
3.278
4.573
5.984
000
000
100
129
711
6
7
8
9
10
1.677
1.828
1.992
2.171
2.367
100
039
563
893
364
7.523
9.200
11.028
13.021
15.192
335
435
474
036
930
.132
.108
.090
.076
.065
920
691
674
799
820
11
12
13
14
15
2.580
2.812
3.065
3.341
3.642
426
665
805
727
482
17.560
20.140
22.953
26.019
29.360
293
720
385
189
916
.056
.049
.043
.038
.034
947
651
567
433
059
16
17
18
19
20
3.970
4.327
4.717
5.141
5.604
306
633
120
661
411
33.003
36.973
41.301
46.018
51.160
399
705
338
458
120
.030
.027
.024
.021
.019
300
046
212
730
546
21
22
23
24
25
6.108
6.658
7.257
7.911
8.623
808
600
874
083
081
56.764
62.873
69.531
76.789
84.700
530
338
939
813
896
.017
.015
.014
.013
.011
617
905
382
023
806
26
27
28
29
30
9.399
10.245
11.167
12.172
13.267
158
082
140
182
678
93.323
102.723
112.968
124.135
136.307
977
135
217
356
539
.010
.009
.008
.008
.007
715
735
852
056
336
31
32
33
34
35
14.461
15.763
17.182
18.728
20.413
770
329
028
411
968
149.575
164.036
179.800
196.982
215.710
217
987
315
344
755
.006
.006
.005
.005
.004
686
096
562
077
636
36
37
38
39
40
22.251
24.253
26.436
28.815
31.409
225
835
680
982
420
236.124
258.375
282.629
309.066
337.882
723
948
783
463
445
.004
.003
.003
.003
.002
235
870
538
236
960
41
42
43
44
45
34.236
37.317
40.676
44.336
48.327
268
532
110
960
286
369.291
403.528
440.845
481.521
525.858
865
133
665
775
734
.002
.002
.002
.002
.001
708
478
268
077
902
46
47
48
49
50
52.676
57.417
62.585
68.217
74.357
742
649
237
908
520
574.186
626.862
684.280
746.865
815.083
021
762
411
648
556
.001
.001
.001
.001
.001
742
595
461
339
227
year
1
2
3
4
5
1.000000
.478 469
.305 055
.218 669
.167 092
18
COMPOUNDING
& DISCOUNTING
TABLES
RATE
9%
*
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
.917
841
.772
.708
.649
CAPITAL
RECOVERY
FACTOR
with compound
interest
Year
.917
1 759
2.531
3.239
3.889
431
111
295
720
651
1 090
.568
395
.308
.257
000
469
055
669
092
1
2
3
4
5
.596 267
547 034
.501866
460 428
.422 411
4.485
5.032
5.534
5.995
6.417
919
953
819
247
658
.222
.198
.180
.166
.155
920
691
674
799
820
6
7
8
9
10
.387
.355
.326
.299
274
533
535
179
246
538
6.805
7.160
7.486
7 786
8.060
191
725
904
150
688
.146
139
.133
.128
.124
947
651
567
433
059
11
12
13
14
15
.251 870
.231073
211994
194 490
.178 431
8.312
8.543
8.755
8 950
9.128
558
631
625
115
546
.120
.117
.114
.111
.109
300
046
212
730
546
16
17
18
19
20
S
&
.163
.150
.137
.126
.115
698
182
781
405
968
9.292
9.442
9.580
9.706
9.822
244
425
207
612
580
.107 617
105 905
104 382
103 023
101806
21
22
23
24
25
.106393
097 608
.089 548
.082
155
.075 371
9.928
10.026
10.116
10.198
10.273
972
580
128
283
654
.100
.099
.098
.098
.097
715
735
852
056
336
26
27
28
29
30
069
.063
058
.053
048
148
438
200
395
986
10.342
10.406
10.464
10.517
10.566
802
240
441
835
821
.096
.096
.095
.095
.094
686
096
562
077
636
31
32
33
34
35
.044
.041
.037
.034
.031
941
231
826
703
838
10.611
10.652
10.690
10 725
10.757
763
993
820
523
360
.094
.093
.093
.093
092
235
870
538
236
960
36
37
38
39
40
.029
026
.024
.022
.020
209
797
584
555
692
10.786
10.813
569
366
092
.092
708
478
41
42
10.837
10.860
10 881
950
505
197
.092
092
.091
268
077
902
43
44
45
018
.017
.015
.014
.013
984
416
978
659
449
10.900
10.917
10.933
10 948
10.961
181
597
575
234
683
.091 742
.091 595
091 461
.091339
.091 227
46
47
48
49
50
*
*
*
*
*
*
*
3
*
3
*
COMPOUNDING
431
680
183
425
931
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
& DISCOUNTING
TABLES
19
RATE
10%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
1
2
3
4
5
compound
interest
1.100 000
1.210 000
1.331000
1.464 100
1.610 510
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000
2.100
3.310
4.641
6.105
000
000
000
000
100
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.000000
.476 190
.302 115
.215 471
.163 797
6
7
8
9
10
1.771
1.948
2.143
2.357
2.593
561
717
589
948
742
7.715
9.487
11.435
13.579
15.937
610
171
888
477
425
.129
.105
.087
.073
.062
11
12
13
14
15
2.853
3.138
3.452
3.797
4.177
117
428
271
498
248
18.531
21.384
24.522
27.974
31.772
167
284
712
983
482
.053 963
.046 763
.040 779
.035 746
.031474
16
17
18
19
20
4.594
5.054
5.559
6.115
6.727
973
470
917
909
500
35.949
40.544
45.599
51.159
57.274
730
703
173
090
999
.027 817
.024 664
.021 930
019547
017460
21
22
23
24
25
7.400
8.140
8.954
9.849
10.834
250
275
302
733
706
64.002
71.402
79.543
88.497
98.347
499
749
024
327
059
015 624
014005
012572
.011 300
.010 168
26
27
28
29
30
11.918
13.109
14.420
15.863
17.449
177
994
994
093
402
109.181
121.099
134.209
148.630
164.494
765
942
936
930
023
009
.008
.007
.006
.006
159
258
451
728
079
31
32
33
34
35
19.194
21.113
23.225
25.547
28.102
342
777
154
670
437
181.943
201.137
222.251
245.476
271.024
425
767
544
699
368
.005
.004
.004
.004
.003
496
972
499
074
690
36
37
38
39
40
30.912
34.003
37.404
41.144
45.259
681
949
343
778
256
299.126
330.039
364.043
401.447
442.592
805
486
434
778
556
.003
.003
.002
.002
.002
343
030
747
491
259
41
42
43
44
45
49.785
54.763
60.240
66.264
72.890
181
699
069
076
484
487.851
537.636
592.400
652.640
718.904
811
992
692
761
837
.002
.001
.001
.001
.001
050
860
688
532
391
46
47
48
49
50
80.179
88.197
97.017
106.718
117.390
532
485
234
957
853
791.795
871.974
960.172
1,057.189
1,163.908
321
853
338
572
529
.001263
.001 147
.001041
.000 946
.000 859
20
COMPOUNDING
& DISCOUNTING
607
405
444
641
745
TABLES
RATE
10%
*
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
909 091
.909 091
CAPITAL
RECOVERY
FACTOR
with compound
interest
Year
1.100000
.826
.751
.683
.620
446
315
013
921
1.735
2 486
3.169
3 790
537
852
865
787
.576 190
402 115
315 471
263 797
.564
513
.466
424
.385
474
158
507
098
543
4.355
4.868
5.334
5.759
6.144
261
419
926
024
567
.229
.205
.187
.173
162
607
405
444
641
745
6
7
8
9
10
.350
494
6.495
061
.153
963
11
3_
318
.289
263
.239
631
664
331
392
6.813
7.103
7 366
7.606
692
356
687
080
146 763
.140 779
135 746
131474
12
13
14
15
.217 629
197 845
179 859
.163 508
.148644
7.823 709
8.021 553
8 201412
8 364 920
8 513 564
127 817
124 664
.121930
119 547
.117 460
16
17
18
19
20
135 131
122 846
111 678
.101526
092 296
8 648
8.771
8.883
8.984
9.077
694
540
218
744
040
115
.114
.112
.111
.110
624
005
572
300
168
21
22
23
24
25
.083
.076
.069
.063
.057
905
278
343
039
309
9.160
9.237
9.306
9.369
9.426
945
223
567
606
914
.109
.108
.107
.106
.106
159
258
451
728
079
26
27
28
29
30
.052
.047
.043
.039
.035
099
362
057
143
584
9 479
9 526
9.569
9 608
9.644
013
376
432
575
159
.105
104
104
104
.103
496
972
499
074
690
31
32
33
34
35
.032
.029
.026
.024
022
349
408
735
304
095
9.676
9.705
9.732
9 756
9 779
508
917
651
956
051
.103
103
.102
102
.102
343
030
747
491
259
36
37
38
39
40
.102 050
.101860
41
42
3
a
S
3
=a
=
5
4
020 086
.018 260
9.799 137
9 817 397
.016
9.833
600
998
.015 091
.013 719
9 849 089
9 862 808
.012
.011
.010
.009
008
9 875
9.886
9.896
9.906
9.914
COMPOUNDING
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
472
338
307
370
519
& DISCOUNTING
TABLES
280
618
926
296
814
2
3
4
5
101688
43
101 532
101 391
44
45
.101 263
.101 147
.101041
.100 946
100 859
46
47
48
49
50
21
RATE
11%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
compound
interest
COMPOUNDING
FACTOR
FOR I PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
year
1
2
3
4
5
1.110
1.232
1.367
1.518
1.685
000
100
631
070
058
1.000
2.110
3.342
4.709
6.227
000
000
100
731
801
1 000000
473934
299 213
.212 326
160 570
6
7
8
9
10
1.870
2.076
2.304
2.558
2.839
415
160
538
037
421
7.912
9.783
11.859
14.163
16.722
860
274
434
972
009
126377
102215
.084 321
.070 602
.059 801
11
12
13
14
15
3.151 757
3.498 451
3.883 280
4.310441
4.784 589
19.561 430
22.713
187
26.211 638
30.094918
34.405 359
.051 121
044 027
038 151
033228
.029 065
16
17
18
19
20
5.310 894
5.895 093
6.543 553
7.263 344
8 062 312
39.189
44.500
50.395
56.939
64.202
948
843
936
488
832
025 517
022471
019843
.017 563
.015 576
21
22
23
24
25
8.949
9.933
11.026
12.239
13.585
166
574
267
157
464
72.265
81.214
91.147
102.174
114.413
144
309
884
151
307
.013
.012
010
009
008
838
313
971
787
740
26
27
28
29
30
15.079
16.738
18.579
20.623
22.892
865
650
901
691
297
127.998
143.078
159.817
178.397
199.020
771
636
286
187
878
.007
006
.006
.005
005
813
989
257
605
025
31
32
33
34
35
25.410
28.205
31.308
34.752
38.574
449
599
214
118
851
221.913
247.323
275.529
306.837
341.589
174
624
222
437
555
.004
004
003
003
002
506
043
629
259
927
36
37
38
39
40
42.818
47.528
52.756
58.559
65.000
085
074
162
340
867
380.164
422.982
470.510
523.265
581.826
406
490
564
726
066
.002 630
002 364
002 125
.001 911
001719
41
42
43
44
45
72.150
80.087
88.897
98.675
109.530
963
569
201
893
242
646.826
718.977
799.065
887.962
986.638
934
896
465
666
559
001 546
001 391
001 251
.001 126
.001014
46
47
48
49
50
121.578
134.952
149.796
166.274
184.564
568
211
954
619
827
1.096.168
1,217.747
1,352.699
1,502.496
1,668.771
801
369
580
534
152
.000
.000
.000
.000
.000
22
COMPOUNDING
& DiSCOUNTING
912
821
739
666
599
TABLES
RATE
11%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
.900 901
.811622
731 191
.658 731
.593 451
.900901
1 712 523
2 443 715
3.102 446
3 695 897
.534
.481
.433
.390
.352
641
658
926
925
184
4 230
4.712
5.146
5.537
5.889
3
3
.317
.285
.257
.231
.209
283
841
514
995
004
6.206
6.492
6 749
6.981
7 190
.188
.169
.152
.137
124
S
5
=5
3
5
*
S
S
5
CAPITAL
RECOVERY
FACTOR
Annual payment
that will
with compound
interest
Year
1 110
.583
.409
.322
.270
000
934
213
326
570
1
2
3
4
5
538
196
123
048
232
.236
212
.194
.180
.169
377
215
321
602
801
6
7
8
9
10
515
356
870
865
870
161
154
148
.143
139
121
027
151
228
065
11
12
13
14
15
292
633
822
678
034
7 379 162
7.548 794
7 701617
7.839 294
7 963 328
.135
.132
129
.127
.125
517
471
843
563
576
16
17
18
19
20
111 742
100 669
.090 693
.081 705
073608
8.075 070
8 175 739
8.266 432
8.348 137
8421745
.123 838
.122 313
.120 971
.119 787
118740
21
22
23
24
25
066
.059
.053
.048
.043
8.488 058
8 547 800
8 601622
8.650 110
8 693 793
117
116
116
.115
115
813
989
257
605
025
26
27
28
29
30
.039 354
035 454
031940
.028 775
025 924
8 733
8.768
8 800
8.829
8 855
146
600
541
316
240
.114
.114
113
.113
.112
506
043
629
259
927
31
32
33
34
35
023
.021
018
.017
.015
355
040
955
077
384
8.878
8.899
8.918
8.935
8.951
594
635
590
666
051
.112 630
112 364
112 125
.111 911
111719
36
37
38
39
40
.013 860
.012 486
011249
.010 134
.009 130
8 964
8 977
8.988
8.998
9 007
911
397
646
780
910
111 546
.111391
111251
111 126
111014
41
42
43
44
45
.008
.007
006
006
.005
9 016
9 023
9.030
9.036
9 041
135
545
221
235
653
.110
110
.110
110
110
46
47
48
49
50
COMPOUNDING
314
742
822
488
683
225
410
676
014
418
& DISCOUNTING
TABLES
912
821
739
666
599
23
RATE
12%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.120
1.254
1.404
1.573
1.762
000
400
928
519
342
1.000
2.120
3.374
4.779
6.352
000
000
400
328
847
1.000 000
.471698
.296 349
.209 234
157410
6
7
8
9
10
1.973
2.210
2.475
2.773
3.105
823
681
963
079
848
8.115
10.089
12.299
14.775
17.548
189
012
693
656
735
123226
.099 118
.081 303
.067 679
.056 984
11
12
13
14
15
3.478
3.895
4.363
4.887
5.473
550
976
493
112
566
20.654
24.133
28.029
32.392
37.279
583
133
109
602
715
.048
.041
.035
.030
.026
415
437
677
871
824
16
17
18
19
20
6.130
6.866
7.689
8.612
9.646
394
041
966
762
293
42.753
48.883
55.749
63.439
72.052
280
674
715
681
442
.023
.020
.017
.015
.013
390
457
937
763
879
21
22
23
24
25
10.803
12.100
13.552
15.178
17.000
848
310
347
629
064
81.698
92.502
104.602
118.155
133.333
736
584
894
241
870
.012
.010
.009
.008
.007
240
811
560
463
500
26
27
28
29
30
19.040
21.324
23.883
26.749
29.959
072
881
866
930
922
150.333
169.374
190.698
214.582
241.332
934
007
887
754
684
.006
.005
.005
.004
.004
652
904
244
660
144
31
32
33
34
35
33.555
37.581
42.091
47.142
52.799
113
726
533
517
620
271.292
304.847
342.429
384.520
431.663
606
719
446
979
496
.003
.003
.002
.002
.002
686
280
920
601
317
36
37
38
39
40
59.135
66.231
74.179
83.081
93.050
574
843
664
224
970
484.463
543.598
609.830
684.010
767.091
116
690
533
197
420
.002
.001
.001
.001
.001
064
840
640
462
304
41
42
43
44
45
104.217
116.723
130.729
146.417
163.987
087
137
914
503
604
860.142
964.359
1.081.082
1.211.812
1,358.230
391
478
615
529
032
.001
.001
.000
.000
.000
163
037
925
825
736
46
47
48
49
50
183.666
205.706
230.390
258.037
289.002
116
050
776
669
190
1.522.217
1,705.883
1,911.589
2,141.980
2,400.018
636
752
803
579
249
.000
000
000
.000
.000
657
586
523
467
417
24
COMPOUNDING
& DISCOUNTING
TABLES
RATE
12%
U
FACTOR
DISCOUNT
How much 1 at
a future date
is worth today
OF
WORTH
PRESENT
FACTOR
AN ANNUITY
1
received
much
How
or paid annually
for X years
is worth today
RECOVERY
CAPITAL
FACTOR
interest
with compound
Year
892 857
.797 194
711780
.635 518
567 427
892 857
1.690 051
2.401831
3.037 349
3.604 776
1 120
.591
416
329
277
000
698
349
234
410
1
2
3
4
5
.506 631
452 349
.403 883
360 610
321973
4.111407
4.563 757
4.967 640
5.328 250
5 650 223
243
.219
201
187
.176
226
118
303
679
984
6
7
8
9
10
.287
.256
.229
.204
182
476
675
174
620
696
5.937
6.194
6 423
6 628
6 810
699
374
548
168
864
.168 415
161437
.155 677
150 871
146 824
11
12
13
14
15
163
.145
.130
.116
.103
122
644
040
107
667
6 973
7.119
7 249
7.365
7 469
986
630
670
777
444
143
.140
.137
135
133
390
457
937
763
879
16
17
18
19
20
092
082
073
065
.058
560
643
788
882
823
7 562
7.644
7 718
7.784
7 843
003
646
434
316
139
.132
.130
.129
.128
.127
240
811
560
463
500
21
22
23
24
25
.052
.046
.041
.037
.033
521
894
869
383
378
7.895 660
7.942 554
7.984 423
8.021806
8.055 184
126
125
.125
.124
124
652
904
244
660
144
26
27
28
29
30
.029 802
.026 609
.023 758
.021212
.018 940
8.084
8 111
8.135
8 156
8 175
986
594
352
564
504
123
.123
.122
122
122
686
280
920
601
317
31
32
33
34
35
016
015
.013
.012
.010
910
098
481
036
747
8 192
8 207
8.220
8 233
8.243
414
513
993
030
777
122 064
.121 840
121 640
121 462
.121304
36
37
38
39
40
.009
.008
007
006
.006
595
567
649
830
098
8 253
8.261
8.269
8 276
8.282
372
939
589
418
516
.121
121
.120
.120
120
163
037
925
825
736
41
42
43
44
45
005
.004
004
.003
003
445
861
340
875
460
8 287
8 292
8.297
8.301
8.304
961
822
163
038
498
.120
120
120
120
120
657
586
523
467
417
46
47
48
49
50
COMPOUNDING
& DISCOUNTING
TABLES
25
RATE
13%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.130
1.276
1.442
1.630
1.842
000
900
897
474
435
1.000
2.130
3.406
4.849
6.480
000
000
900
797
271
6
7
8
9
10
2.081
2.352
2.658
3.004
3.394
952
605
444
042
567
8.322
10.404
12.757
15.415
18.419
706
658
263
707
749
.120
096
078
.064
.054
153
111
387
869
290
11
12
13
14
15
3.835
4.334
4.898
5.534
6.254
861
523
011
753
270
21.814
25.650
29.984
34.882
40.417
317
178
701
712
464
.045
.038
.033
.028
.024
841
986
350
667
742
16
17
18
19
20
7.067
7.986
9.024
10.197
11.523
326
078
268
423
088
46.671
53.739
61.725
70.749
80.946
735
060
138
406
829
021426
018608
016 201
014 134
012 354
21
22
23
24
25
13.021
14.713
16.626
18.788
21.230
089
831
629
091
542
92.469
105.491
120.204
136.831
155.619
917
006
837
465
556
010
.009
.008
.007
.006
814
479
319
308
426
26
27
28
29
30
23.990
27.109
30.633
34.615
39.115
513
279
486
839
898
176.850
200.840
227.949
258.583
293.199
098
611
890
376
215
.005
.004
.004
.003
.003
655
979
387
867
411
31
32
33
34
35
44.200
49.947
56.440
63.777
72.068
965
090
212
439
506
332.315
376.516
426.463
482.903
546.680
113
078
168
380
819
.003
.002
.002
.002
.001
009
656
345
071
829
36
37
38
39
40
81.437
92.024
103.987
117.505
132.781
412
276
432
798
552
618.749
325
700.186
738
792.211014
896.198 445
1,013.704
243
.001616
.001 428
.001262
.001 116
.000 986
41
42
43
44
45
150.043
169.548
191.590
216.496
244.641
153
763
103
816
402
1.146.485
1.296.528
1.466.077
1,657.667
1,874.164
795
948
712
814
630
.000
.000
.000
.000
000
872
771
682
603
534
46
47
48
49
50
276.444
312.382
352.992
398.881
450.735
784
606
345
350
925
2,118.806
2,395.250
2,707.633
3.060.625
3,459.507
032
816
422
767
117
.000
.000
.000
.000
.000
472
417
369
327
289
26
COMPOUNDING
1.000 000
.469 484
293522
206194
154 315
& DISCOUNTING
TABLES
RATE
13%
a
3
3
FACTOR
DISCOUNT
How much 1 at
a future date
is worth today
884
.783
.693
.613
.542
956
147
050
319
760
.884
1.668
2 361
2.974
3.517
956
102
153
471
231
RECOVERY
CAPITAL
FACTOR
that will
payment
Annual
interest
with compound
1.130
.599
423
336
.284
Year
000
484
522
194
315
1
2
3
4
5
480 319
425 061
376 160
332 885
294 588
3.997 550
4.422 610
4.798 770
5.131655
243
5.426
.250 153
.226 111
208 387
.194 869
.184 290
6
7
8
9
10
698
706
165
677
891
5.686 941
5.917 647
6 121812
6.302 488
379
6.462
.175
.168
.163
158
.154
841
986
350
667
742
11
12
13
14
15
.151426
.148 608
146 201
.144 134
.142 354
16
17
18
19
20
.260
230
204
.180
159
875
093
905
969
752
.141496
.125218
110812
.098 064
.086 782
6.603
6.729
6.839
6.937
7.024
.076 798
7 101 550
140 814
21
.067963
.060 144
.053 225
.047 102
7.169513
7 229 658
7.282 883
7 329 985
.139479
.138 319
.137 308
136 426
22
23
24
25
.041
.036
.032
.028
.025
683
888
644
889
565
7.371 668
7.408 556
7.441200
7 470 088
7.495 653
.135
.134
.134
.133
.133
655
979
387
867
411
26
27
28
29
30
.022
.020
.017
.015
.013
624
021
718
680
876
277
7.518
7.538 299
7.556 016
7.571696
572
7.585
.133 009
.132 656
.132 345
.132 071
.131829
31
32
33
34
35
.012 279
.010 867
.009 617
008510
.007 531
7.597 851
718
7.608
7.618 334
7.626844
376
7.634
.131616
.131 428
.131262
.131 116
.130 986
36
37
38
39
40
665
S006
COMPOUNDING
OF
WORTH
PRESENT
FACTOR
AN ANNUITY
How much 1 received
or paid annually
for X years
is worth today
.005
.005
.004
.004
898
219
619
088
7.641
7.646
7 652
7.656
7.660
040
938
158
777
864
.130
130
.130
.130
.130
872
771
682
603
534
41
42
43
44
45
.003
003
.002
.002
002
617
201
833
507
219
7.664
7.667
7.670
7.673
7.675
482
683
516
023
242
.130
.130
.130
.130
.130
472
417
369
327
289
46
47
48
49
50
& DISCOUNTING
TABLES
27
RATE
14%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
FACTOR
COMPOUNDING
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
1.140
1.299
1.481
1.688
1.925
000
600
544
960
415
1.000
2.140
3.439
4.921
6.610
000
000
600
144
104
6
7
8
9
10
2.194
2.502
2.852
3.251
3.707
973
269
586
949
221
8.535
10.730
13.232
16.085
19.337
519
491
760
347
295
117
.093
075
062
.051
157
192
570
168
714
11
12
13
14
15
4.226
4.817
5.492
6.261
7.137
232
905
411
349
938
23.044
27.270
32.088
37.581
43.842
516
749
654
065
414
.043
.036
.031
.026
.022
394
669
164
609
809
16
17
18
19
20
8.137
9.276
10.575
12.055
13.743
249
464
169
693
490
50.980
59.117
68.394
78.969
91.024
352
601
066
235
928
.019 615
016915
014 621
012 663
010 986
21
22
23
24
25
15.667
17.861
20.361
23.212
26.461
578
039
585
207
916
104.768
120.435
138.297
158.658
181.870
418
996
035
620
827
.009
008
007
006
.005
545
303
231
303
498
26
27
28
29
30
30.166
34.389
39.204
44.693
50.950
584
906
493
122
159
208.332
238.499
272.889
312.093
356.786
743
327
233
725
847
004
004
003
003
002
800
193
664
204
803
31
32
33
34
35
58.083
66.214
75.484
86.052
98.100
181
826
902
788
178
407.737
465.820
532.035
607.519
693.572
006
186
012
914
702
.002 453
.002 147
.001880
.001 646
.001 442
36
37
38
39
40
111.834
127.490
145.339
165.687
188.883
203
992
731
293
514
791.672
903.507
1,030.998
1,176.337
1,342.025
881
084
076
806
099
.001263
.001 107
.000 970
.000 850
.000 745
41
42
43
44
45
215.327
245.473
279.839
319.016
363.679
206
015
237
730
072
1.530.908
1.746.235
1.991.708
2.271.548
2.590.564
613
819
833
070
800
.000
.000
.000
.000
.000
653
573
502
440
386
46
47
48
49
50
414.594
472.637
538.806
614.239
700.232
142
322
547
464
988
2.954.243
3.368.838
3.841.475
4.380.281
4,994.521
872
014
336
883
346
.000
.000
.000
.000
000
338
297
260
228
200
28
COMPOUNDING
by a given year
1
2
3
4
5
1.000 000
467 290
290 731
203 205
151284
& DISCOUNTING
TABLES
.
.
RATE
14%
3
5
3
3
3
*
*
5
_
_
_
i
3
3
51
3
*
5
5
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
877 193
769 468
.674 972
.592 080
.519 369
.877 193
1.646 661
2.321632
2.913
712
3.433 081
455
399
.350
.307
.269
587
637
559
508
744
3.888
4.288
4 638
4.946
5.216
.236
.207
.182
159
.140
617
559
069
710
096
.122
.107
094
.082
072
063
055
.049
043
037
CAPITAL
RECOVERY
FACTOR
with compound
interest
Year
1 140
607
.430
343
291
000
290
731
205
284
1
2
3
4
5
668
305
864
372
116
257
233
215
202
.191
157
192
570
168
714
6
7
8
9
10
5.452
5.660
5.842
6.002
6.142
733
292
362
072
168
.183
.176
.171
.166
.162
394
669
164
609
809
11
12
13
14
15
892
800
561
948
762
6.265
6.372
6.467
6.550
6.623
060
859
420
369
131
.159
.156
615
915
16
17
.154
.152
.150
621
663
986
18
19
20
826
988
112
081
790
6 686 957
6 742 944
6.792 056
6.835
137
6.872
927
.149
.148
.147
.146
.145
545
303
231
303
498
21
22
23
24
25
.033 149
029 078
025 507
.022 375
.019 627
6.906
6.935
6.960
6.983
7.002
077
155
662
037
664
144
144
.143
.143
.142
800
193
664
204
803
26
27
28
29
30
.017 217
7.019
7.034
7 048
7.059
881
983
231
852
142 453
.142 147
.141880
.141 646
31
32
33
34
.015
.013
.011
102
248
621
010 194
7.070 045
141 442
35
008
007
.006
006
005
942
844
880
035
294
7.078 987
7.086 831
7 093 711
7.099 747
7 105 041
.141 263
.141 107
.140 970
140 850
.140 745
36
37
38
39
40
004
004
003
.003
.002
644
074
573
135
750
7.109
7.113
7.117
7 120
7 123
685
759
332
467
217
.140
140
140
.140
.140
653
573
502
440
386
41
42
43
44
7.125
7.127
7.129
7.131
7.132
629
744
600
228
656
.140
.140
.140
.140
140
338
297
260
228
200
46
47
48
49
50
.002 412
002 116
.001 856
.001 628
.001428
COMPOUNDING
& DISCOUNTING
TABLES
45
29
RATE
15%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
1
2
3
4
5
compound
interest
1.150
1.322
1.520
1.749
2.011
000
500
875
006
357
FACTOR
COMPOUNDING
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000 000
2.150000
C465
3.472 500
4.993 375
6.742 381
SINKING FUND
FACTOR
Level deposit
required each
year to reach
by a given year
1 000 000
116
287 977
200 265
148 316
6
7
8
9
10
2.313 061
2.660 020
3.059 023
3.517 876
4.045 558
8.753
11.066
13.726
16.785
20.303
738
799
819
842
718
.114
.090
.072
.059
.049
237
360
850
574
252
11
12
13
14
15
4.652
5.350
6.152
7.075
8.137
391
250
788
706
062
24.349
29.001
34.351
40.504
47.580
276
667
917
705
411
.041069
.034 481
.029 110
.024 688
021017
16
17
18
19
20
9.357
10.761
12.375
14.23].
16.366
621
264
454
772
537
55.717
65.075
75.836
88.211
102.443
472
093
357
811
583
017948
015 367
013 186
011 336
009 761
21
22
23
24
25
18.821 518
21.644 746
24.891 458
28.625 176
32.918 953
118.810
137.631
159.276
184.167
212.793
120
638
384
841
017
.008
.007
.006
005
004
417
266
278
430
699
26
27
28
29
30
37.856
43.535
50.065
57.575
66.211
796
315
612
454
772
245.711
283.568
327.104
377.169
434.745
970
766
080
693
146
.004
.003
.003
.002
.002
070
526
057
651
300
31
32
33
34
35
76.143
87.565
100.699
115.804
133.175
538
068
829
803
523
500.956
577.100
664.665
765.365
881.170
918
456
524
353
156
.001996
.001 733
.001 505
.001 307
.001 135
36
37
38
39
40
153.151
176.124
202.543
232.924
267.863
852
630
324
823
546
1,014.345
1,167.497
1,343.622
1,546.165
1,779.090
680
532
161
485
308
000986
000857
000 744
000 647
.000 562
41
42
43
44
45
308.043
354.249
407.386
468.495
538.769
078
540
971
017
269
2,046.953
2,354.996
2,709.246
3,116.633
3,585.128
854
933
473
443
460
.000
000
000
.000
.000
46
47
48
49
50
619.584
712.522
819.400
942.310
1,083.657
659
358
712
819
442
4.123.897
4,743.482
5,456.004
6,275.405
7,217.716
729
388
746
458
277
.000 242
.000211
.000 183
.000 159
.000 139
489
425
369
321
279
30
COMPOUNDINIG
& DISCOUNTING
TABLES
RATE
15%
_
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
5
5
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
with compound
interest
Year
565
144
516
753
177
.869
1.625
565
709
1.150
.615
000
116
1
2
.869
.756
.657
.571
.497
2 283
2.854
3.352
225
978
155
.437
350
.298
977
265
316
3
4
5
5
5
5
.432
.375
.326
.284
.247
328
937
902
262
185
3 784 483
4 160 420
4.487 322
4.771 584
5.018 769
.264
.240
.222
.209
.199
237
360
850
574
252
6
7
8
9
10
214
.186
.162
141
122
943
907
528
329
894
5.233 712
5 420 619
5.583 147
5.724 476
5.847 370
.191 069
.184 481
.179 110
.174 688
.171017
11
12
13
14
15
.106 865
092 926
080 805
070 265
.061 100
5 954 235
6.047
161
6.127 96G
6.198 231
6.259
331
.167 948
.165 367
163 186
.161336
.159 761
16
17
18
19
20
053
.046
.040
.034
.030
131
201
174
934
378
6.312
462
6.358 663
6.398 837
6.433 771
6 464 149
158
.157
.156
.155
154
417
266
278
430
699
21
22
23
24
25
.026 415
.022 970
019 974
.017 369
015 103
6.490
564
6.513
534
6.533
508
6 550 877
6.565 980
.154 070
.153 526
.153 057
152 651
.152 300
26
27
28
29
.013 133
011420
009 931
.008 635
.007 509
6.579
113
6.590
533
6.600 463
6.609 099
6 616 607
.151996
151733
.151 505
.151307
151 135
31
32
33
34
35
.006
937
293
733
6 623 137
6.628815
6.633 752
6.638 045
6 641 778
150 986
.150857
150 744
.150 647
150 562
36
37
38
39
40
003 246
.002 823
.002 455
.002 134
001856
6.645 025
6 647 848
6 650 302
6.652 437
6.654 293
150
150
150
.150
.150
489
425
369
321
279
41
42
43
44
45
001614
.001403
001220
.001061
000 923
6.655 907
6.657 310
6 658 531
6.659 592
6 660 515
.150
.150
.150
242
211
183
46
47
48
.150
150
159
139
49
50
*
*
5
5
5;
S
5
a
a
529
.005678
.004
.004
.003
5
S
S
*
.
@
~~COMPOUNDING
& DISCOUNTING
TABLES
30
31
RATE
16%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Yea r
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.160
1.345
1.560
1.810
2.100
000
600
896
639
342
1.000
2.160
3.505
5.066
6.877
000
000
600
496
135
6
7
8
9
10
2.436
2.826
3.278
3.802
4.411
396
220
415
961
435
8.977
11.413
14.240
17.518
21.321
477
873
093
508
469
111 390
087613
.070 224
.057 082
.046901
11
12
13
14
15
5.117
5.936
6.885
7.987
9.265
265
027
791
518
521
25.732
30.850
36.786
43.671
51.659
904
169
196
987
505
038861
032 415
027 184
.022 898
019358
16
17
18
19
20
10.748
12.467
14.462
16.776
19.460
004
685
514
517
759
60.925
71.673
84.140
98.603
115.379
026
030
715
230
747
016414
.013 952
.011885
010 142
.008 667
21
22
23
24
25
22.574
26.186
30.376
35.236
40.874
481
398
222
417
244
134.840
157.414
183.601
213.977
249.214
506
987
385
607
024
.007 416
.006 353
.005 447
004 673
004013
26
27
28
29
30
47.414
55.000
63.800
74.008
85.849
123
382
444
515
877
290.088
337.502
392.502
456.303
530.311
267
390
773
216
731
003447
002 963
.002 548
002 192
001886
31
32
33
34
35
99.585
115.519
134.002
155.443
180.314
857
594
729
166
073
616.161
715.747
831.267
965.269
1,120.712
608
465
059
789
955
001623
001397
001 203
.001 036
000892
36
37
38
39
40
209.164
242.630
281.451
326.483
378.721
324
616
515
757
158
1,301.027
1,510.191
1,752.821
2,034.273
2,360.757
028
352
968
483
241
000769
000 662
.000 571
000 492
000 424
41
42
43
44
45
439.316
509.607
591.144
685.727
795.443
544
191
341
436
826
2.739.478
3,178.794
3,688.402
4,279.546
4.965.273
399
943
134
475
911
.000
000
000
.000
000
365
315
271
234
201
46
47
48
49
50
922.714
1,070.349
1,241.605
1,440.261
1,670.703
838
212
086
900
804
5.760.717
6.683.432
7.753.781
8.995.386
10,435.648
737
575
787
873
77
000
000
.000
.000
.000
174
150
129
111
096
32
COMPOUNDING
1.000
.462
.285
.197
.145
& DISCOUNTING
000
963
258
375
409
TABLES
RATE
16%
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL RECOVERY
FACTOR
with compound interest
Year
862
.743
.640
552
.476
069
163
658
291
113
.862
1.605
2.245
2 798
3.274
069
232
890
181
294
1.160
.622
.445
357
.305
000
963
258
375
409
1
2
3
4
5
.410
.353
305
.262
.226
442
830
025
953
684
3.684
4.038
4 343
4.606
4.833
736
565
591
544
227
.271
.247
.230
217
.206
390
613
224
082
901
6
7
8
9
10
195
168
145
.125
.107
417
463
227
195
927
5.028 644
5.197 107
5.342 334
5.467 529
5.575 456
198
.192
.187
.182
.179
861
415
184
898
358
11
12
13
14
15
.093
.080
.069
059
.051
041
207
144
607
385
5.668
5 748
5.817
5 877
5.928
497
704
848
455
841
.176 414
.173 952
171885
.170 142
.168 667
16
17
18
19
20
044
038
032
028
024
298
188
920
380
465
5.973
6.011
6.044
6.072
6 097
139
326
247
627
092
167
166
165
164
.164
416
353
447
673
013
21
22
23
24
25
021
.018
.015
.013
011
091
182
674
512
648
6.118
6 136
6.152
6.165
6.177
183
364
038
550
198
163
.162
162
162
161
447
963
548
192
886
26
27
28
29
30
010
008
007
006
.005
042
657
463
433
546
6.187
6.195
6 203
6.209
6 215
240
897
359
792
338
161 623
161397
161 203
.161036
.160 892
31
32
33
34
35
.004
.004
.003
.003
002
781
121
553
063
640
6 220
6.224
6 227
6.230
6.233
119
241
794
857
497
.160
160
160
.160
160
769
662
571
492
424
36
37
38
39
40
002 276
.001 962
.001 692
001458
.001 257
6.235
6.237
6 239
6.240
6.242
773
736
427
886
143
160
.160
160
160
160
365
315
271
234
201
41
42
43
44
45
001084
000 934
000 805
.000 694
000 599
6.243
6 244
6 244
6.245
6 246
227
161
966
661
259
160
160
.160
160
160
174
150
129
111
096
46
47
48
49
50
*
*
*
*
3
6
3
_
3
3
*
*
3
*
*
.
@
.
.
& DISCOUNTING
~~COMPOUNDING
TABLES
33
RATE
17%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
1
2
3
4
5
compound
interest
1.170 000
1.368 900
1.601613
1.873 887
2.192 448
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.000
2.170
3.538
5.140
7.014
000
000
900
513
400
1.000
.460
.282
.194
.142
000
829
574
533
564
6
7
8
9
10
2.565
3.001
3.511
4.108
4.806
164
242
453
400
828
9.206
11.772
14.773
18.284
22.393
848
012
255
708
108
.108
.084
.067
.054
.044
615
947
690
691
657
11
12
13
14
15
5.623
6.580
7.698
9.007
10.538
989
067
679
454
721
27.199
32.823
39.403
47.102
56.110
937
926
993
672
126
.036
030
.025
.021
.017
765
466
378
230
822
16
17
18
19
20
12.330
14.426
16.878
19.748
23.105
304
456
953
375
599
66.648
78.979
93.405
110.284
130.032
848
152
608
561
936
015 004
012 662
010706
.009 067
007 690
21
22
23
24
25
27.033
31.629
37.006
43.297
50.657
551
255
228
287
826
153.138 535
180.172 086
211.801341
248.807
569
292.104
856
006530
005550
004721
.004 019
003 423
26
27
28
29
30
59.269
69.345
81.134
94.927
111.064
656
497
232
051
650
342.762
402.032
471.377
552.512
647.439
681
337
835
066
118
.002 917
.002 487
.002 121
001810
.001 545
31
32
33
34
35
129.945
152.036
177.882
208.122
243.503
641
399
587
627
474
758.503
888.449
1,040.485
1,218.368
1,426.491
768
408
808
395
022
.001
.001
.000
.000
.000
318
126
961
821
701
36
37
38
39
40
284.899
333.331
389.998
456.298
533.86S
064
905
329
045
713
1,669.994
1,954.893
2,288.225
2,678.223
3,134.521
496
560
465
794
839
.000
.000
.000
.000
.000
599
512
437
373
319
41
42
43
44
45
624.626
730.812
855.051
1,000.409
1.170.479
394
881
071
753
411
3,668.390
4,293.016
5,023.829
5,878.880
6,879.290
552
946
827
897
650
.000 273
.000 233
.000 199
.000 170
.000 145
46
47
48
49
50
1.369.460
1.602.269
1,874.655
2,193.346
2,566.215
910
265
040
397
284
8,049.770
9,419.230
11,021.500
12,896.155
15,089.501
060
971
24
28
67
.000
.000
.000
.000
.000
34
124
106
091
078
066
.
COMPOUNDING
& DISCOUNTING
TABLES
.
.
RATE
17%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
RECOVERY
CAPITAL
FACTOR
interest
with compound
Year
.854
730
.624
.533
456
701
514
371
650
111
854
1.585
2.209
2 743
3.199
701
214
585
235
346
1.170
630
.452
.364
.312
000
829
574
533
564
1
2
3
4
5
.389
333
284
.243
.208
839
195
782
404
037
3.589
3.922
4.207
4.450
4.658
185
380
163
566
604
.278
254
237
.224
.214
615
947
690
691
657
6
7
8
9
10
.177
151
129
111
094
810
974
892
019
888
4.836
4.988
5.118
5.229
5.324
413
387
280
299
187
.206
.200
.195
.191
.187
765
466
378
230
822
11
12
13
14
15
.081
.069
.059
.050
.043
101
317
245
637
280
5 405
5.474
5.533
5.584
5.627
288
605
851
488
767
.185
182
.180
.179
.177
004
662
706
067
690
16
17
18
19
20
.036
.031
.027
.023
019
991
616
022
096
740
5.664
5 696
5.723
5.746
5.766
758
375
397
493
234
.176
.175
.174
.174
173
530
550
721
019
423
21
22
23
24
25
3
3
016
014
.012
.010
.009
872
421
325
534
004
5 783
5.797
5.809
5.820
5.829
106
526
851
386
390
172 917
.172 487
.172 121
.171810
.171 545
26
27
28
29
30
007
006
005
004
004
696
577
622
805
107
5.837
5 843
5.849
5 854
5 858
085
663
284
089
196
.171318
171 126
170 961
.170 821
.170 701
31
32
33
34
35
003
003
002
002
.001
510
000
564
192
873
5.861
5.864
5.867
5.869
5.871
706
706
270
461
335
.170
170
.170
.170
.170
599
512
437
373
319
36
37
38
39
40
.001 601
.001368
.001 170
.001 000
.000 854
5.872
5.874
5.875
5.876
5.877
936
304
473
473
327
.170
.170
.170
.170
.170
273
233
199
170
145
41
42
43
44
45
730
624
533
456
390
5.878
5.878
5.879
5.879
5.880
058
682
215
671
061
.170
.170
170
.170
.170
124
106
091
078
066
46
47
48
49
50
5
U
U
*
5
5
i
S
6
_
_
*
*
.
.
.000
.000
.000
000
000
COMPOUNDING
& DISCOUNTING
TABLES
35
RATE
18%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
by a given
1.180
1.392
1.643
1.938
2.287
000
400
032
778
758
1.000
2.180
3.572
5.215
7.154
000
000
400
432
210
1.000
.458
.279
.191
.139
000
716
924
739
778
6
7
8
9
10
2.699
3.185
3.758
4.435
5.233
554
474
859
454
836
9.441
12.141
15.326
19.085
23.521
968
522
996
855
309
105
.082
.065
.052
042
910
362
244
395
515
11
12
13
14
15
6.175
7.287
8.599
10.147
11.973
926
593
359
244
748
28.755
34.931
42.218
50.818
60.965
144
070
663
022
266
034
028
.023
.019
.016
776
628
686
678
403
16
17
18
19
20
14.129
16.672
19.673
23.214
27.393
023
247
251
436
035
72.939
87.068
103.740
123.413
146.627
014
036
283
534
970
.013
.011
.009
.008
.006
710
485
639
103
820
21
22
23
24
25
32.323
38.142
45.007
53.109
62.668
781
061
632
006
627
174.021
206.344
244.486
289.494
342.603
005
785
847
479
486
.005
.004
004
003
.002
746
846
090
454
919
26
27
28
29
30
73.948
87.259
102.966
121.500
143.370
980
797
560
541
638
405.272
479.221
566.480
669.447
790.947
113
093
890
450
991
002 467
002 087
.001 765
001 494
001264
31
32
33
34
35
169.177
199.629
235.562
277.963
327.997
353
277
547
805
290
934.318
1,103.495
1,303.125
1,538.687
1.816.651
630
983
260
807
612
001070
.000 906
.000 767
000 650
000 550
36
37
38
39
40
387.036
456.703
538.910
635.913
750.378
802
427
044
852
345
2.144.648
2.531.685
2,988.389
3,527.299
4,163.213
902
705
132
175
027
000
.000
.000
.000
.000
466
395
335
284
240
41
42
43
44
45
885.446
1.044.826
1,232.895
1,454.816
1,716.683
447
807
633
847
879
4,913.591
5.799.037
6,843.864
8,076.760
9,531.577
372
818
626
258
105
.000
.000
.000
.000
.000
204
172
146
124
105
46
47
48
49
50
2,025.686
2,390.310
2,820.566
3,328.268
3,927.356
977
633
547
525
860
11,248.260
13.273.947
15,664.258
18.484.825
21.813.093
36
COMPOUNDING
year
1
2
3
4
5
98
96
59
14
67
SINKING
FUND
FACTOR
Level deposit
required
each
year to reach
.000 089
.000 075
.000 064
.000 054
000046
& DISCOUNTING
TABLES
RATE
18%
FACTOR
DISCOUNT
How much 1 at
a future date
is worth today
847
.718
608
515
437
5
*
*
5
=
3
_
_
_
_
3
_
*
*
458
184
631
789
109
WORTH
OF
PRESENT
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
847 458
1 565 642
2.174 273
2.690 062
3 127 171
CAPITAL
RECOVERY
FACTOR
that will
Annual payment
with compound
interest
Year
1.180 000
638 716
459 924
.371739
319 778
1
2
3
4
5
.370 432
.313 925
266 038
.225 456
.191064
3.497
3 811
4 077
4.303
4.494
603
528
566
022
086
285 910
.262 362
.245 244
.232 395
222 515
6
7
8
9
10
.161919
137 220
.116 288
098 549
.083 516
4 656
4.793
4.909
5 008
5 091
005
225
513
062
578
214
208
203
199
.196
776
628
686
678
403
11
12
13
14
15
.070
.059
.050
.043
193
.191
.189
.188
.186
710
485
639
103
820
16
17
18
19
20
.185
.184
184
183
.182
746
846
090
454
919
21
22
23
24
25
776
980
830
077
036
506
5 162 354
5.222 334
5.273
164
5 316 241
5.352 746
.030
026
.022
.018
.015
937
218
218
829
957
5.383
5 409
5.432
5.450
5 466
683
901
120
949
906
013 523
.011460
009 712
008 230
.006 975
5.480 429
5.491889
5.501601
5.509 831
5.516 806
182 467
.182 087
.181765
.181494
.181 264
26
27
28
29
30
.005
.005
.004
.003
911
009
245
598
.003 049
5.522 717
5.527
726
5.531971
5.535 569
5.538 618
.181 070
.180 906
.180 767
.180 650
180 550
31
32
33
34
35
002
.002
.001
001
001
584
190
856
573
333
5.541
5.543
5.545
5.546
5.548
.180
.180
180
180
.180
466
395
335
284
240
36
37
38
39
40
001
.000
.000
000
.000
129
957
811
687
583
5.549 281
5.550 238
5.551049
5.551737
5.552 319
.180
.180
.180
.180
.180
204
172
146
124
105
41
42
43
44
45
000
.000
.000
.000
.000
494
418
355
300
255
5.552
5.553
5.553
5.553
5.554
.180 089
.180 075
.180 064
180 054
180 046
46
47
48
49
50
201
391
247
819
152
813
231
586
886
141
IN
.
-
.
.
& DISCOUNTING
~~COMPOUNDING
TABLES
37
RATE
19%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Yea r
1
2
3
4
5
compound
interest
1.190000
1.416 100
1.685 159
2.005 339
2.386 354
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
1.000
2.190
3.606
5.291
7.296
000
000
100
259
598
SINKING
FUND
FACTOR
Level deposit
required
each
year to reach I
by a given
5
5
year
1.000000
.456 621
.277 308
188 991
1137 050
6
7
8
9
10
2.839
3.379
4.021
4.785
5.694
761
315
385
449
684
9.682
12.522
15.902
19.923
24.708
952
713
028
413
862
.103
.079
.062
.050
.040
274
855
885
192
471
11
12
13
14
15
6.776
8.064
9.596
11.419
13.589
674
242
448
773
530
30.403
37.180
45.244
54.840
66.260
546
220
461
909
682
032
.026
022
.018
015
891
896
102
235
092
16
17
18
19
20
16.171 540
19.244
133
22.900 518
27.251616
32.429 423
79.850
96.021
115.265
138.166
165.418
211
751
884
402
018
.012
.010
.008
007
.006
523
414
676
238
045
21
22
23
24
25
38.591
45.923
54.648
65.031
77.388
014
307
735
994
073
197.847
236.438
282.361
337.010
402.042
442
456
762
497
491
.005
.004
.003
.002
.002
054
229
542
967
487
26
27
28
29
30
92.091
109.589
130.411
155.189
184.675
807
251
208
338
312
479.430
571.522
681.111
811.522
966.712
565
372
623
831
169
.002 086
001750
001468
.001232
.001 034
31
32
33
34
35
219.763
261.518
311.207
370.336
440.700
621
710
264
645
607
1,151.387
1.371.151
1.632.669
1.943.877
2,314.213
481
103
812
077
721
000 869
.000 729
000 612
.000 514
.000 432
36
37
38
39
40
524.433
624.076
742.650
883.754
1,051.667
722
130
594
207
507
2,754.914
3,279.348
3.903.424
4,646.074
5,529.828
328
051
180
775
982
.000
.000
.000
.000
.000
363
305
256
215
181
41
42
43
44
45
1,251.484
1,489.266
1,772.226
2,108.950
2,509.650
333
356
964
087
603
6,581.496
7.832.980
9,322.247
11.094.474
13.203.424
488
821
177
14
23
.000
.000
.000
.000
000
152
128
107
090
076
46
47
48
49
50
2,986.484
3,553.916
4,229.160
5,032.700
5,988.913
218
219
301
758
902
15,713.074
18.699.559
22,253.475
26,482.635
31,515.336
83
05
27
57
33
.000
.000
.000
000
000
064
053
045
038
032
.
38
COMPOUNDING
& DISCOUNTING
TABLES
S
RATE
19%
*
3
CAPITAL
RECOVERY
FACTOR
Annual
payment
that will
with compound
interest
Year
840
706
593
498
419
336
165
416
669
049
840
1.546
2.139
2 638
3.057
336
501
917
586
635
1.190
.646
467
378
327
000
621
308
991
050
1
2
3
4
5
352
.295
248
208
.175
142
918
671
967
602
3.409
3.705
3.954
4 163
4.338
777
695
366
332
935
.293
269
252
.240
.230
274
855
885
192
471
6
7
8
9
10
.147
.124
104
087
.073
565
004
205
567
586
4 486
4 610
4 714
4.802
4 875
500
504
709
277
863
.222
.216
212
208
.205
891
896
102
235
092
11
12
13
14
15
.061
051
.043
036
030
837
964
667
695
836
4.937
4 989
5 033
5 070
5 100
700
664
331
026
862
.202
200
.198
197
.196
523
414
676
238
045
16
17
18
19
20
025
.021
.018
.015
.012
913
775
299
377
922
5.126
5 148
5.166
5 182
5 195
775
550
849
226
148
.195
.194
.193
.192
.192
054
229
542
967
487
21
22
23
24
25
.010
.009
.007
.006
005
859
125
668
444
415
5.206
5 215
5 222
5.229
5.234
007
132
800
243
658
.192 086
191 750
.191 468
.191 232
191034
26
27
28
29
30
.004
003
003
.002
002
550
824
213
700
269
5 239
5 243
5.246
5.248
5 251
209
033
246
946
215
.190
190
.190
.190
.190
869
729
612
514
432
31
32
33
34
35
001 907
001 602
001347
.001 132
.000 951
5.253
5.254
5.256
5.257
5.258
122
724
071
202
153
190
.190
190
190
.190
363
305
256
215
181
36
37
38
39
40
5
3
.000
.000
.000
000
000
799
671
564
474
398
5 258 952
5.259 624
5 260 188
5.260 662
5.261061
.190
.190
190
.190
.190
152
128
107
090
076
41
42
43
44
45
000
.000
000
000
.000
335
281
236
199
167
5.261 396
5.261 677
5,261913
5.262 112
5.262 279
190
.190
190
.190
.190
064
053
045
038
032
46
47
48
49
50
*
*
*
*
*
5
=
53
S
3
3
S
3
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
COMPOUNDING
& DISCOUNTING
TABLES
39
RATE
20%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
1
2
3
4
5
compound
interest
1.200 000
1.440 000
1.728 000
2.073 600
2.488 320
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
1.000 000
2.200 000
3.640 000
5.368 000
7.441600
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
year
1 000
,454
.274
.186
.134
000
545
725
289
380
.100
.077
060
048
.038
706
424
609
079
523
6
7
8
9
10
2.985
3.583
4.299
5.159
6.191
984
181
817
780
736
9.929
12.915
16.499
20.798
25.958
11
12
13
14
15
7.430
8.916
10.699
12.839
15.407
084
100
321
185
022
32.150 419
39.580 502
48.496 603
59.195923
72.035
108
16
17
18
19
20
18.488
22.186
26.623
31.948
38.337
426
111
333
000
600
87.442
105.930
128.116
154.740
186.688
129
555
666
000
000
.011
009
007
.006
.005
436
440
805
462
357
21
22
23
24
25
46.005
55.206
66.247
79.496
95.396
120
144
373
847
217
225.025
271.030
326.236
392.484
471.981
600
719
863
236
083
.004
.003
.003
002
002
444
690
065
548
119
26
27
28
29
30
114.475
137.370
164.844
197.813
237.376
460
552
662
595
314
567.377
681.852
819.223
984.067
1,181.881
300
760
312
974
569
.001
.001
.001
.001
.000
762
467
221
016
846
31
32
33
34
35
284.851
341.821
410.186
492.223
590.668
577
892
270
524
229
1,419.257
1,704.109
2,045.931
2.456.117
2,948.341
883
459
351
621
146
.000
.000
.000
.000
.000
705
587
489
407
339
36
37
38
39
40
708.801
850.562
1.020.674
1,224.809
1.469.771
875
250
700
640
568
3,539.009
4,247.811
5,098.373
6.119.048
7,343.857
375
250
500
200
840
.000
.000
.000
.000
.000
283
235
196
163
136
41
42
43
44
45
1,763.725
2.116.471
2.539.765
3,047.718
3.657.261
882
058
269
323
988
8,813.629
10,577.355
12,693.826
15.233.591
18,281.309
408
29
35
62
94
.000
.000
.000
.000
000
113
095
079
066
055
46
47
48
49
50
4,388.714
5,266.457
6,319.748
7,583.698
9.100.438
386
263
715
458
150
21,938.571
26,327.286
31,593.743
37,913.492
45,497.190
93
31
58
29
75
.000
.000
.000
.000
.000
046
038
032
026
022
920
904
085
902
682
S
3
031 104
.025 265
.020 620
.016893
.013 882
.
40
COMPOUNDING
& DISCOUNTING
TABLES
RATE
20%
*
*
*
*
5
5
3
5
3
_
3
_
*
*
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
833 333
694 444
578 704
.482 253
.401878
1
2
2
2
334
279
232
.193
161
3 325
3.604
3.837
4.030
4 192
Year
1 200
654
474
386
334
000
545
725
289
380
1
2
3
4
5
510
592
160
967
472
300
277
260
248
238
706
424
609
079
523
6
7
8
9
10
.134 588
112 157
.093 464
.077 887
.064 905
4.327
060
4 439 217
4 532 681
4 610 567
4 675 473
231
.225
.220
.216
213
104
265
620
893
882
11
12
13
14
15
.054 088
045 073
.037 561
031 301
.026 084
4.729
561
4.774
634
4.812
195
4 843 496
4 869 580
211436
209 440
.207 805
206 462
205 357
16
17
18
19
20
021 737
.018 114
.015 095
.012 579
.010 483
4.891316
4.909
430
4 924 525
4 937 104
4.947
587
.204
203
203
202
.202
444
690
065
548
119
21
22
23
24
25
008
007
006
.005
.004
735
280
066
055
213
4.956
4.963
4.969
4.974
4.978
323
602
668
724
936
201 762
201 467
201221
.201016
.200 846
26
27
28
29
30
.003
002
.002
.002
511
926
438
032
4 982
4.985
4.987
4.989
447
372
810
842
.200
.200
.200
.200
705
587
489
407
31
32
33
34
898
082
568
807
506
.833 333
527 778
106 481
588 735
990 612
CAPITAL
RECOVERY
FACTOR
Annual payment
that will
with compound
interest
.001 693
4 991 535
200 339
35
001 411
4 992 946
.200 283
36
.001
000
.000
000
176
980
816
680
4.994
4.995
4.995
4.996
122
101
918
598
.200
.200
200
200
235
196
163
136
37
38
39
40
.000
.000
.000
.000
000
567
472
394
328
273
4.997
4.997
4.998
4.998
4.998
165
638
031
359
633
.200 113
200 095
.200 079
.200 066
41
42
43
44
.200
055
45
.000
.000
.000
000
.000
228
190
158
132
110
4.998 861
4.999 051
4.999
209
4 999 341
4.999 451
.200
.200
.200
.200
.200
046
038
032
026
022
46
47
48
49
50
.
3
COMPOUNDING
& DISCOUNTING
TABLES
41
RATE
21%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
1
2
3
4
5
1.210
1.464
1.771
2.143
2.593
000
100
561
589
742
6
7
8
9
10
3 138
3.797
4.594
5.559
6.727
428
498
973
917
500
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000
2.210
3.674
5.445
7.589
SINKING FUND
FACTOR
Level deposit
required each
year to reach
by a given year
000
000
100
661
250
1.000 000
.452 489
272 175
183 632
.131765
10.182 992
13.321421
17.118 919
21.713 892
27 273 809
098 203
075067
058415
046 053
036 665
34.001
42 141
51.991
63 909
78.330
309
584
317
493
487
029 411
023 730
.019 234
.015 647
012766
11
12
13
14
15
8.140 275
9.849 733
11.918 177
14.420 994
17.449 402
16
17
18
19
20
21.113
25.547
30.912
37.404
45 259
777
670
681
343
256
95.779
116.893
142.441
173.354
210.758
889
666
336
016
360
010441
008 555
.007 020
.005 769
.004 745
21
22
23
24
25
54.763
66.264
80 179
97.017
117.390
699
076
532
234
853
256.017
310.781
377.045
457.224
554.242
615
315
391
923
157
.003
003
.002
002
001
26
27
28
29
30
142.042
171.871
207.965
251.637
304.481
932
948
057
719
640
671.633
813.675
985.547
1.193.512
1,445.150
009
941
889
946
664
.001 489
.001 229
.001015
.000 838
.000 692
31
32
33
34
35
368.422
445.791
539.407
652.683
789.746
784
568
798
435
957
1.749.632
2,118.055
2.563.846
3,103.254
3,755.937
304
088
656
454
890
000
000
000
000
.000
572
472
390
322
266
36
37
38
39
40
955.593
1 156.268
1.399.084
1.692.892
2.048.400
818
519
909
739
215
4,545.684
5,501.278
6,657.547
8.056.632
9.749.524
846
664
183
092
831
000
000
000
.000
.000
220
182
150
124
103
41
42
43
44
45
2,478.564
2,999 062
3.628.865
4.390 927
5.313.022
260
754
933
778
612
11,797.925
14,276.489
17.275.552
20,904 417
25,295.345
05
31
06
99
77
.000 085
.000 070
000058
000048
.000 040
46
47
48
49
50
6.428.757
360
7,778.796 406
9.412.343
651
11.388.935
82
13.780.612
34
30.608.368
37,037.125
44.815.922
54.228.265
65.617.201
38
74
15
80
62
000
000
000
.000
.000
6
3
S
S
906
218
652
187
804
033
027
022
018
015
.
42
COMPOUNDING
& DISCOUNTING
TABLES
.
RATE
21%
S
*
FACTOR
DISCOUNT
How much 1 at
a future date
is worth today
826
*
_
*
*
*
5
*
_
S
5
5
_
_
_
_
*
_
*
_
*
RECOVERY
CAPITAL
FACTOR
with compound
interest
Year
.683
.564
.466
.385
446
013
474
507
543
.826
1 509
2.073
2 540
2 925
446
460
934
441
984
1.210
.662
.482
393
.341
000
489
175
632
765
1
2
3
4
5
.318
.263
.217
.179
148
631
331
629
859
644
3 244 615
3.507 946
576
3.725
3.905 434
4.054 078
.308
.285
.268
.256
.246
203
067
415
053
665
6
7
8
9
10
.122846
*
WORTH
OF
PRESENT
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
.101
083
.069
.057
526
905
343
309
4
4
4
4
4
176
278
362
431
489
924
450
355
698
007
239 411
233 730
229 234
225 647
.222 766
11
12
13
14
15
.047
039
.032
.026
022
362
143
349
735
095
4.536
4 575
4.607
4.634
4 656
369
512
861
596
691
.220 441
218 555
.217 020
215 769
.214 745
16
17
18
19
20
018
015
012
.010
.008
260
091
472
307
519
4.674
4 690
4.702
4 712
4.721
951
042
514
822
340
213 906
213 218
212 652
.212 187
.211804
21
22
23
24
25
007
005
.004
.003
003
040
818
809
974
284
4.728
4 734
4.739
4 742
4.746
380
199
007
981
265
.211489
211 229
211 015
210 838
210 692
26
27
28
29
30
002 714
.002 243
001854
001 532
.001 266
4 748
4 751
4.753
4.754
4.755
980
223
077
609
875
210
210
210
210
.210
572
472
390
322
266
31
32
33
34
35
001046
000 865
.000 715
.000 591
.000 488
4.756
4.757
4.758
4.759
4.759
922
786
501
092
580
.210
.210
210
.210
210
220
182
150
124
103
36
37
38
39
40
.000
.000
403
333
.000
000
.000
276
228
188
4 759 984
4 760 317
593
4.760
4.760
820
008
4.761
210
210
210
.210
210
085
070
058
048
040
41
42
43
44
45
.000
.000
.000
.000
.000
156
129
106
088
073
4.761
164
4.761
293
4.761
399
4.761487
4 761559
.210
.210
210
210
210
033
027
022
018
015
46
47
48
49
50
.
@
& DISCOUNTING
~COMPOUNDING
TABLES
43
RATE
22%
FACTOR
COMPOUNDING
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
FACTOR
COMPOUNDING
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.000 000
.450 450
.269 658
.181020
.129 206
1
2
3
4
5
1.220
1.488
1.815
2.215
2.702
000
400
848
335
708
1.000
2.220
3.708
5.524
7.739
000
000
400
248
583
6
7
8
9
10
3.297
4.022
4.907
5.987
7.304
304
711
707
403
631
10.442
13.739
17.762
22.670
28.657
291
595
306
013
416
.095
.072
.056
.044
.034
764
782
299
111
895
11
12
13
14
15
8.911
10.872
13.264
16.182
19.742
650
213
100
202
287
35.962
44.873
55.745
69.010
85.192
047
697
911
011
213
.027
.022
.017
.014
.011
807
285
939
491
738
16
17
18
19
20
24.085
29.384
35.848
43.735
53.357
590
420
992
771
640
104.934
129.020
158.404
194.253
237.989
500
090
510
503
273
.009
.007
.006
.005
.004
530
751
313
148
202
21
22
23
24
25
65.096
79.417
96.889
118.205
144.210
321
512
364
024
130
291.346
356.443
435.860
532.750
650.955
913
234
746
110
134
.003
.002
.002
.001
001
432
805
294
877
536
26
27
28
29
30
175.936
214.642
261.863
319.473
389.757
358
357
675
684
894
795.165 264
971.101622
1,185.743
978
654
1,447.607
1,767.081
337
.001 258
.001030
.000 843
.000 691
.000 566
31
32
33
34
35
475.504
580.115
707.741
863.444
1,053.401
631
650
093
133
842
2,156.839
2,632.343
3.212.459
3,920.200
4,783.644
232
863
512
605
738
.000
.000
.000
.000
.000
464
380
311
255
209
36
37
38
39
40
1,285.150
1,567.883
1,912.817
2,333.637
2,847.037
248
302
629
507
759
5,837.046
7,122.196
8,690.080
10,602.897
12.936.535
581
828
131
76
27
.000
.000
.000
.000
.000
171
140
115
094
077
41
42
43
44
45
3,473.386
4,237.531
5,169.787
6,307.141
7,694.712
066
000
820
140
191
15,783.573
19,256.959
23,494.490
28,664.277
34,971.419
03
09
09
91
05
.000
.000
.000
.000
.000
063
052
043
035
029
46
47
48
49
50
9,387.548
873
63
11,452.809
74
13,972.427
17,046.361
85
20.796.56145
42,666.131
52,053.680
63,506.489
77,478.917
94,525.279
24
12
74
48
33
.000
.000
.000
.000
.000
023
019
016
013
011
44
COMPOUNDING
& DISCOUNTING
TABLES
.
RATE
22%
*
FACTOR
DISCOUNT
How much 1 at
a future date
is worth today
5
*
*
*
*
*
*
S
=*
_
5
51
3
S
S
*
RECOVERY
CAPITAL
FACTOR
that will
Annual payment
interest
with compound
Year
819
.671
.550
.451
.369
672
862
707
399
999
.819
1.491
2.042
2.493
2 863
672
535
241
641
640
1.220
670
.489
.401
349
000
450
658
020
206
1
2
3
4
5
.303
.248
.203
167
136
278
589
761
017
899
3.166
3.415
3.619
3.786
3.923
918
506
268
285
184
.315
.292
.276
264
254
764
782
299
111
895
6
7
8
9
10
.112
.091
.075
.061
.050
213
978
391
796
653
4.035
4.127
4.202
4.264
4.315
397
375
766
562
215
.247
.242
.237
234
.231
807
285
939
491
738
11
12
13
14
15
.041
.034
.027
.022
.018
519
032
895
865
741
4 356
4.390
4.418
4.441
4.460
734
765
660
525
266
.229
.227
.226
.225
.224
530
751
313
148
202
16
17
18
19
20
.015
.012
.010
.008
.006
362
592
321
460
934
4.475
4.488
4.498
4 507
4.513
628
220
541
001
935
223 432
.222 805
.222 294
.221877
.221 536
21
22
23
24
25
.005
.004
003
003
.002
684
659
819
130
566
4.519
4.524
4.528
4.531
4.533
619
278
096
227
792
.221
221
220
.220
.220
258
030
843
691
566
26
27
28
29
30
002
.001
.001
.001
.000
103
724
413
158
949
4.535
4.537
4.539
4.540
4.541
895
619
032
190
140
.220
.220
.220
.220
.220
464
380
311
255
209
31
32
33
34
35
.000
.000
.000
.000
.000
778
638
523
429
351
4.541918
4.542
555
4.543
078
507
4.543
858
4.543
.220
.220
.220
.220
.220
171
140
115
094
077
36
37
38
39
40
.000
.000
.000
.000
.000
288
236
193
159
130
4.544
4 544
4.544
4.544
4.544
146
382
575
734
864
.220
.220
.220
.220
.220
063
052
043
035
029
41
42
43
44
45
.000
107
087
072
059
048
4.544
4.545
4.545
4.545
4.545
970
058
129
188
236
.220 023
.220 019
220 016
.220 013
.220 011
46
47
48
49
50
.000
.000
.000
.000
OF
WORTH
PRESENT
FACTOR
AN ANNUITY
How much 1 received
or paid annually
for X years
is worth today
.
.
& DISCOUNTING
~~COMPOUNDING
TABLES
45
RATE
23%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
1.230 000
1.000 000
2
3
4
5
1.512
1.860
2.288
2.815
900
867
866
306
2.230000
3.742
900
5.603
767
.448 430
.267 173
178 451
7.892
633
.126
700
6
7
8
9
10
3.462
4.259
5.238
6.443
7.925
826
276
909
859
946
10.707
14.170
18.430
23.668
30.112
939
765
041
950
809
093
.070
054
.042
.033
389
568
259
249
208
11
12
13
14
15
9.748 914
11.991
164
14.749
132
18.141432
22.313
961
38.038
47.787
59.778
74.527
92.669
755
669
833
964
396
.026 289
.020 926
.016 728
.013 418
010791
16
17
18
19
20
27.446
33.758
41.523
51.073
62.820
172
792
314
676
622
114.983
142.429
176.188
217.711
268.785
357
529
321
635
311
008697
007 021
005 676
004 593
003 720
21
22
23
24
25
77.269
95.041
116.900
143.788
176.859
364
318
822
010
253
331.605
408.875
503.916
620.817
764.605
932
297
615
437
447
.003 016
002 446
.001984
001611
001 308
26
27
28
29
30
217.536
267.570
329.111
404.807
497.912
881
364
547
203
860
941.464
1.159.001
1,426.571
1.755.683
2,160.490
700
581
945
492
695
.001062
.000 863
000 701
.000 570
.000 463
31
32
33
34
35
612.432
753.292
926.549
1,139.656
1,401.776
818
366
610
020
905
2,658.403
3,270.836
4.024.128
4.950.678
6,090.334
555
373
738
348
368
.000 376
.000 306
000 249
.000 202
000 164
36
37
38
39
40
1,724.185
2.120.748
2,608.520
3,208.480
3.946.430
593
279
383
071
488
7,492.111
9,216.296
11.337.045
13.945.565
17 154.045
273
866
14
53
60
000
.000
000
.000
000
133
109
088
072
058
41
42
43
44
45
4.854.109
5.970.554
7.343.782
9,032.852
11.110.408
500
685
263
183
19
21,100.476
25,954.585
31.925.140
39.268.922
48,301.774
09
59
27
53
72
.000
.000
000
000
.000
047
039
031
025
021
46
47
48
49
50
13,665.802
16,808.936
20.674.991
25,430.240
31,279.195
07
54
95
10
32
59.412.182
73.077.984
89,886.921
110,561.913
135,992.153
90
97
51
5
6
.000 017
.000 014
.000011
000 009
000 007
46
COMPOUNDING
year
1.000 000
& DISCOUNTING
TABLES
RATE
23%
*
3
S
*
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
*
*
*
*
*
_
*
5
5
5
5t
51
S
1
*
*
*
COMPOUNDING
Year
1
2
3
4
5
.323
300
284
272
263
389
568
259
249
208
6
7
8
9
10
846
240
041
163
978
256
250
246
243
240
289
926
728
418
791
11
12
13
14
15
413
035
118
698
616
.238
.237
.235
234
233
697
021
676
593
720
16
17
18
19
20
4.291
558
4.302 079
4.310
634
4.317
588
4 323 243
.233 016
.232 446
.231984
.231 611
.231308
21
22
23
24
25
597
737
038
470
008
4.327
4.331
4.334
4.337
4 339
839
577
615
086
094
.231
.230
.230
230
.230
062
863
701
570
463
26
27
28
29
30
633
328
079
4 340
4.342
4.343
727
054
134
.230
.230
.230
376
306
249
31
32
33
813
1 473
2 011
2 448
2.803
008
990
374
272
473
.288
234
190
155
126
781
782
879
187
168
3 092
3.327
3.517
3 673
3 799
254
036
916
102
270
102
083
067
055
.044
576
395
801
122
815
3 901
3.985
4.053
4 108
4.152
036
029
024
435
622
083
019
.015
580
918
4 189
4.219
4 243
4.262
4.278
.012
.010
.008
.006
.005
942
522
554
955
654
.004
003
.003
.002
.002
001
001
.001
.000 877
4.344 Oll
4 344 724
000
.000
000
000
4 345
4 345
4 346
4.346
580
472
383
312
000 253
*
CAPITAL
RECOVERY
FACTOR
Annual payment
that will
with compound
interest
000
1230
678 430
497 173
408 451
356 700
.813 008
.660 982
537 384
436 897
355 201
o.000713
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
.230 202
.230 164
34
35
304
776
159
471
230 133
230 109
.230 088
230 072
36
37
38
4 346 724
230 058
40
39
000
.000
.000
.000
.000
206
167
136
111
090
4.346
4.347
4.347
4 347
4.347
930
098
234
345
435
.230 047
230 039
.230 031
.230 025
.230 021
41
42
43
44
45
.000
.000
.000
.000
000
073
059
048
039
032
4.347
4 347
4.347
4 347
4 347
508
567
616
655
687
.230 017
.230 014
.230 011
.230 009
230 007
46
47
48
49
50
& DISCOUNTING
TABLES
47
RATE
24%
FACTOR
COMPOUNDING
FOR 1
What an initial
becomes
amount
at
when growing
Yea r
compound
interest
FACTOR
COMPOUNDING
FOR 1 PER ANNUM
Growth
of equal
deposits
year-end
all growing
at compound
interest
FUND
SINKING
FACTOR
Level deposit
each
required
year to reach 1
1000
.446
.264
175
.124
000
600
624
214
625
1.000
2.240
3.777
5.684
8.048
000
000
600
224
438
6
7
8
9
10
3.635
4.507
5.589
6.930
8.594
215
667
507
988
426
10.980
14.615
19.122
24.712
31.643
063
278
945
451
440
091 074
.068 422
052 293
.040 465
.031602
11
12
13
14
15
10.657
13.214
16.386
20.319
25.195
088
789
338
059
633
40.237
50.894
64.109
80.496
100.815
865
953
741
079
138
.024
.019
.015
.012
009
16
17
18
19
20
31.242
38.740
48.038
59.567
73.864
585
806
599
863
150
126.010
157.253
195.994
244.032
303.600
772
357
162
761
624
.007 936
006359
005 102
004 098
003 294
21
22
23
24
25
91.591
113.573
140.831
174.630
216.541
546
517
161
639
993
377.464
469.056
582.629
723.460
898.091
774
320
836
997
636
.002
.002
.001
.001
001
649
132
716
382
113
26
27
28
29
30
268.512
332.954
412.864
511.951
634.819
071
968
160
559
933
1,114.633
1,383.145
1,716.100
2,128.964
2,640.916
629
700
668
828
387
.000
.000
000
.000
.000
897
723
583
470
379
31
32
33
34
35
787.176
976.099
1,210.362
1.500.850
1.861.054
717
129
920
021
026
3,275.736
4,062.913
5,039.012
6,249.375
7.750.225
320
037
166
086
106
.000 305
000 246
.000 198
.000 160
.000 129
36
37
38
39
40
2,307.706
2.861.556
3,548.330
4,399.929
5,455.912
992
670
270
535
624
9,611.279
11,918.986
14,780.542
18,328.873
22.728.802
132
12
79
06
60
.000
000
.000
.000
.000
104
084
068
055
044
41
42
43
44
45
6.765.331
8,389.011
10,402.373
12,898.943
15,994.690
653
250
95
70
19
28,184.715
34,950.046
43.339.058
53,741.432
66,640.375
22
88
13
08
77
.000
.000
.000
.000
.000
035
029
023
019
015
46
47
48
49
50
19,833.415
24,593.435
30,495.860
37,814.866
46,890.434
83
63
18
62
61
82,635.065
102.468.481
127,061.917
157,557.777
195,372.644
96
8
4
6
2
.000
000
.000
.000
.000
012
010
008
006
005
48
COMPOUNDING
000
429
718
926
248
1.240
1.537
1.906
2.364
2.931
48ICO4POUDING
by a given year
1
2
3
4
5
852
648
598
423
919
DISOUNTIG
TALESS
& DISCOUNTING
TABLES5
RATE
24%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
_
3
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
1
2
3
4
5
471
316
222
502
856
.331074
.308 422
.292 293
.280 465
.271 602
6
7
8
9
10
3.775
3.851
3 912
3 961
4 001
691
363
390
605
294
.264 852
259 648
.255 598
252 423
.249 919
11
12
13
14
15
008
813
817
788
4.033
4.059
4 079
4.096
302
114
931
718
247 936
246 359
.245 102
.244 098
16
17
18
19
013 538
4.110
257
243 294
20
010 918
008 805
007 101
.005 726
004 618
4.121
175
4.129 980
4.137
080
4 142 807
4.147
425
.242 649
.242 132
241 716
241 382
241113
21
22
23
24
25
51
5
.003
.003
.002
.001
.001
724
003
422
953
575
4.151
4.154
4.156
4.158
4.160
149
152
575
528
103
.240 897
.240 723
.240 583
.240470
.240 379
26
27
28
29
30
.001
.001
270
024
4.161
4.162
373
398
240 305
240 246
31
32
4 163 224
.240 198
33
.000
.000
666
537
4.163
4.164
890
428
000
.000
000
000
.000
433
349
282
227
183
4.164
4.165
4.165
4 165
4.165
.000
000
.000
.000
000
148
119
096
078
063
*
*
*
*
*
*
*
=5
452
364
487
974
108
806
1.456
1.981
2.404
2.745
452
816
303
277
384
275
.221
178
.144
.116
087
844
907
280
354
3.020
3.242
3.421
3.565
3.681
093 834
.075 673
.061026
.049 215
.039 689
.032
.025
.020
.016
o.000826
.000 050
.000 041
.000 033
000 026
000 021
*
*
1.240
686
504
415
364
Year
000
429
718
926
248
.806
650
.524
422
341
CAPITAL
RECOVERY
FACTOR
Annual payment
that will
with compound
interest
240
240
160
129
34
35
861
211
492
720
903
.240 104
240 084
.240 068
240 055
.240 044
36
37
38
39
40
4.166
4.166
051
170
.240
.240
035
029
41
42
4.166
4.166
4.166
266
344
406
.240 023
.240 019
240 015
43
44
45
4 166
4.166
4 166
4 166
4.166
457
497
530
556
578
.240
.240
.240
.240
.240
46
47
48
49
50
012
010
008
006
005
~~COMPOUNDING
& DISCOUNTING
TABLES
49
RATE
25%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
11
21
3
4
5
compound
interest
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.000
2.250
3.812
5.765
8.207
000
000
500
625
031
697
372
464
581
226
11.258
15.073
19.841
25.802
33.252
789
486
858
322
903
.088
.066
050
.038
.030
819
342
399
756
073
11
12
13
14
15
11.641 532
14.551915
18.189 894
22.737 368
28.421 709
42.566
54.207
68.759
86.949
109.686
129
661
576
470
838
.023
.018
.014
.011
009
493
448
543
501
117
16
17
18
19
20
35.527
44.408
55.511
69.388
86.736
137
921
151
939
174
138.108
173.635
218.044
273.555
342.944
547
684
605
756
695
.007
.005
004
.003
002
241
759
586
656
916
21
22
23
24
25
108.420
135.525
169.406
211.758
264.697
217
272
589
237
796
429.680
538.101
673.626
843.032
1,054.791
869
086
358
947
184
.002
.001
.001
.001
.000
327
858
485
186
948
26
27
28
29
30
330.872
413.590
516.987
646.234
807.793
245
306
883
854
567
1.319.488
1,650.361
2,063.951
2,580.939
3,227.174
980
225
531
414
268
000
.000
.000
.000
.000
758
606
485
387
310
31
32
33
34
35
1,009.741
1,262.177
1,577.721
1,972.152
2.465.190
959
448
810
263
329
4,034.967
5,044.709
6,306.887
7,884.609
9,856.761
835
793
242
052
315
.000
.000
.000
.000
.000
248
198
159
127
101
36
37
38
39
40
3,081.487
3,851.859
4,814.824
6,018.531
7,523.163
911
889
861
076
845
12.321.951
15,403.439
19.255.299
24,070.124
30,088.655
64
56
44
30
38
.000
000
000
000
.000
081
065
052
042
033
41
42
43
44
45
9,403.954 807
11.754.943
51
14,693.679
39
18,367.099
23
22,958.874
04
37.611.819
47,015.774
58,770.717
73,464.396
91,831.496
23
03
54
93
16
.000
.000
.000
.000
.000
027
021
017
014
46
47
48
49
50
28,698.592
35,873.240
44,841.550
56,051.938
70,064.923
114,790.370
143,488.962
179,362.203
224,203.7543
280,255.692
2
7
4
.000
.000
.000
.000
.000
009
007
006
004
004
6
7
8
9
10
50
1.250 000
1,562 500
1.953 125
2.441406
3.051758
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
3.814
4.768
5.960
7.450
9.313
55
69
86
57
22
COMPOUNDING
1 000 000
444 444
262 295
.173 442
.121847
& DISCOUNTING
011
TABLES
RATE
25%
S
*
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
that will
Annual
payment
with compound
interest
.800
640
.512
409
327
000
000
000
600
680
800
1 440
1 952
2.361
2 689
000
000
000
600
280
.262
209
167
134
.107
144
715
772
218
374
2.951
3 161
3 328
3 .463
3.570
424
139
911
129
503
338
.316
.300
.288
.280
819
342
399
756
073
6
7
8
9
10
085
.068
.054
043
.035
899
719
976
980
184
3.656
3 725
3.780
3 824
3 .859
403
122
098
078
263
.273
.268
.264
.261
259
493
448
543
501
117
11
12
13
14
15
028 147
022 518
018 014
014 412
011 529
3.887
3 909
3 927
3 942
3 953
410
928
942
354
883
257
.255
.254
.253
252
241
759
586
656
916
16
17
18
19
20
009 223
007 379
005 903
004 722
003 778
3.963 107
3 970 485
3.976 388
3.981 ill
3.984 888
.252 327
251 485
251 186
.250 948
21
22
23
24
25
003
002
.001
001
.001
022
418
934
547
238
3 987
3.990
3.992
3.993
3.995
911
329
263
810
048
250
250
250
250
250
758
606
485
387
310
26
27
28
29
30
000
000
.000
000
o000990
792
634
507
406
3 996
3 996
3 997
3 997
3.998
039
831
465
972
377
.250
250
250
250
.250
248
198
159
127
101
31
32
33
34
35
.000
.000
.000
.000
.000
325
260
208
166
133
3.998
3.998
3.999
3.999
3 999
702
962
169
335
468
250
.250
250
.250
.250
081
065
052
042
033
36
37
38
39
40
.000
.000
.000
.000
.000
106
085
068
054
044
3.999 575
3.999 660
3 999 728
3.999 782
3 999 826
.250
.250
.250
.250
.250
027
021
017
014
011
41
42
43
44
45
.000
.000
.000
.000
.000
035
028
022
018
014
3 999
3 999
3.999
3.999
3 999
.250
.250
.250
.250
.250
009
007
006
004
004
46
47
48
49
50
S
*
_
*
5
5
S
*
_
=5
=1
*l
*
5
S
S
5
S
*
COMPOUNDING
& DISCOUNTING
TABLES
861
888
911
929
943
1 250 000
694 444
512 295
.423 442
.371847
Year
.251858
1
2
3
4
5
51
RATE
26%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount
becomes
when growing
at
Year
1
2
3
4
5
compound
interest
at compound
interest
SINKING
FUND
FACTOR
Level deposit
required
each
year to reach 1
by a given year
000
600
376
474
797
1.000
2.260
3.847
5.847
8.368
000
000
600
976
450
1.000
.442
.259
170
119
000
478
902
999
496
6
7
8
9
10
4.001 504
5.041895
6.352 788
8.004 513
10.085 686
11.544
15.545
20.587
26.940
34.944
247
751
646
434
947
.086
.064
.048
.037
.028
623
326
573
119
616
11
12
13
14
15
12.707
16.012
20.175
25.420
32.030
965
035
165
707
091
45.030
57.738
73.750
93.925
119.346
633
598
633
798
505
.022
.017
.013
.010
.008
207
319
559
647
379
16
17
18
19
20
40.357 915
50.850 973
64.072
226
80.731005
101.721066
151.376
191.734
242.585
306.657
387.388
596
511
484
710
715
.006
.005
.004
.003
.002
606
216
122
261
581
21
22
23
24
25
128.168
161.492
203.480
256.385
323.045
543
364
379
277
450
489.109
617.278
778.770
982.251
1,238.636
781
324
688
067
345
.002
.001
.001
.001
.000
045
620
284
018
807
26
27
28
29
30
407.037
512.866
646.212
814.227
1.025.926
266
956
364
579
749
1,561.681
1.968.719
2,481.586
3.127.798
3,942.025
794
061
016
381
959
.000
.000
000
.000
.000
640
508
403
320
254
31
32
33
34
35
1,292.667
1,628.761
2,052.239
2,585.821
3,258.135
704
307
247
452
029
4,967.952
6,260.620
7.889.381
9.941.620
12,527.442
709
413
721
968
42
.000
.000
.000
000
.000
201
160
127
101
080
36
37
38
39
40
4,105.250
5,172.615
6.517.495
8.212.043
10.347.175
137
172
117
847
25
15,785.577
19.890.827
25,063.442
31,580.937
39.792.981
45
59
76
88
72
.000
000
.000
.000
000
063
050
040
032
025
41
42
43
44
45
13,037.440
16,427.175
20,698.241
26.079.783
32,860.527
81
42
03
70
46
50,140.156
63.177.597
79.604.773
100,303.014
126,382.797
97
78
21
2
9
.000
.000
.000
.000
.000
020
016
013
010
008
46
47
48
49
50
41,404.264
52,169.373
65,733.410
82.824.097
104,358.362
61
40
49
22
5
159,243.325
200,647.590
252,816.963
318.550.373
401,374.471
4
0
4
9
1
000
.000
000
.000
.000
006
005
004
003
002
52
1.260
1.587
2.000
2.520
3.175
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth
of equal
year-end
deposits
all growing
COMPOUNDING
& DISCOUNTING
TABLES
RATE
26%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
COMPOUNDING
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
with compound
interest
Year
793
.629
.499
396
.314
651
882
906
751
882
.793
1.423
1.923
2.320
2.635
651
532
438
189
071
1 260
.702
519
.430
.379
000
478
902
999
496
1
2
3
4
5
.249
.198
.157
.124
.099
906
338
411
930
150
2.884 977
3.083 315
3 240 726
3.365 656
3.464 806
.346
.324
.308
297
.288
623
326
573
119
616
6
7
8
9
10
.078
.062
.049
.039
.031
691
453
566
338
221
3.543
3.605
3.655
3.694
3.726
497
950
516
854
074
.282
.277
.273
.270
.268
207
319
559
647
379
11
12
13
14
15
.024 778
.019 665
.015 607
.012 387
.009831
3.750
3.770
3.786
3.798
3.808
853
518
125
512
343
.266 606
.265 216
.264 122
.263 261
.262 581
16
17
18
19
20
.007
.006
.004
.003
.003
802
192
914
900
096
3.816
3.822
3.827
3.831
3.834
145
338
252
152
248
262
.261
.261
.261
.260
045
620
284
018
807
21
22
23
24
25
.002
.001
001
.001
.000
457
950
547
228
975
3.836
3.838
3.840
3.841
3.842
705
655
202
430
405
.260
.260
.260
.260
260
640
508
403
320
254
26
27
28
29
30
.000 774
.000 614
.000 487
.000 387
.000 307
3.843 178
3.843 792
3.844 280
3 844 666
3.844 973
.260 201
.260 160
.260 127
.260 101
.260 080
31
32
33
34
35
000
.000
.000
.000
000
244
193
153
122
097
3.845
3.845
3.845
3.845
3.845
217
410
564
685
782
.260
.260
.260
.260
.260
063
050
040
032
025
36
37
38
39
40
.000
.000
.000
.000
.000
077
061
048
038
030
3.845
3.845
3.845
3.846
3.846
859
920
968
006
037
.260
.260
.260
.260
.260
020
016
013
010
008
41
42
43
44
45
.000
.000
.000
000
000
024
019
015
012
010
3.846
3.846
3.846
3.846
3.846
061
080
095
107
117
.260
.260
.260
.260
.260
006
005
004
003
002
46
47
48
49
50
& DISCOUNTING
TABLES
53
RATE
27%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.270
1.612
2.048
2.601
3.303
000
900
383
446
837
1.000
2.270
3.882
5,931
8.532
000
000
900
283
729
1 000
.440
257
168
117
000
529
539
598
196
6
7
8
9
10
4.195
5.328
6.767
8.594
10.915
873
759
523
755
339
11.836
16.032
21.361
28.128
36.723
566
439
198
721
476
084
.062
.046
035
027
484
374
814
551
231
11
12
13
14
15
13.862
17.605
22.358
28.395
36.062
480
350
794
668
499
47.638
61.501
79.106
101.465
129.861
815
295
644
438
106
.020
.016
012
.009
007
991
260
641
856
701
16
17
18
19
20
45.799
58.165
73.869
93.814
119.144
373
204
809
658
615
165.923
211.722
269.888
343.757
437.572
605
978
182
991
649
.006
.004
.003
.002
002
027
723
705
909
285
21
22
23
24
25
151.313
192.168
244.053
309.948
393.634
661
350
804
332
381
556.717
708.030
900.199
1.144.253
1,454.201
264
926
276
080
412
001 796
001412
.001 111
.000 874
000 688
26
27
28
29
30
499.915
634.892
806.313
1,024.018
1.300.503
664
893
974
748
809
1,847.835
2,347.751
2.982.644
3.788.958
4,812.977
793
457
350
324
072
.000
.000
000
000
000
541
426
335
264
208
31
32
33
34
35
1,651.639
2,097.582
2.663.929
3,383.190
4,296.652
838
594
895
966
527
6,113.480 881
7.765.120 720
9,862.703
314
12,526.633
21
17
15,909.824
.00
000
000
.000
.000
164
129
101
080
063
36
37
38
39
40
5,456.748
710
6,930.070
861
8,801.189 994
29
11.177.511
34
14.195.439
20,206.476
25,663.225
32.593.296
41,394.486
52.571.997
70
41
27
27
56
.000
.000
.000
.000
000
049
039
031
024
019
41
42
43
44
45
18.028.207
22.895.824
29,077.696
36,928.674
46.899.416
96
11
62
71
88
66.767.436
84,795.644
107,691.469
136,769.165
173.697.840
90
86
0
6
3
000
.000
.000
000
0C0
015
012
009
007
006
46
47
48
49
50
59.562.259
75,644.069
96,067.968
122.006.319
154.948.026
44
49
25
7
0
220.597.257
280.159.516
355,803.586
451.871.554
573.877.874
2
6
1
4
1
.000
000
.000
000
000
005
004
003
002
002
54
COMPOUNDING
& DISCOUNTING
TABLES
RATE
27%
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
Yea r
1.270
.710
.527
.438
.387
000
529
539
598
196
1
2
3
4
5
.238 329
.187 661
.147 765
.116 350
.091614
2.821002
3.008 663
3.156 428
3.272 778
3.364 392
.354
.332
316
.305
.297
484
374
814
551
231
6
7
8
9
10
.072
.056
044
.035
027
137
801
725
217
730
3.436
3.493
3.538
3.573
3.601
529
330
055
272
001
.290
.286
.282
.279
.277
991
260
641
856
701
11
12
13
14
15
.021
.017
.013
.010
.008
834
192
537
659
393
3.622
3.640
3 653
3.664
3.672
836
028
565
225
618
.276
.274
.273
.272
.272
027
723
705
909
285
16
17
18
19
20
.006
.005
.004
.003
.002
609
204
097
226
540
3.679
3.684
3.688
3.691
3.694
227
430
528
754
295
.271
.271
271
270
.270
796
412
111
874
688
21
22
23
24
25
.002
.001
.001
.000
.000
000
575
240
977
769
3.696
3.697
3.699
3.700
3.700
295
870
087
856
.270 541
.270 426
.270 335
.270 264
270 208
26
27
1 28
29
30
000
.000
.000
000
.000
605
477
375
296
233
3.701
3.701
3 702
3.702
3.702
461
938
313
609
842
.270
.270
.270
.270
.270
164
129
101
080
063
31
32
33
34
35
.000
.000
.000
.000
.000
183
144
114
089
070
3.703
3.703
3.703
3.703
3.703
025
169
283
372
443
.270
.270
.270
.270
.270
049
039
031
024
019
36
37
38
39
40
.000
.000
.000
.000
.000
055
044
034
027
021
3.703 498
3.703 542
3.703 576
3.703 603
3.703 625
.270
.270
.270
.270
.270
015
012
009
007
006
41
42
43
44
45
3.703
3.703
3.703
3.703
3 703
.270
.270
.270
.270
.270
005
004
003
002
002
46
47
48
49
50
.000 017
.000 013
.000 010
008
.000 006
U000
COMPOUNDING
& DISCOUNTING
787
1.407
1.895
2.279
2.582
CAPITAL RECOVERY
FACTOR
402
403
593
994
673
.787
.620
.488
384
302
402
001
190
402
678
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
TABLES
110
642
655
665
673
680
55
RATE
28%
Yea r
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
compound interest
by a given year
1
2
3
4
5
1.280
1.638
2.097
2.684
3.435
000
400
152
355
974
6
7
8
9
10
4.398
5.629
7.205
9.223
11.805
047
500
759
372
916
12.135
16.533
22.163
29.369
38.592
11
12
13
14
15
15.111
19.342
24.758
31.691
40.564
573
813
801
265
819
16
17
18
19
20
51.922
66.461
85.070
108.890
139.379
21
22
23
24
25
1.000
438
.255
166
.114
000
596
206
236
944
880
927
426
186
558
.082
.060
.045
034
025
400
482
119
049
912
50.398
65.510
84.852
109.611
141.302
474
047
860
661
926
.019
.015
.011
.009
.007
842
265
785
123
077
969
400
592
357
657
181.867
233.790
300.252
385.322
494.213
745
714
113
705
062
.005
.004
.003
.002
.002
499
277
331
595
023
178.405
228.359
292.300
374.144
478.904
962
631
327
419
857
633.592
811.998
1,040.358
1,332.658
1.706.803
720
682
312
640
059
.001
.001
.000
.000
.000
578
232
961
750
586
26
27
28
29
30
612.998
784.637
1,004.336
1,285.550
1.645.504
216
717
278
435
557
2,185.707
2,798.706
3.583.343
4,587.680
5,873.230
916
132
849
126
562
000
.000
.000
.000
.000
458
357
279
218
170
31
32
33
34
35
2.106.245
2.695.994
3,450.873
4.417.117
5,653.910
833
667
173
662
607
7,518.735
9,624.980
12,320.975
15.771.848
20,188.966
119
953
62
79
45
.000
.000
.000
.000
.000
133
104
081
063
050
36
37
38
39
40
7.237.005
9,263.367
11.857.109
15.177.100
19,426.688
577
139
94
72
92
25,842.877
33,079.882
42,343.249
54,200.359
69,377.460
06
64
78
72
44
.000
.000
000
.000
.000
039
030
024
018
014
41
42
43
44
45
24,866.161
31,828.687
40,740.719
52,148.120
66,749.594
82
13
53
99
87
88,804.149
113,670.311
145,498.998
186.239.717
238.387.838
36
2
3
8
8
.000
.000
.000
.000
.000
011
009
007
005
004
46
47
48
49
50
85.439.481
109.362.536
139,984.046
179.179.579
229,349.861
44
2
4
4
6
305,137.433
390,576.915
499,939.451
639.923.497
819,103.077
7
1
4
8
1
.000
.000
.000
.000
.000
003
003
002
002
001
56
1.000 000
2.280 000
3.918 400
6.015 552
8.699 907
COMPOUNDING
& DISCOUNTING
TABLES
RATE
28%
S
6
*
*
*
*
U
3
_
3
3
U
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
781
.610
476
.372
.291
250
352
837
529
038
.781 250
1.391602
1.868 439
2.240 968
2.532 006
227
.177
138
.108
.084
374
636
778
420
703
2.759
2.937
3.075
3.184
3.268
066
.051
.040
031
.024
174
699
390
554
652
.019
.015
.011
009
007
000
596
206
236
944
1
2
3
4
5
380
015
793
214
917
.362
.340
.325
.314
.305
400
482
119
049
912
6
7
8
9
10
3.335
3.386
3.427
3.458
3.483
091
790
180
734
386
.299
.295
.291
.289
.287
842
265
785
123
077
11
12
13
14
15
259
046
755
184
175
3 502
3.517
3.529
3.538
3 545
645
692
447
630
805
.285
.284
.283
.282
.282
499
277
331
595
023
16
17
18
19
20
005
.004
.003
002
002
605
379
421
673
088
3.551
3.555
3.559
3.561
3 563
410
789
210
883
971
281 578
.281 232
.280 961
.280 750
280 586
21
22
23
24
25
001
.001
631
274
3.565
3.566
602
877
.280
.280
26
27
3.567 873
.280 279
28
.000
3.568
.280
218
29
3 569 258
.280 170
30
280 133
31
778
o.000608
650
3.569 733
*t
.000
.000
.000
3.570
3.570
3.570
371
290
226
o.000
177
S
*
*
S
*
458
357
.000 996
.000 475
Year
1.280
.718
.535
.446
394
CAPITAL
RECOVERY
FACTOR
with compound
interest
104
394
620
.280
.280
.280
104
081
063
32
33
34
3.570 797
.280 050
35
.000
.000
.000
.000
.000
138
108
084
066
051
3 570 935
3.571043
3.571
127
3.571
193
3.571245
.280
.280
.280
.280
280
039
030
024
018
014
36
37
38
39
40
.000
000
.000
000
.000
040
031
025
019
015
3.571285
3.571 316
3.571
341
3.571
360
3.571
375
280
.280
.280
280
.280
011
009
007
005
004
41
42
43
44
45
.000
000
.000
000
.000
012
009
007
006
004
3.571 387
3 571 396
3.571 403
3.571 409
3.571413
.280 003
280 003
.280 002
.280 002
280 001
46
47
48
49
50
COMPOUNDING
& DISCOUNTING
TABLES
57
RATE
29%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.290
1.664
2.146
2.769
3.572
000
100
689
229
305
1.000
2.290
3.954
6.100
8.870
000
000
100
789
018
1.00
436
252
.163
112
000
681
902
913
739
6
7
8
9
10
4.608
5.944
7.668
9.892
12.761
274
673
628
530
364
12.442
17.050
22.995
30.663
40.556
323
597
270
898
428
.080
.058
.043
032
024
371
649
487
612
657
11
12
13
14
15
16.462
21.236
27.394
35.339
45.587
160
186
680
137
487
53.317
69.779
91.016
118.410
153.749
792
952
138
819
956
.018
.014
010
.008
.006
755
331
987
445
504
16
17
18
19
20
58.807
75.862
97.862
126.242
162.852
859
137
157
183
416
199.337
258.145
334.007
431.869
558.111
443
302
439
596
779
.005
.003
.002
.002
.001
017
874
994
316
792
21
22
23
24
25
210.079
271.002
349.593
450.975
581.758
617
705
490
602
527
720.964
931.043
1,202.046
1,551.640
2,002.615
195
812
518
008
610
.001 387
.001074
000 832
000 644
.000 499
26
27
28
29
30
750.468
968.104
1.248.854
1.611.022
2,078.218
500
365
630
473
990
2.584.374
3.334.842
4,302.947
5.551.801
7,162.824
137
636
001
631
104
.000
.000
.000
.000
.000
387
300
232
180
140
31
32
33
34
35
2,680.902
3,458.364
4,461.289
5,755.063
7,424.032
497
222
846
901
433
9.241.043
11,921.945
15,380.309
19,841.599
25,596.663
094
59
81
66
56
.000
000
.000
.000
.000
108
084
065
050
039
36
37
38
39
40
9,577.001
12,354.332
15,937.088
20,558.844
26.520.909
838
37
76
50
40
33,020.695
42,597.697
54,952.030
70,889.118
91,447.963
99
83
20
96
46
.000
000
.000
.000
.000
030
023
018
014
011
41
42
43
44
45
34,211.973
44,133.445
56.932.144
73,442.466
94,740.781
13
34
49
39
64
117,968.872
152.180.846
196,314.291
253,246.435
326,688.902
9
0
3
8
2
000
.000
.000
.000
.000
008
007
005
004
003
46
47
48
49
50
122.215.608
157.658.134
203,378.993
262.358.902
338.442.983
421,429.683
543,645.292
701,303.426
904,682.420
1,167,041.323
8
2
9
7
.000
.000
.000
.000
.000
002
002
001
001
001
58
3
7
8
0
6
COMPOUNDING
& DISCOUNTING
TABLES
RATE
29%
S
_
3
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
CAPITAL
RECOVERY
FACTOR
Annual
payment
that will
with compound
interest
.775 194
119
1.376
1.841953
2.203 064
2 482 996
.217 001
168 218
.130 401
.101086
.078 362
2.699 997
2.868
214
2.998
616
3.099
702
3 178 064
.370
.348
333
.322
314
371
649
487
612
657
6
7
8
9
10
.060
.047
.036
.028
.021
745
089
503
297
936
3.238
3 285
3.322
3 350
3.372
809
899
402
699
635
.308
.304
.300
.298
.296
755
331
987
445
504
11
12
13
14
15
.017
005
.013
.010
.007
182
218
921
.006 141
3.389
3.402
3.413
3 420
3.427
640
821
040
961
102
.295
.293
.292
.292
.291
017
874
994
316
792
16
17
18
19
20
.004
.003
.002
.002
001
760
690
860
217
719
3.431
3 435
3.438
3.440
3.442
862
552
412
630
349
.291
.291
.290
.290
.290
387
074
832
644
499
21
22
23
24
25
.001
333
5
5
*
S
5
1.290 000
.726 681
.542 902
.453 913
402 739
Year
194
925
834
111
931
775
.600
465
.361
.279
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
1
2
3
4
5
3.443
681
.290
387
26
.001 033
3.444
714
290 300
27
.000
.000
.000
801
621
481
3.445
3.446
3.446
515
135
617
.290
.290
290
232
180
140
28
29
30
.000
000
.000
373
289
224
.000
.000
174
135
3.446
3.447
3.447
3.447
3.447
990
279
503
677
811
.290
108
290 084
.290 065
.290 050
290 039
31
32
33
34
35
.000
.000
.000
104
081
063
3.447
3.447
3.448
916
997
059
.000
.000
049
038
3.448
3.448
108
146
.290 030
290 023
290 018
.290 014
.290 011
36
37
38
39
40
.000
029
3.448
175
.290
008
.000
.000
000
.000
023
018
014
011
3.448
3.448
3.448
3.448
198
215
229
239
.290
290
.290
.290
007
005
004
003
41
42
43
44
45
000 008
000 006
.000 005
.000 004
.000 003
3.448
3.448
3.448
3.448
3.448
248
254
259
263
266
.290
.290
.290
.290
.290
002
002
001
001
001
46
47
48
49
50
3
5
*
5
5
5
COMPOUNDING
& DISCOUNTING
TABLES
59
RATE
30%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.300
1.690
2.197
2.856
3.712
000
000
000
100
930
1.000
2.300
3.990
6.187
9.043
000
000
000
000
100
1.000 000
.434 783
.250 627
.161629
.110 582
6
7
8
9
10
4.826
6.274
8.157
10.604
13.785
809
852
307
499
849
12.756
17.582
23.857
32.014
42.619
030
839
691
998
497
.078 394
.056 874
.041915
.031 235
.023 463
11
12
13
14
15
17.921604
23.298 085
30.287
511
764
39.373
51.185 893
56.405
74.326
97.625
127.912
167.286
346
950
036
546
310
.017
.013
.010
007
.005
729
454
243
818
978
16
17
18
19
20
66.541
86.504
112.455
146.192
190.049
661
159
407
029
638
218.472
285.013
371.518
483.973
630.165
203
864
023
430
459
.004 577
.003 509
002692
002 066
.001 587
21
22
23
24
25
247.064
321.183
417.539
542.800
705.641
529
888
054
770
001
820.215
1,067.279
1,388.463
1,806.002
2,348.803
097
626
514
568
338
.001
.000
.000
.000
.000
219
937
720
554
426
26
27
28
29
30
917.333
1,192.533
1,550.293
2,015.381
2,619.995
302
293
280
264
644
3,054.444
3.971.777
5,164.310
6,714.604
8,729.985
340
642
934
214
479
.000
.000
.000
.000
.000
327
252
194
149
115
31
32
33
34
35
3,405.994
4,427.792
5,756.130
7,482.969
9,727.860
337
638
429
558
425
11,349.981
14,755.975
19,183.768
24,939.898
32,422.868
12
46
10
53
08
.000
.000
.000
.000
.000
088
068
052
040
031
36
37
38
39
40
12,646.218
16,440.084
21.372.109
27,783.742
36,118.864
55
12
35
16
81
42.150.728
54,796.947
71,237.031
92,609.140
120,392.882
51
06
18
53
7
.000
.000
.000
.000
000
024
018
014
011
008
41
42
43
44
45
46,954.524
61.040.881
79,353.145
103,159.089
134.106.816
25
53
98
8
7
156,511.747
203,466.271
264,507.153
343,860.299
447,019.389
5
8
3
3
0
.000
.000
.000
.000
.000
006
005
004
003
002
46
47
48
49
50
174,338.861
226,640.520
294.632.676
383.022.479
497.929.223
7
2
3
2
0
581,126.205
755,465.067
982,105.587
1,276,738.264
1,659,760.743
8
5
7
000
.000
.000
000
.000
002
001
001
001
001
60
COMPOUNDING
& DISCOUNTING
TABLES
S
5
RATE
30%
*
3
5
*
5
*
*
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
.769 231
591716
.455 166
*350 128
.269 329
S
*
*
1.300
.734
550
.461
.410
000
783
627
629
582
1
2
3
4
5
176
366
589
300
538
2.642
2.802
2.924
3.019
3.091
746
112
702
001
539
.378 394
.356 874
.341 915
.331235
.323 463
6
7
8
9
10
.055
.042
.033
.025
.019
799
922
017
398
537
3.147
3.190
3.223
3.248
3.268
338
260
277
675
211
.317
.313
.310
.307
.305
729
454
243
818
978
11
12
13
14
15
.015
.011
.008
.006
.005
028
560
892
840
262
3.283
3.294
3.303
3.310
3.315
239
800
692
532
794
.304
.303
.302
.302
.301
577
509
692
066
587
16
17
18
19
20
.004
.003
.002
.001
.001
048
113
395
842
417
3.319
3.322
3 325
3.327
3.328
842
955
350
192
609
301219
.300 937
.300 720
.300 554
.300 426
21
22
23
24
25
.001 090
839
000 645
.000 496
.000 382
3.329
3.330
3.331
3.331
3.332
700
538
183
679
061
300
.300
300
.300
300
327
252
194
149
115
26
27
28
29
30
.000
.000
.000
.000
294
226
174
134
103
3.332
3.332
3.332
3.332
3.332
355
581
754
888
991
.300
.300
.300
.300
.300
088
068
052
040
031
31
32
33
34
35
.000
.000
.000
.000
.000
079
061
047
036
028
3.333
3.333
3.333
3.333
3.333
070
131
177
213
241
.300
.300
.300
.300
.300
024
018
014
011
008
36
37
38
39
40
.000
.000
000
.000
.000
021
016
013
010
007
3.333
3.333
3.333
3.333
3 333
262
279
291
301
308
300
300
.300
.300
.300
006
005
004
003
002
41
42
43
44
45
.000
.000
.000
.000
.000
006
004
003
003
002
3.333
3.333
3.333
3.333
3.333
314
319
322
325
327
.300
.300
.300
.300
.300
002
001
001
001
001
46
47
48
49
50
o.000
231
947
113
241
570
Year
.207
.159
.122
.094
.072
o.000
.769
1.360
1.816
2 166
2.435
CAPITAL RECOVERY
FACTOR
COMPOUNDING
& DISCOUNTING
TABLES
61
RATE
31%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
000
100
091
999
949
1.000
2.310
4.026
6.274
9.219
000
000
100
191
190
1.000
.432
.248
.159
108
000
900
379
383
469
6
7
8
9
10
5.053 913
6.620 626
8.673 020
11.361657
14.883 770
13.077
18.131
24.751
33.424
44.786
139
052
679
699
356
.076
055
.040
.029
.022
469
154
401
918
328
11
12
13
14
15
19.497
25.542
33.460
43.832
57.420
739
038
070
692
826
59.670
79.167
104.709
138.169
182.002
126
865
903
973
664
016
.012
.009
.007
.005
759
631
550
237
494
16
17
18
19
20
75.221
98.539
129.087
169.104
221.526
282
879
242
287
616
239.423
314.644
413.184
542.271
711.376
490
772
651
893
180
.004 177
.003 178
.002 420
.001 844
.001406
21
22
23
24
25
290.199 867
380.161826
991
498.011
652.395
709
854.638
378
932.902
1,223.102
1,603.264
2,101.276
2,753.672
796
663
488
480
189
.001072
.000 818
.000 624
.000 476
.000 363
1
2
3
4
5
1.310
1.716
2.248
2.944
3.857
26
27
28
29
30
1,119.576
1,466.644
1,921.304
2.516.909
3,297.151
276
921
847
349
248
3,608.310
4,727.886
6,194.531
8,115.836
10,632.745
567
843
764
611
96
.000
.000
.000
.000
.000
277
212
161
123
094
31
32
33
34
35
4,319.268
5.658.241
7,412.296
9.710.107
12,720.241
135
256
046
820
24
13,929.897
18,249.165
23,907.406
31,319.702
41,029.810
21
34
60
65
46
.000
.000
.000
.000
.000
072
055
042
032
024
36
37
38
39
40
16,663.516
21,829.206
28,596.259
37,461.100
49,074.041
03
00
86
42
54
53,750.051
70,413.567
92,242.773
120,839.033
158,300.134
71
74
74
6
0
.000
.000
.000
.000
.000
019
014
011
008
006
41
42
43
44
45
64,286.994
84,215.962
110,322.911
144,523.013
189,325.147
42
69
1
6
8
207,374.175
271,661.170
355,877.132
466,200.043
610,723.057
6
0
7
8
4
.000
.000
.000
.000
.000
005
004
003
002
002
46
47
48
49
50
248,015.943
324,900.886
425,620.160
557,562.410
730,406.758
6
1
8
7
0
800,048.205
1,048,064.149
1,372,965.035
1,798,585.196
2,356,147.606
.000
.000
.000
.000
.000
001
001
001
001
000
62
COMPOUNDING
& DISCOUNTING
TABLES
3
3
RATE
*
5
5
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
*
*
5
S
*
S
*
3
*
5
*
*
X
5
S
*
*
COMPOUNDING
.
.
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
31%
CAPITAL RECOVERY
FACTOR
Year
.763
.582
.444
.339
259
359
717
822
559
205
763
1.346
1.790
2.130
2.389
359
075
897
456
661
1.310
742
558
469
.418
000
900
379
383
469
1
2
3
4
5
.197
.151
.115
.088
.067
866
043
300
015
187
2.587
2.738
2.853
2.941
3.009
527
571
871
886
073
.386
.365
.350
.339
.332
469
154
401
918
328
6
7
8
9
10
.051
039
029
.022
.017
288
151
886
814
415
3.060
3.099
3.129
3.152
3.169
361
512
399
213
628
.326
.322
.319
.317
.315
759
631
550
237
494
11
12
13
14
15
.013
.010
007
.005
.004
294
148
747
914
514
3.182 922
3.193 070
3.200 817
3.206 731
3.211245
.314 177
.313 178
.312 420
.311844
.311406
16
17
18
19
20
003
002
002
.001
.001
446
630
008
533
170
3 214
3.217
3.219
3.220
3.222
311072
310 818
.310 624
.310 476
.310 363
21
22
23
24
25
691
321
329
862
032
.000 893
.000 682
000 520
000 397
.000 303
3.222 925
3.223 607
3.224 127
3.224 525
3.224 828
.310
.310
.310
.310
.310
277
212
161
123
094
26
27
28
29
30
.000
.000
.000
.000
.000
232
177
135
103
079
3.225
3.225
3.225
3.225
3.225
060
236
371
474
553
.310
.310
.310
.310
310
072
055
042
032
024
31
32
33
34
35
.000
.000
.000
.000
.000
060
046
035
027
020
3 225
3.225
3.225
3.225
3.225
613
659
694
720
741
.310
.310
.310
.310
.310
019
014
011
008
006
36
37
38
39
40
.000
.000
000
000
.000
016
012
009
C07
005
3.225
3 225
3.225
3.225
3.225
756
768
777
784
789
.310
.310
.310
.310
.310
005
004
003
002
002
41
42
43
44
45
.000
.000
.000
.000
.000
004
003
002
002
001
3.225
3.225
3.225
3.225
3.225
793
797
799
801
802
.310
.310
310
.310
.310
001
001
001
001
000
46
47
48
49
50
& DISCOUNTING
TABLES
63
RATE
32%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Yea r
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.320 000
1.000 000
2
3
4
5
1.742
2.299
3.035
4.007
400
968
958
464
2.320
4.062
6.362
9.398
000
400
368
326
.431
.246
.157
.106
034
160
174
402
6
7
8
9
10
5.289
6.982
9.217
12.166
16.059
853
606
040
492
770
13.405
18.695
25.678
34.895
47.061
790
643
249
288
780
.074
.053
.038
.028
.021
595
488
943
657
249
11
12
13
14
15
21.198
27.982
36.936
48.756
64.358
896
543
956
782
953
63.121550
84.320 446
112.302 988
149.239 945
197.996
727
.015
.011
.008
.006
.005
842
860
904
701
051
16
17
18
19
20
84.953
112.139
148.023
195.391
257.916
818
039
532
062
202
262.355
347.309
459.448
607.472
802.863
680
497
536
068
130
.003
.002
.002
.001
.001
812
879
177
646
246
21
22
23
24
25
340.449
449.393
593.199
783.022
1.033.589
386
190
010
694
955
1,060.779
1,401.228
1,850.621
2,443.820
3,226.843
331
717
907
917
611
.000
.000
000
.000
.000
943
714
540
409
310
26
27
28
29
30
1,364.338
1,800.927
2,377.223
3,137.935
4,142.074
741
138
823
446
789
4,260.433
5,624.772
7,425.699
9,802.923
12,940.858
566
307
446
268
71
.000
.000
.000
.000
.000
235
178
135
102
077
31
32
33
34
35
5,467.538
7.217.151
9,526.639
12,575.164
16,599.216
721
112
467
10
61
17,082.933
22,550.472
29,767.623
39,294.262
51,869.426
50
22
34
80
90
.000
.000
.000
000
.000
059
044
034
025
019
36
37
38
39
40
21,910.965
28,922.475
38,177.667
50,394.520
66,520.767
92
02
02
47
02
68,468.643
90,379.609
119,302.084
157,479.751
207,874.271
51
43
4
5
9
.000
.000
.000
.000
000
015
011
008
006
005
41
42
43
44
45
87,807.412
115,905.784
152,995.635
201,954.238
266.579.595
47
5
5
8
3
274,395.039
362,202.451
478,108.235
631,103.871
833,058.110
0
4
9
4
2
.000
.000
.000
.000
.000
004
003
002
002
001
46
47
48
49
50
351,885.065
464.488.286
613,124.538
809,324.390
1,068.308.196
.000
.000
.000
.000
.000
001
001
001
000
000
64
8
8
6
9
1.099,637.705
1,451,522.771
1,916,011.058
2,529,135.597
3.338,459.988
COMPOUNDING
1.000 000
& DISCOUNTING
TABLES
5
5
.
RATE
32%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
*
_
S
_
_
*
_
U
*
_
6
*
*
3
=5
3
*
*
*
*
*
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
with compound
interest
Year
.757
.573
.434
.329
.249
576
921
789
385
534
.757
1.331
1.766
2 095
2.345
576
497
285
671
205
1 320 000
.751034
.566 160
.477 174
426 402
1
2
3
4
5
.189
.143
108
082
062
041
213
495
193
267
2.534
2.677
2.785
2.868
2.930
246
459
954
147
414
.394 595
.373 488
.358 943
.348 657
.341249
6
7
8
9
10
.047
.035
.027
.020
.015
172
737
073
510
538
2.977
3.013
3.040
3.060
3.076
587
323
396
906
444
335 842
.331860
.328 904
.326 701
.325 051
11
12
13
14
15
.011771
.008 918
006 756
.005 118
003 877
3 088 215
3.097
133
3 103 888
3.109 006
3.112 884
323 812
.322 879
322 177
.321 646
.321246
16
17
18
19
20
002
.002
.001
.001
3.115
3.118
3.119
3.121
.320
.320
.320
.320
943
714
540
409
21
22
23
24
937
225
686
277
821
046
732
009
.000 968
3.121 977
.320 310
25
.000
.000
.000
.000
.000
733
555
3.122
3.123
710
265
.320
.320
235
178
26
27
421
319
241
3.123 685
3 124 004
3 124 246
320
.320
320
135
102
077
28
29
30
.000
.000
.000
.000
.000
183
139
105
080
060
3.124
3.124
3.124
3.124
3.124
428
567
672
751
812
.320 059
.320 044
.320 034
.320 025
320 019
31
32
33
34
35
000
.000
.000
.000
000
046
035
026
020
015
3.124
3 124
3.124
3.124
3.124
857
892
918
938
953
.320
320
320
.320
.320
015
011
008
006
005
36
37
38
39
40
.000
.000
.000
.000
.000
011
009
007
005
004
3 124 964
3.124 973
3.124
980
3.124 985
3.124
988
.320
.320
320
.320
.320
004
003
002
002
001
41
42
43
44
45
.000
.000
.000
.000
.000
003
002
002
001
001
3.124
3.124
3.124
3.124
3.124
320
320
.320
.320
320
001
001
001
000
000
46
47
48
49
50
991
993
995
996
997
.
COMPOUNDING
& DISCOUNTING
TABLES
65
RATE
33%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
1
2
3
4
5
compound
interest
1.330
1.768
2.352
3.129
4.161
000
900
637
007
580
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000000
2.330 000
4.098 900
6.451 537
9.580 544
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
year
1.000
.429
.243
.155
104
000
185
968
002
378
13.742
19.277
26.638
36.429
49.450
124
025
443
129
741
.072
.051
.037
.027
.020
769
875
540
451
222
930
127
720
477
334
66.769
89.803
120.438
161.183
215.373
486
417
544
264
740
.014
.011
.008
.006
.004
977
135
303
204
643
95.857
127.490
169.562
225.517
299.938
535
521
393
983
917
287.447
383.304
510.795
680.357
905.875
075
610
131
524
507
.003
.002
.001
.001
.001
479
609
958
470
104
21
22
23
24
25
398.918
530.561
705.647
938.511
1,248.219
760
951
394
035
676
1,205.814
1,604.733
2,135.295
2.840.942
3.779.453
424
184
135
529
564
.000
000
.000
.000
.000
829
623
468
352
265
26
27
28
29
30
1,660.132
2,207.975
2,936.607
3,905.688
5,194.565
169
785
794
366
526
5.027.673
6,687.805
8,895.781
11,832.388
15,738.077
239
408
193
99
35
.000
.000
.000
.000
.000
199
150
112
085
064
31
32
33
34
35
6,908.772
9.188.666
12,220.927
16.253.832
21,617.597
150
960
06
99
87
20,932.642
27,841.415
37,030.081
49,251.009
65,504.842
88
03
99
04
03
.000
000
.000
.000
.000
048
036
027
020
015
36
37
38
39
40
28.751.405
38,239.368
50,858.360
67,641.619
89.963.354
17
87
60
60
07
87,122.439
115,873.845
154,113.213
204,971.574
272,613.194
90
1
9
5
1
.000
.000
.000
.000
000
011
009
006
005
004
41
42
43
44
45
119,651.260
159,136.177
211,651.115
281,495.983
374,389.658
9
0
4
5
1
362,576.548
482,227.809
641,363.986
853.015.101
1,134.511.085
2
1
1
5
.000
.000
.000
.000
.000
003
002
002
001
001
46
47
48
49
50
497,938.245
662,257.866
880,802.962
1,171,467.939
1,558.052.359
2
2
0
1,508,900.743
2,006,838.988
2,669.096.854
3,549,899.816
4.721,367.756
.000
.000
.000
.000
.000
001
000
000
000
000
6
7
8
9
10
5.534 901
7.361 418
9.790 686
13.021 613
17.318 745
11
12
13
14
15
23.033
30.635
40.744
54.190
72.073
16
17
18
19
20
66
COMPOUNDING
& DISCOUNTING
TABLES
RATE
*
*
3
*
*
*
a
3
3
*
*
*
*
5
*
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
33%
CAPITAL RECOVERY
FACTOR
Year
.751
.565
.425
.319
.240
880
323
055
590
293
.751
1.317
1.742
2.061
2.302
880
203
258
848
141
1.330
.759
.573
.485
.434
000
185
968
002
378
1
2
3
4
5
.180
.135
.102
.076
.057
672
843
138
795
741
2.482
2.618
2.720
2.797
2.855
813
656
794
590
331
.402
.381
.367
.357
.350
769
875
540
451
222
6
7
8
9
10
.043
.032
.024
.018
.013
414
642
543
453
875
2.898
2.931
2.955
2.974
2.988
745
387
930
384
258
.344
.341
.338
.336
.334
977
135
303
204
643
11
12
13
14
15
.010
.007
.005
.004
.003
432
844
898
434
334
2.998
3.006
3.012
3.016
3.020
690
534
432
866
200
.333 479
.332 609
.331958
.331 470
.331 104
16
17
18
19
20
.002
.001
.001
.001
.000
507
885
417
066
801
3.022 707
3.024 592
3.026 009
3.027 074
3.027 875
.330
.330
.330
.330
.330
829
623
468
352
265
21
22
23
24
25
602
.000 453
341
.000 256
193
o.000
o.000
o.000
3.028 478
3.028 931
3.029 271
3.029 527
3.029 720
.330
.330
.330
.330
.330
199
150
112
085
064
26
27
28
29
30
.000
.000
.000
.000
.000
145
109
082
062
046
3.029
3.029
3.030
3.030
3.030
864
973
055
117
163
.330
.330
.330
.330
330
048
036
027
020
015
31
32
33
34
35
.000
.000
.000
.000
000
035
026
020
015
011
3.030
3.030
3.030
3.030
3.030
198
224
243
258
269
.330
.330
.330
.330
.330
011
009
006
005
004
36
37
38
39
40
.000
000
.000
000
.000
008
006
005
004
003
3.030
3.030
3.030
3.030
3.030
278
284
289
292
295
.330 003
.330 002
.330-002
.330 001
.330 001
41
42
43
44
45
.000
.000
000
000
.000
002
002
001
001
001
3.030 297
3.030 298
3.030 300
3.030 300
3.030 301
.330
.330
.330
.330
.330
46
47
48
49
50
COMPOUNDING
& DISCOUNTING
TABLES
001
000
000
000
000
67
RATE
34%
COMPOUNDING
FACTOR
FOR I
What an initial
amount becomes
when growing at
Yea r
compound
interest
COMPOUNDING
FACTOR
FOR I PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
S
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
1.340 000
1.795 600
1.000 000
2.340 000
3
4
5
2.406
3.224
4.320
104
179
400
4.135
6.541
9.765
600
704
883
.241803
.152 865
.102 397
6
7
8
9
10
5.789
7.757
10.395
13.929
18.665
336
711
333
746
859
14.086
19.875
27.633
38.028
51.958
284
620
331
664
409
.070
.050
.036
.026
11
12
13
14
15
25.012 251
33.516 417
44.911998
60.182 078
80.643 984
70.624
95.636
129.152
174.064
234.247
268
520
936
934
012
.014 159
.010 456
007 743
.005 745
.004 269
1.000 000
.427 350
991
313
188
296
.019 246
16
17
18
19
20
108.062
144.804
194.037
260.010
348.414
939
338
813
669
297
314.890
422.953
567.758
761.796
1,021.806
996
935
273
086
755
.003 176
.002 364
.001 761
.001313
.000 979
21
22
23
24
25
466.875
625.612
838.321
1,123.350
1,505.289
157
711
033
184
246
1,370.221
1,837.096
2,462.708
3,301.029
4,424.380
051
209
920
953
137
.000
000
.000
.000
000
730
544
406
303
226
26
27
28
29
30
2,017.087
2,702.897
3,621.882
4,853.322
6,503.452
590
371
477
519
176
5,929.669
7,946.756
10,649.654
14,271.536
19,124.859
383
973
34
82
34
000
.000
000
.000
.000
169
126
094
070
052
31
32
33
34
35
8,714.625
11,677.598
15,647.982
20,968.296
28,097.517
916
73
29
27
01
25,628.311
34,342.937
46,020.536
61,668.518
82,636.814
52
43
16
45
73
.000
.000
.000
.000
.000
039
029
022
016
012
36
37
38
39
40
37,650.672
50,451.901
67,605.548
90,591.434
121,392.522
79
54
06
40
1
110,734.331
148,385.004
198,836.906
266.442.454
357,033.888
7
5
1
1
5
.000
.000
.000
.000
41
42
43
44
45
162,665.979
217,972.412
292,083.033
391,391.264
524,464.294
6
7
0
2
0
478,426.410
641,092.390
859,064.802
1,151,147.836
1,542,539.100
6
2
9
.000
.000
.000
.000
46
47
48
49
50
702,782.154
941,728.086
1,261,915.636
1,690,966.952
2,265,895.716
0
4
2,067,003.394
2,769,785.548
3,711,513.635
4,973,429.270
6,664,396.222
68
COMPOUNDING
009
007
005
004
.000 003
002
002
001
001
.000 001
.000 000
.000 000
.000 000
.000 000
.000 000
& DISCOUNTING
TABLES
RATE
34%
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
*
_
5
_5
_
*
*
*
*
_
_
.746
.556
.415
.310
.231
269
917
610
156
460
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL RECOVERY
FACTOR
.746
1.303
1.718
2.028
2.260
1.340 000
.767 350
.581803
.492 865
.442 397
269
186
795
952
412
Year
1
2
3
4
5
.172731
.128 904
.096 197
.071 789
.053 574
2.433 143
2.562 047
2.658 244
2.730 033
2.783 607
.410
.390
.376
.366
.359
991
313
188
296
246
6
7
8
9
10
.039
.029
.022
016
.012
980
836
266
616
400
2.823
2.853
2.875
2.892
2.904
587
423
689
305
705
.354
.350
.347
.345
.344
159
456
743
745
269
11
12
13
14
15
.009
.006
.005
.003
.002
254
906
154
846
870
2.913
2.920
2.926
2.929
2.932
959
865
019
865
735
.343
.342
.341
.341
.340
176
364
761
313
979
16
17
18
19
20
.002 142
.001 598
.001 193
.000 890
.000 664
2.934
2.936
2.937
2.938
2.939
877
475
668
558
223
.340
.340
.340
.340
.340
730
544
406
303
226
21
22
23
24
25
.000
.000
.000
.000
.000
496
370
276
206
154
2.939
2.940
2.940
2.940
2.940
718
088
364
570
724
.340
.340
.340
.340
.340
169
126
094
070
052
26
27
28
29
30
.000
.000
.000
.000
.000
115
086
064
048
036
2.940
2.940
2.940
2.941
2.941
839
925
989
036
072
.340
.340
.340
.340
.340
039
029
022
016
012
31
32
33
34
35
.000
.000
.000
.000
.000
027
020
015
011
008
2.941 098
2.941 118
2.941 133
2.941 144
2.941 152
.340
.340
.340
.340
.340
009
007
005
004
003
36
37
38
39
40
.000
.000
.000
.000
.000
006
005
003
003
002
2.941
2.941
2.941
2.941
2 941
158
163
166
169
171
.340
.340
.340
.340
.340
002
002
001
001
001
41
42
43
44
45
.000
.000
.000
.000
.000
001
001
001
001
000
2.941
2.941
2 941
2.941
2.941
172
173
174
175
175
.340
.340
.340
.340
.340
000
000
000
000
000
46
47
48
49
50
.
@
~~COMPOUNDING
& DISCOUNTING
TABLES
69
RATE
35%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.350
1.822
2.460
3.321
4.484
000
500
375
506
033
1.000
2.350
4.172
6.632
9.954
000
000
500
875
381
1.000
.425
.239
.150
.100
000
532
664
764
458
6
7
8
9
10
6.053
8.172
11.032
14.893
20.106
445
151
404
745
556
14.438
20.491
28.664
39.696
54.590
415
860
011
415
160
.069
.048
.034
.025
.018
260
800
887
191
318
11
12
13
14
15
27.143
36.644
49.469
66.784
90.158
850
198
667
051
469
74.696
101.840
138.484
187.954
254.738
715
566
764
431
482
.013
.009
.007
.005
.003
387
819
221
320
926
16
17
18
19
20
121.713
164.313
221.823
299.461
404.273
933
809
643
918
589
344.896
466.610
630.924
852.748
1,152.210
951
884
694
336
254
.002
.002
.001
.001
.000
899
143
585
173
868
21
22
23
24
25
545.769
736.788
994.664
1,342.797
1,812.776
345
616
631
252
291
1,556.483
2,102.253
2,839.041
3.833.706
5,176.503
843
188
804
435
687
.000
.000
.000
.000
.000
642
476
352
261
193
26
27
28
29
30
2,447.247
3,303.784
4,460.109
6,021.147
8,128.549
992
789
466
779
501
6,989.279
9.436.527
12,740.312
17,200.422
23,221.570
978
970
76
23
00
.000
.000
.000
.000
.000
143
106
078
058
043
31
32
33
34
35
10,973.541
14,814.281
19,999.279
26,999.027
36,448.687
83
47
98
97
76
31,350.119
42,323.661
57,137.942
77,137.222
104,136.250
51
33
80
78
8
.000
.000
.000
.000
.000
032
024
018
013
010
36
37
38
39
40
49,205.728
66,427.733
89,677.440
121,064.544
163,437.134
48
45
15
2
7
140.584.938
189,790.667
256,218.400
345,895.840
466,960.384
5
0
4
6
8
.000
.000
.000
.000
.000
007
005
004
003
002
41
42
43
44
45
220,640.131
297,864.178
402,116.640
542.857.464
732,857.576
8
0
2
3
8
630,397.519
851,037.651
1,148,901.829
1,551,018.470
2,093,875.934
5
3
.000
.000
.000
.000
.000
002
001
001
001
000
46
47
48
49
50
989,357.728
1,335,632.934
1,803,104.461
2,434,191.022
3,286,157.879
2,826,733.511
3,816,091.239
5,151.724.173
6,954,828.634
9,389,019.656
.000
.000
.000
.000
.000
000
000
000
000
000
.
70
COMPOUNDING
& DISCOUNTING
TABLES
.
*
RATE
35%
3
*
_
*
5
*
S
0
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
741
438
880
948
961
1.350
.775
.589
.500
.450
000
532
664
764
458
1
2
3
4
5
.165
.122
.090
.067
049
195
367
642
142
735
2.385
2.507
2.598
2.665
2.715
157
523
165
308
043
.419
.398
.384
.375
.368
260
800
887
191
318
6
7
8
9
10
.036
.027
.020
.014
.011
841
289
214
974
092
2.751884
2.779
173
2.799
387
2.814
361
2.825
453
.363
.359
.357
.355
.353
387
819
221
320
926
11
12
13
14
15
.008
.006
.004
.003
.002
216
086
508
339
474
2.833
2.839
2.844
2.847
2.850
669
755
263
602
076
.352
.352
.351
.351
.350
899
143
585
173
868
16
17
18
19
20
.001
.001
.001
832
357
005
2.851
2.853
2.854
908
265
270
.350
350
350
642
476
352
21
22
23
2.855
015
.350 261
24
.000
552
2.855
567
.350
193
25
2.855
975
350
143
26
2.856
2.856
2.856
2.856
278
502
668
791
.350
.350
.350
.350
106
078
058
043
27
28
29
30
350 032
31
.000
.000
.000
.000
303
224
166
123
o.000091
_
5
*
0
_
_
Year
.740
1.289
1.695
1.996
2.219
o.000409
CAPITAL
RECOVERY
FACTOR
Annual payment
that will
with compound
interest
.740 741
.548 697
.406 442
.301068
.223 014
o.000
745
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
2.856
882
.000
.000
000
.000
068
050
037
027
2.856
2 857
2 857
2.857
950
000
037
064
.350
.350
350
.350
024
018
013
010
32
33
34
35
.000
.000
.000
.000
000
020
015
011
008
006
2 857
2.857
2.857
2.857
2.857
085
100
111
119
125
.350
.350
.350
.350
.350
007
005
004
003
002
36
37
38
39
40
.000
.000
.000
.000
.000
005
003
002
002
001
2.857
2.857
2.857
2.857
2.857
130
133
136
138
139
.350
.350
.350
.350
350
002
001
001
001
000
41
42
43
44
45
.000
.000
.000
.000
.000
001
001
001
000
000
2.857
2.857
2.857
2.857
2.857
140
141
141
142
142
.350
.350
.350
.350
.350
000
000
000
000
000
46
47
48
49
50
.
"
~~COMPOUNDING
& DISCOUNTING
TABLES
71
RATE
36%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
1.360 000
2
3
4
5
1.849 600
2.515 456
3.421020
4.652 587
6
7
8
9
10
6.327
8.605
11.703
15.916
21.646
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000 000
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
1.000 000
2.360
4.209
6.725
10.146
000
600
056
076
.423
.237
.148
.098
729
552
698
560
519
426
379
595
570
14.798
21.126
29.731
41.434
57.351
664
182
608
987
582
.067
.047
.033
.024
.017
574
335
634
134
436
11
12
13
14
15
29.439
40.037
54.450
74.053
100.712
335
495
994
351
558
78.998
108.437
148.474
202.925
276.979
152
487
982
976
327
.012
.009
.006
.004
.003
659
222
735
928
610
16
17
18
19
20
136.969
186.277
253.338
344.539
468.573
078
947
008
690
979
377.691
514.660
700.938
954.276
1,298.816
885
963
910
918
608
.002
.001
.001
001
.000
648
943
427
048
770
21
22
23
24
25
637.260
866.674
1,178.677
1,603.001
2,180.081
611
431
227
028
398
1,767.390
2,404.651
3,271.325
4,450,002
6,053.003
587
198
629
856
884
.000 566
.000 416
.000 306
.00 225
.000 165
26
27
28
29
30
2,964.910
4,032.278
5,483.898
7.458.102
10,143.019
702
554
833
414
28
8,233.085
11,197.995
15,230.274
20,714.173
28,172.275
282
98
54
37
78
.000
.000
.000
.000
.000
121
089
066
048
035
31
32
33
34
35
13,794.506
18,760.528
25,514.318
34.699.473
47.191.283
22
46
71
45
89
38,315.295
52,109.801
70,870.329
96,384.648
131,084.121
07
29
76
47
9
.000
.000
.000
.000
.000
026
019
014
010
008
36
37
38
39
40
64,180.146
87,284.998
118.707.598
161,442.333
219,561.573
09
68
2
6
6
178,275.405
242,455.551
329,740.550
448,448.148
609,890.482
8
9
6
8
4
.000
.000
.000
.000
.000
006
004
003
002
002
41
42
43
44
45
298,603.740
406,101.086
552,297.477
751,124.569
1,021,529.415
829,452.056
1,128,055.796
1,534,156.883
2,086,454.361
2,837,578.930
.000
.000
.000
.000
.000
001
001
001
000
000
46
47
48
49
50
1,389,280.004
1,889,420.806
2,569,612.296
3.494,672.723
4.752,754.903
.000
.000
.000
.000
.000
000
000
000
000
000
2
6
8
8
3.859,108.345
5,248,388.350
7,137,809.156
9,707,421.452
13,202,094.17
by a given year
.
72
COMPOUNDING
& DISCOUNTING
TABLES
RATE
*
*
5
_
*
*
*
*
*
S
6
5
0
X
=*
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
.735
.540
.397
.292
.214
294
657
542
310
934
735
1.275
1 673
1.965
2.180
294
952
494
804
738
1 360
.783
597
.508
.458
000
729
552
698
560
1
2
3
4
5
158
.116
.085
.062
.046
040
206
445
828
197
2.338
2.454
2.540
2.603
2.649
778
984
429
257
454
.427
.407
.393
384
.377
574
335
634
134
436
6
7
8
9
10
.033
.024
.018
.013
.009
968
977
365
504
929
2.683
2.708
2.726
2.740
2.750
422
398
764
267
197
.372
.369
366
.364
.363
659
222
735
928
610
11
12
13
14
15
.007
005
.003
.002
.002
301
368
947
902
134
2 757
2.762
2.766
2 769
2 771
497
866
813
715
850
362 648
.361943
.361427
361 048
.360 770
16
17
18
19
20
.001
.001
.000
.000
.000
569
154
848
624
459
2.773
2.774
2.775
2 776
2.776
419
573
421
045
504
.360 566
360416
.360 306
.360 225
.360 165
21
22
23
24
25
.000 337
.000 248
.000 182
.000 134
.000 099
2.776
2.777
2 777
2 777
2 777
841
089
271
405
504
.360
.360
.360
.360
360
121
089
066
048
035
26
27
28
29
30
.000
000
.000
.000
072
053
039
029
2 777
2.777
2.777
2 777
2.777
576
630
669
698
719
.360
.360
.360
.360
.360
026
019
014
010
008
31
32
33
34
35
.000 016
734
746
754
761
765
.360
.360
.360
.360
.360
006
004
003
002
002
36
37
38
39
40
o000021
CAPITAL RECOVERY
FACTOR
Year
.000 008
.000 006
.000 005
2.777
2.777
2.777
2.777
2.777
.000
.000
.000
.000
.000
003
002
002
001
001
2.777
2.777
2.777
2.777
2.777
768
771
773
774
775
.360
.360
.360
360
360
001
001
001
000
000
41
42
43
44
45
.000
.000
.000
.000
.000
001
001
000
000
000
2.777 776
2.777 776
2.777776
2.777 777
2.777 777
.360
.360
.360
.360
.360
000
000
000
000
000
46
47
48
49
50
S
_
oo.0000
COMPOUNDING
36%
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
& DISCOUNTING
TABLES
73
RATE
37%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Yea r
compound
interest
1.370 000
2
3
4
5
1.876
2.571
3.522
4.826
6
7
8
9
10
900
353
754
172
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000 000
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.000 000
2.370
4.246
6.818
10.341
000
900
253
007
.421
.235
146
.096
941
466
665
702
6.611856
9.058 243
12.409 793
17.001 416
15.167
21.779
30.837
43.247
179
035
278
071
.065
.045
.032
.023
932
916
428
123
23.291940
60.248
488
.016 598
83.540
115.450
159.167
219.058
301.110
428
387
030
831
598
.011970
.008 662
.006 283
.004 565
.003 321
11
12
13
14
15
31.909 958
43.716
643
59.891801
82.051
767
112.410 921
16
17
18
19
20
154.002
210.984
289.048
395.995
542.514
962
058
160
979
491
413.521
567.524
778.508
1,067.556
1,463.552
520
482
540
700
679
.002
.001
.001
.000
.000
418
762
285
937
683
21
22
23
24
25
743.244
1,018.245
1,394.996
1,911.144
2.618.268
853
448
264
882
488
2,006.067
2,749.312
3,767.557
5,162.553
7,073.698
170
023
471
735
617
.000
.000
.000
.000
.000
498
364
265
194
141
26
27
28
29
30
3,587.027
4,914.228
6,732.492
9,223.514
12,636.215
829
126
533
770
23
9,691.967
13,278.994
18,193.223
24,925.715
34,149.230
106
94
06
59
36
.000
.000
.000
.000
.000
103
075
055
040
029
31
32
33
34
35
17,311.614
23,716.912
32,492.169
44,514.272
60,984.553
87
37
95
83
78
46,785.445
64,097.060
87,813.972
120,306.142
164,820.415
60
47
84
8
6
.000
.000
.000
.000
.000
021
016
011
008
006
36
37
38
39
40
83,548.838
114,461.909
156,812.815
214,833.557
294,321.973
68
0
3
0
1
225,804.969
309,353.808
423,815.717
580,628.532
795,462.089
4
1
1
4
4
.000
.000
.000
.000
.000
004
003
002
002
001
41
42
43
44
45
403,221.103
552.412.911
756,805.688
1,036,823.793
1,420,448.597
1,089.784.062
1,493,005.166
2,045,418.077
2,802,223.765
3,839,047.558
.000
.000
.000
.000
.000
001
001
000
000
000
46
47
48
49
50
1,946,014.577
2,666,039.971
3.652,474.760
5.003,890.422
6,855,329.878
5,259,496.155
7,205.510.732
9,871,550.703
13,524,025.46
18,527,915.89
.000
.000
.000
.000
.000
000
000
000
000
000
1
3
4
5
5
.
74
COMPOUNDING
& DISCOUNTING
TABLES
RATE
37%
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
U
_
*
*
*
*
*
*
*
3
_
.729
1.262
1.651
1.935
2.142
.151
.110
.080
.058
.042
243
397
582
819
933
2.293 937
2.404 333
2.484 915
2.543 733
2.586 667
.435
.415
.402
.393
.386
932
916
428
123
598
6
7
8
9
10
.031338
.022 875
.016 697
.012 187
.008 896
2.618 005
2.640 880
2.657 576
2.669 764
2.678 660
.381970
.378 662
.376 283
.374 565
.373 321
11
12
13
14
15
.006
.004
.003
.002
.001
493
740
460
525
843
2.685 153
2.689 893
2.693 352
2.695 878
2.697 721
.372
.371
.371
.370
.370
418
762
285
937
683
16
17
18
19
20
001
.000
.000
.000
.000
345
982
717
523
382
2.699 066
2.700 048
2.700 765
2.701 289
2.701 670
.370
.370
.370
.370
.370
498
364
265
194
141
21
22
23
24
25
2.701
2.702
2.702
2 702
2.702
949
153
301
410
489
.370
.370
.370
.370
.370
103
075
055
040
029
26
27
28
29
30
o.000108
.000 079
o000058
*
*
*
S
*
*
_
_U.000
COMPOUNDING
1.370 000
.791941
.605 466
.516 665
.466 702
927
720
621
490
693
Year
927
793
900
869
204
o.000
CAPITAL RECOVERY
FACTOR
.729
.532
.388
.283
.207
.000 279
203
.000 149
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
1
2
3
4
5
000
.000
.000
.000
042
031
022
016
2.702
2.702
2.702
2 702
2.702
547
589
620
642
658
.370
.370
.370
.370
.370
021
016
011
008
006
31
32
33
34
35
.000
000
.000
.000
.000
012
009
006
005
003
2.702
2.702
2.702
2.702
2.702
670
679
685
690
694
.370
.370
.370
.370
.370
004
003
002
002
001
36
37
38
39
40
.000
.000
.000
000
.000
002
002
001
001
001
2.702
2.702
2.702
2.702
2.702
696
698
699
700
701
.370
.370
.370
.370
.370
001
001
000
000
000
41
42
43
44
45
.000 001
.000 000
.000 000
000
.000 000
2.702
2.702
2.702
2.702
2.702
701
702
702
702
702
.370
.370
.370
.370
.370
000
000
000
000
000
46
47
48
49
50
& DISCOUNTING
TABLES
75
RATE
38%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Yea
r
1
2
3
4
5
6
7
8
9
10
compound
interest
1.380
1.904
2.628
3.626
5.004
COMPOUNDING FACTOR
FOR I PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
000
400
072
739
900
1.000
2.380
4.284
6.912
10.539
000
000
400
472
211
1.000
.420
.233
.144
.094
000
168
405
666
884
6.906 762
9.531 332
13.153 238
18.151469
25.049 027
15.544
22.450
31.982
45.135
63.286
112
874
206
445
914
.064
.044
031
.022
.015
333
542
267
156
801
11
12
13
14
15
34.567
47.703
65.830
90.846
125.367
658
367
647
293
884
88.335
122.903
170.606
236.437
327.283
941
598
966
613
905
.011
.008
005
.004
.003
320
136
861
229
055
16
17
18
19
20
173.007
238.750
329.475
454.676
627.453
680
598
826
640
763
452.651
625.659
864.410
1,193.885
1,648.562
790
470
068
894
533
.002
.001
.001
.000
.000
209
598
157
838
607
21
22
23
24
25
865.886
1,194.922
1.648.993
2,275.611
3,140.343
193
946
665
258
536
2.276.016
3,141.902
4.336.825
5,985.819
8,261.430
296
489
434
100
357
.000
.000
.000
.000
.000
439
318
231
167
121
26
27
28
29
30
4,333.674
5.980.470
8,253.048
11,389.207
15,717.106
079
230
917
51
36
11.401.773
15,735.447
21,715.918
29.968.967
41,358.174
89
97
20
12
62
.000
.000
.000
.000
.000
088
064
046
033
024
31
32
33
34
35
21,689.606
29,931.657
41,305.687
57,001.848
78.662.550
77
35
14
25
59
57,075.280
78,764.887
108,696.545
150,002.232
207,004.080
98
75
1
2
5
.000
.000
.000
.000
.000
018
013
009
007
005
36
37
38
39
40
108,554.319
149,804.961
206,730.846
285.288.568
393,698.224
8
3
6
4
4
285,666.631
394,220.950
544,025.912
750,756.758
1.036,045.327
1
9
2
9
.000
.000
.000
.000
.000
004
003
002
001
001
41
42
43
44
45
543,303.549
749,758.898
1,034,667.280
1,427,840.846
1,970,420.368
6
5
1,429.743.552
1,973.047.101
2,722,806.000
3,757.473.280
5,185,314.126
000
.000
.000
.000
.000
001
001
000
000
000
46
47
48
49
50
2,719,180.108
3,752,468.548
5,178,406.597
7,146.201.104
9.861,757.523
7.155,734.493
9,874,914.601
13,627,383.15
18,805.789.75
25,951,990.85
.000
.000
.000
.000
.000
000
000
000
000
000
76
COMPOUNDING
& DISCOUNTING
TABLES
.
.
RATE
*
*
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
_
*
*
5
5
*
*
e
S
S
5
*
*
*
*
38%
CAPITAL RECOVERY
FACTOR
repay a S1 loan in X years
Year
.724
.525
.380
.275
.199
638
100
507
730
804
.724 638
1.249 737
1.630 245
1.905 974
2.105 778
1.380
.800
.613
.524
.474
000
168
405
666
884
1
2
3
4
5
.144
.104
.076
.055
.039
786
917
027
092
922
2.250
2.355
2.431
2.486
2.526
564
481
508
600
522
.444
424
.411
.402
.395
333
542
267
156
801
6
7
8
9
10
.028
.020
.015
.011
.007
929
963
190
008
977
2.555
2.576
2.591
2.602
2.610
451
413
604
612
588
.391
.388
.385
.384
.383
320
136
861
229
055
11
12
13
14
15
.005
.004
.003
.002
.001
780
188
035
199
594
2.616
2.620
2.623
2.625
2.627
368
557
592
791
385
.382
381
.381
.380
.380
209
598
157
838
607
16
17
18
19
20
.001
.000
.000
.000
.000
155
837
606
439
318
2.628
2.629
2.629
2 630
2 630
540
377
983
423
741
.380 439
.380 318
.380 231
.380 167
.380 121
21
22
23
24
25
.000231
.000 167
.000 121
.000 088
.000 064
2.630972
2 631 139
2.631 260
2.631 348
2.631 412
.380088
.380 064
.380 046
.380 033
380 024
26
27
28
29
30
.000
.000
.000
.000
.000
046
033
024
018
013
2.631458
2 631 491
2.631 515
2.631 533
2.631 545
.380
.380
.380
.380
.380
018
013
009
007
005
31
32
33
34
35
.000
000
.000
.000
.000
009
007
005
004
003
2.631
2.631
2.631
2 631
2 631
555
561
566
570
572
.380
380
380
380
.380
004
003
002
001
001
36
37
38
39
40
.000
.000
.000
.000
.000
002
001
001
001
001
2.631
2 631
2.631
2.631
2.631
574
575
576
577
578
.380
380
.380
380
.380
001
001
000
000
000
41
42
43
44
45
.000
.000
.000
.000
000
000
000
000
000
000
2 631 578
2.631 578
2.631 578
2.631 579
2.631 579
.380
.380
.380
380
.380
000
000
000
000
000
46
47
48
49
50
COMPOUNDING
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
& DISCOUNTING
TABLES
77
RATE
39%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Yea
compound
interest
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1
2
3
4
5
1.390
1.932
2.685
3.733
5.188
000
100
619
010
884
1.000
2.390
4.322
7.007
10.740
000
000
100
719
729
6
7
8
9
10
7.212
10.025
13.935
19.370
26.924
549
444
367
160
522
15.929
23.142
33.167
47.102
66.473
614
163
607
974
133
.062 776
.043 211
.030 150
.021230
.015 044
11
12
13
14
15
37.425
52.020
72.309
100.509
139.708
086
869
008
521
234
93.397
130.822
182.843
255.152
355.662
655
741
610
618
139
.010
.007
.005
.003
.002
707
644
469
919
812
16
17
18
19
20
194.194
269.930
375.203
521.532
724.929
446
279
088
293
887
495.370
689.564
959.495
1,334.698
1,856.230
373
819
099
187
480
.002
.001
001
.000
.000
019
450
042
749
539
21
22
23
24
25
1,007.652
1,400.637
1,946.885
2,706.170
3,761.577
543
035
479
815
433
2,581.160
3,588.812
4,989.449
6.936.335
9,642.506
367
910
945
424
240
.000
.000
.000
.000
.000
387
279
200
144
104
26
27
28
29
30
5.228.592
7,267.743
10,102.163
14,042.007
19,518.390
632
759
83
72
73
13,404.083
18,632.676
25,900.420
36,002.583
50,044.591
67
31
06
89
61
.000
.000
.000
.000
000
075
054
039
028
020
31
32
33
34
35
27,130.563
37,711.482
52.418.960
72.862.355
101,278.674
11
72
98
77
5
69,562.982
96,693.545
134,405.028
186,823.989
259,686.344
33
44
2
2
9
.000
.000
.000
.000
.000
014
010
007
005
004
36
37
38
39
40
140,777.357
195,680.527
271,995.932
378.074.346
525,523.341
6
0
6
3
3
360,965.019
501,742.377
697,422.904
969,418.836
1,347.493.183
41
42
43
44
45
730,477.444
1,015,363.648
1.411.355.470
1,961.784.104
2,726,879.904
1,873,016.524
2,603,493.969
3.618,857.617
5,030,213.087
6,991.997.191
.000
.000
.000
.000
.000
001
000
000
000
000
46
47
48
49
50
3,790.363.067
5,268.604.663
7,323.360.482
10,179,471.07
14.149.464.79
9,718,877.095
13,509,240.16
18,777.844.83
26,101.205.31
36,280.676.38
.000
.000
.000
.000
.000
000
000
000
000
000
4
0
1
6
1.000
.418
.231
.142
.093
000
410
369
700
104
000 003
.000 002
.000 001
.000 001
.000001
.
78
COMPOUNDING
& DISCOUNTING
TABLES
.
RATE
39%
*
FACTOR
DISCOUNT
How much 1 at
a future date
is worth today
0
3
760
626
141
597
343
103
729
870
.452
.433
.420
.411
.405
776
211
150
230
044
6
7
8
9
10
026
.019
.013
.009
.007
720
223
830
949
158
2.495
2.514
2.528
2.538
2.545
590
813
642
592
749
.400
.397
.395
.393
392
707
644
469
919
812
11
12
13
14
15
.005
.003
.002
.001
.001
149
705
665
917
379
2.550
2.554
2.557
2.559
2.560
899
603
269
186
566
.392
.391
391
390
.390
019
450
042
749
539
16
17
18
19
20
2.561
558
.390 387
21
2.562
2.562
2.563
272
786
155
.390
.390
.390
279
200
144
22
23
24
.267
.192
880
720
.138
.099
647
746
.071
.051
.037
*
it
o.000
992
.000
.000
.000
714
514
370
.000 266
2.563 421
.390 104
25
.000
2.563
2.563
2 563
.390
.390
.390
075
054
039
26
27
28
2.563 920
.390 028
29
2.563
.390
020
30
390 014
31
.000
.000
191
138
099
o.000
071
051
o.000
037
.000
.000
027
*
_
_
*
_
612
750
849
971
2.564 008
2.564
035
.390
010
32
.000 019
2.564 054
.390 007
33
.000
2.564
.390
005
34
2.564 077
.390 004
35
014
o.000010
1
2
3
4
5
2.208
2.308
2.380
2.431
2.468
1.390 OG0
.808 410
621 369
.532 700
.483 104
Year
424
996
350
230
950
424
572
354
RECOVERY
CAPITAL
FACTOR
that will
Annual
payment
interest
with compound
719
1 236
1.609
1.877
2.069
.719
.517
.372
WORTH
OF
PRESENT
FACTOR
AN ANNUITY
How much 1 received
or paid annually
for X years
is worth today
067
.000
.000
.000
.000
.000
007
005
004
003
002
2.564
2.564
2.564
2.564
2.564
084
089
093
096
098
.390
.390
.390
.390
.390
003
002
001
001
001
36
37
38
39
40
.000
000
.000
.000
.000
001
001
001
001
000
2.564
2.564
2.564
2.564
2.564
099
100
101
101
102
.390
390
.390
.390
.390
001
000
000
000
000
41
42
43
44
45
.000
.000
.000
.000
.000
000
000
000
000
000
2.564
2.564
2.564
2.564
2.564
102
102
102
102
102
.390
.390
390
.390
.390
000
000
000
000
000
46
47
48
49
50
.
.
& DISCOUNTING
~~COMPOUNDING
TABLES
79
RATE
40%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
1
2
3
4
5
compound
interest
1.400 000
1.960 000
2.744 000
3.841600
5.378 240
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach
by a given year
1.000
2.400
4.360
7.104
10,945
000
000
000
000
600
1.000
.416
.229
.140
.091
000
667
358
766
361
6
7
8
9
10
7.529
10.541
14.757
20.661
28.925
536
350
891
047
465
16.323
23.853
34.394
49.152
69.813
840
376
726
617
664
.061
.041
.029
.020
.014
260
923
074
345
324
11
12
13
14
15
40.495
56.693
79.371
111.120
155.568
652
912
477
068
096
98.739
139.234
195.928
275.300
386.420
129
781
693
171
239
.010
.007
.005
.003
.002
128
182
104
632
588
16
17
18
19
20
217.795
304.913
426.878
597.630
836.682
334
467
854
396
554
541.988
759.783
1,064.697
1.491.575
2,089.206
334
668
136
990
386
001845
.001316
.000 939
.000 670
.000 479
21
22
23
24
25
1,171.355
1,639.897
2,295.856
3,214.199
4,499.879
576
806
929
700
581
2.925.888
4,097.244
5,737.142
8,032.999
11,247.198
940
516
322
251
95
.000
000
.000
.000
.000
342
244
174
124
089
26
27
28
29
30
6,299.831 413
8,819.763
978
12.347.669
57
17.286.737 40
24,201.432
36
15,747.078
22,046.909
30,866.673
43,214.343
60.501.080
53
94
92
49
89
.000
.000
.000
.000
.000
064
045
032
023
017
31
32
33
34
35
33,882.005
30
47,434.807
42
66,408.730
38
92,972.222
54
130,161.111
6
24
84,702.513
118,584.518
5
166,019.326
0
232,428.056
3
325,400.278
9
.000
.000
.000
.000
.000
012
008
006
004
003
36
37
38
39
40
182,225.556
255,115.778
357,162.090
500,026.926
700,037.696
455,561.390
4
637,786.946
6
892,902.725
2
1,250,064.815
1,750,091.741
.000
.000
.000
.000
.000
002
002
001
001
001
41
42
43
44
45
980,052.775
2
1,372,073.885
1,920,903.439
2,689,264.815
3,764,970.741
2,450,129.438
3,430.182.213
4,802,256.099
6.723,159.538
9,412.424.353
.000
.000
.000
.000
.000
000
000
000
000
000
46
47
48
49
50
5,270,959.038
7,379,342.653
10,331,079.71
14.463,511.60
20,248,916.24
13,177,395.09
18,448,354.13
25,827,696.79
36,158,776.50
50.622,288.10
.000
.000
.000
.000
.000
000
000
000
000
000
2
6
1
1
6
S
5
_
.
80
COMPOUNDING
& DISCOUNTING
TABLES
RATE
40%
*
*
3
*
_
*
*
*
*
S
*
S
5
5
_
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
714
.510
.364
.260
185
286
204
431
308
934
714
1 224
1.588
1.849
2.035
286
490
921
229
164
132
.094
.067
.048
.034
810
865
760
400
572
2.167
2 262
2.330
2 378
2 413
.024
.017
.012
.008
.006
694
639
599
999
428
2.438
2.455
2.468
2.477
2 483
461260
.441 923
.429 074
.420 345
.414 324
6
7
8
9
10
265
904
503
502
930
.410
.407
.405
.403
.402
128
182
104
632
588
11
12
13
14
15
.000
.000
.000
.000
000
854
610
436
311
222
2.497
2 498
2.498
2.499
2.499
866
476
222
444
.400
.400
400
.400
400
342
244
174
124
089
21
22
23
24
25
000 159
2.499
2.499
2 499
2.499
2 499
603
717
798
855
897
.400
400
.400
400
.400
064
045
032
023
017
26
27
28
29
30
.000 021
015
.000 011
o.000
o.000008
2.499
2.499
2.499
2.499
2.499
926
947
962
973
981
.400
.400
.400
.400
.400
012
008
006
004
003
31
32
33
34
35
.000 005
004
.000 003
.000 002
.000 001
2.499
2.499
2.499
2.499
2.499
986
990
993
995
996
.400
.400
400
400
.400
002
002
001
001
001
36
37
38
39
40
.000 001
.000 001
001
000001
000 000
2.499
2.499
2.499
2.499
2.499
997
998
999
999
999
400
400
400
400
.400
000
000
000
000
000
41
42
43
44
45
.000
.000
.000
.000
.000
2.500
2.500
2.500
2.500
2.500
000
000
000
000
000
.400
.400
.400
.400
.400
000
000
000
000
000
46
47
48
49
50
COMPOUNDING
.
.
974
839
599
999
571
16
17
18
19
20
o.000
_
_
1
2
3
4
5
.401845
.401 316
400 939
.400 670
.400 479
o.000030
_S000
000
667
358
766
361
2.488 521
2.491 801
2.494 144
2.495 817
2.497 012
000 041
1.400
.816
.629
.540
.491
Year
.004 591
.003 280
.002 343
.001673
001 195
o.000
113
.000 081
o.000
058
CAPITAL RECOVERY
FACTOR
000
000
000
000
000
& DISCOUNTING
TABLES
911
81
RATE
41%
FACTOR
COMPOUNDING
FOR 1
What an initial
amount becomes
when growing at
Year
1
2
3
4
5
compound
interest
1.410 000
1.988 100
2.803 221
3.952 542
5.573 084
FACTOR
COMPOUNDING
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.000 000
2.410 000
4.398 100
7.201321
11.153 863
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1000 000
414938
227 371
.138 863
.089 655
6
7
8
9
10
7.858
11.079
15.622
22.027
31.059
048
848
585
845
262
16.726
24.584
35.664
51.287
73.315
946
994
842
427
272
.059
.040
.028
019
.013
784
675
039
498
640
11
12
13
14
15
43.793
61.748
87.065
122.763
173.095
559
918
974
024
864
104.374
148.168
209.917
296.982
419.746
534
093
011
985
009
.009
006
.004
.003
.002
581
749
764
367
382
16
17
18
19
20
244.065
344.131
485.225
684.168
964.677
168
886
960
603
731
592.841
836.907
1.181.038
1,666.264
2.350.433
872
040
926
886
490
.001
.001
.000
.000
.000
687
195
847
600
425
21
22
23
24
25
1,360.195
1.917.875
2,704.204
3,812.928
5,376.229
600
797
873
871
708
3.315.111220
821
4.675.306
617
6,593.182
9,297.387
490
36
13,110.316
.000
.000
.000
.000
.000
302
214
152
108
076
26
27
28
29
30
7,580.483
10.688.482
15,070.760
21,249.771
29,962.177
889
28
02
63
99
18,486.546
26.067.029
36,755.512
51,826.272
73,076.043
.000
.000
.000
.000
000
054
038
027
019
014
31
32
33
34
35
42,246.670
59,567.806
83,990.606
118.426.755
166,981.724
97
07
56
2
9
36
37
38
39
40
235,444.232
331,976.367
468,086.677
660,002.215
930,603.124
1
3
8
8
2
41
42
43
44
45
1.312,150.405
1,850,132.071
2,608,686.220
3,678,247.571
5,186,329.075
46
47
48
49
50
7.312,723.996
10,310,940.83
14,538.426.58
20,499,181.47
28,903,845.88
07
96
24
26
89
5
5
103,038.221
145,284.892
204.852.698
288,843.305
407.270.060
9
9
9
5
7
.000
.000
000
.000
.000
010
007
005
003
002
574,251.785
809,696.017
1,141,672.385
1,609,759.063
2,269,761.279
6
7
.000
.000
.000
.000
.000
002
001
001
001
000
3,200,364.403
4,512,514.808
6.362,646.879
8,971,333.100
12,649,580.67
000
.000
.000
.000
.000
000
000
000
000
000
17.835.909.75
25,148,633.74
35,459,574.58
49.998.001.15
70,497,182.62
.000
.000
.000
.000
.000
000
000
000
000
000
.
82
COMPOUNDING
& DISCOUNTING
TABLES
.
.
RATE
41%
_
*
Year
220
993
732
002
434
.709
1.212
1.568
1 821
2.001
220
213
945
947
381
1.410
.824
.637
.548
.499
000
938
371
863
655
1
2
3
4
5
.127
.090
.064
.045
.032
258
254
010
397
197
2.128
2.218
2.282
2.328
2.360
639
893
903
300
496
.469
.450
.438
.429
.423
784
675
039
498
640
6
7
8
9
10
.022 834
.016 195
.011486
008 146
005 777
2.383
2.399
2 411
2.419
2.424
331
525
157
934
419
.416
.414
.413
.412
581
749
764
367
382
11
12
13
14
15
.004
002
002
001
001
097
906
061
462
037
2 429
2.431
2.433
2.435
2 436
031
937
998
459
496
.411687
.411 195
.410 847
.410 600
410 425
16
17
18
19
20
.000 735
.000 521
.000370
.000 262
186
o.000
2.437
2.437
2.438
2.438
2 438
231
753
122
385
571
.410
.410
410
.410
.410
302
214
152
108
076
21
22
23
24
25
5
5
000
.000
.000
.000
.000
132
094
066
047
033
2.438 703
2.438 796
2.438 863
2.438 910
2.438 943
.410
.410
.410
.410
.410
054
038
027
019
014
26
27
28
29
30
.000
.000
.000
.000
.000
024
017
012
008
006
2.438
2.438
2.438
2.439
2.439
967
983
995
004
010
.410
.410
.410
.410
.410
010
007
005
003
002
31
32
33
34
35
.000
.000
.000
.000
.000
004
003
002
002
001
2.439
2.439
2.439
2.439
2 439
014
017
019
021
022
.410
.410
.410
.410
.410
002
001
001
001
000
36
37
38
39
40
.000
.000
.000
000
.000
001
001
000
000
000
2.439 023
2.439 023
2.439 023
2.439 024
2.439 024
.410
.410
.410
.410
.410
000
000
000
000
000
41
42
43
44
45
000
.000
.000
.000
.000
000
000
000
000
000
2.439 024
2.439 024
2.439 024
2.439 024
2.439 024
.410
.410
.410
.410
.410
000
000
000
000
000
46
47
48
49
50
*
*
*
*
*
3
3
5
3
_
_
_
_
*
*
*
CAPITAL RECOVERY
FACTOR
.709
.502
.356
.253
179
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
COMPOUNDING
& DISCOUNTING
TABLES
011
83
RATE
42%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING FACTOR
FOR I PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1.420 000
2
3
4
5
2.016
2.863
4.065
5.773
400
288
869
534
2.420
4.436
7.299
11.365
000
400
688
557
.413
.225
.136
.087
223
408
992
985
6
7
8
9
10
8.198
11.641
16.531
23.474
33.333
418
754
290
432
694
17.139
25.337
36.979
53.510
76.984
091
509
263
553
986
.058
.039
.027
.018
.012
346
467
042
688
990
11
12
13
14
15
47.333
67.214
95.443
135.530
192.453
845
061
966
432
213
110.318
157.652
224.866
320.310
455.840
680
525
586
551
983
.009 065
.006 343
004 447
.003 122
002 194
16
17
18
19
20
273.283
388.062
551.048
782.489
1,111.135
562
658
975
544
153
648.294
921.577
1,309.640
1,860.689
2,643.178
196
758
417
392
936
.001
.001
.000
.000
.000
21
22
23
24
25
1,577.811
2,240.492
3,181.499
4,517.729
6,415.176
918
923
950
930
500
3,754.314
5.332.126
7,572.618
10,754.118
15,271.848
089
007
930
88
81
.000 266
.000 188
.000 132
.000 093
.000 065
26
27
28
29
30
9,109.550
12,935.561
18,368.497
26,083.267
37,038.239
630
89
89
00
15
21,687.025
30,796.575
43,732.137
62,100.635
88,183.902
31
94
83
73
73
.000 046
.000 032
000023
000016
.000 011
31
32
33
34
35
52,594.299
74,683.905
106.051.145
150,592.626
213,841.530
36
37
38
39
40
303,654.972
431,190.061
612,289.887
869,451.639
1,234,621.329
41
42
43
44
45
1,753,162.287
2,489,490.447
3,535,076.435
5,019,808.537
7,128,128.123
46
47
48
49
50
10,121,941.93
14,373,157.55
20,409.883.72
28,982,034.88
41,154,489.53
8
4
2
9
by a given year
59
41
7
9
2
1.000 000
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
1.000 000
543
085
764
537
378
125,222.141
177,816.441
252.500.346
358,551.492
509,144.119
9
5
9
6
4
.000
.000
.000
.000
.000
008
006
004
003
002
722,985.649
1,026,640.622
1.457,830.684
2,070.120.571
2,939,572.211
.000
.000
.000
.000
.000
001
001
001
000
000
4,174,193.540
5,927,355.826
8,416,846.273
11,951,922.71
16,971,731.25
.000
.000
.000
.000
.000
000
000
000
000
000
24,099,859.37
34,221,801.30
48,594,958.85
69,004,842.57
97,986,877.45
.000
.000
.000
.000
.000
000
000
000
000
000
84
COMPOUNDING
& DISCOUNTING
TABLES
RATE
*
U
42%
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
6
_
*
5
53
5
1.420
.833
.645
.556
.507
000
223
408
992
985
1
2
3
4
5
.121975
.085 898
.060 491
.042 600
.030 000
2.090
2.176
2.236
2.279
2.309
536
434
925
525
525
.478
.459
.447
.438
432
346
467
042
688
990
6
7
8
9
10
.021 127
.014 878
.010 477
.007 378
.005 196
2.330
2.345
2.356
2.363
2.368
651
529
006
385
581
.429 065
.426 343
.424 447
423 122
422 194
11
12
13
14
15
.003 659
002 577
.001815
.001 278
.000 900
2.372
2.374
2.376
2.377
2.378
240
817
632
910
810
.421 543
.421085
.420 764
.420 537
.420 378
16
17
18
19
20
.000
.000
.000
.000
.000
634
446
314
221
156
2 379
2.379
2.380
2.380
2.380
443
890
204
425
581
.420
.420
420
420
.420
266
188
132
093
065
21
22
23
24
25
.000 110
.000 077
.000 054
2.380
2.380
2.380
2.380
2.380
691
768
823
861
888
.420
.420
420
.420
.420
046
032
023
016
011
26
27
28
29
30
o.000038
o.000019
5
_
*
.000
.000
.000
.000
013
009
007
005
2.380
2.380
2.380
2.380
2.380
907
921
930
937
941
.420
420
.420
.420
.420
008
006
004
003
002
31
32
33
34
35
.000
.000
.000
.000
.000
003
002
002
001
001
2.380
2.380
2 380
2.380
2.380
945
947
948
950
950
.420
.420
.420
.420
.420
001
001
001
000
000
36
37
38
39
40
.000
.000
.000
.000
001
000
000
000
000
2.380
2.380
2.380
2.380
2.380
951
951
952
952
952
.420
.420
.420
.420
.420
000
000
000
000
000
41
42
43
44
45
.000
.000
.000
.000
.000
000
000
000
000
000
2.380
2.380
2 380
2.380
2 380
952
952
952
952
952
.420
.420
.420
.420
.420
000
000
000
000
000
46
47
48
49
49
_S.000
Year
225
159
408
357
562
225
933
249
950
204
.000 027
CAPITAL RECOVERY
FACTOR
.704
1.200
1.549
1 795
1.968
.704
.495
.349
.245
.173
*
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
COMPOUNDING
& DISCOUNTING
TABLES
85
S
RATE
43%
Year
1
2
3
4
5
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
compound interest
by a given year
000
000
900
107
723
1.000
.411
.223
.135
.086
000
523
469
151
350
17.560 434
26.111420
38.339 331
55.825 244
80.830 099
.056
.038
.026
.017
.012
946
297
083
913
372
577
962
152
895
021
1.000
2.430
4.474
7.399
11.580
1.430 000
2.044 900
2.924 207
4.181616
5.979 711
6
7
8
9
10
8.550
12.227
17.485
25.004
35.756
987
911
912
855
942
11
12
13
14
15
51.132
73.119
104.560
149.521
213.816
428
371
701
803
178
116.587
167.719
240.838
345.399
494.921
041
469
840
541
344
.008
.005
.004
002
.002
16
17
18
19
20
305.757
437.232
625.242
894.097
1,278.558
134
702
764
153
928
708.737
1.014.494
1,451.727
2,076.970
2,971.067
522
656
358
123
275
.001 411
.000 986
.000 689
.000 481
.000 337
21
22
23
24
25
1,828.339
2,614.525
3,738.770
5,346.442
7,645.412
268
153
968
484
753
4,249.626
6,077.965
8,692.490
12,431.261
17,777.704
203
471
624
59
08
.000 235
.000 165
.000 115
.000 080
.000 056
26
27
28
29
30
10,932.940
15.634.104
22.356.769
31,970.180
45.717.357
24
54
49
37
93
25,423.116
36.356.057
51,990.161
74,346.931
106,317.111
83
06
60
09
5
.000
.000
.000
.000
.000
039
028
019
013
009
31
32
33
34
35
65,375.821
93,487.425
133,687.018
191,172.435
273,376.583
84
23
1
9
3
152.034.469
217,410.291
310,897.716
444,584.734
635,757.170
4
2
5
5
4
.000
.000
.000
.000
.000
007
005
003
002
002
36
37
38
39
40
390,928.514
559,027.775
799.409.718
1.143,155.897
1.634.712.933
909.133.753
1,300,062.268
1,859,090.043
2,658,499.761
3,801,655.659
.000
.000
.000
.000
.000
001
001
001
000
000
41
42
43
44
45
2,337.639.494
3,342,824.477
4,780,239.002
6,835.741.773
9,775,110.736
5.436,368.592
7,774,008.086
11,116,832.56
15,897,071.57
22.732,813.34
.000
.000
.000
.000
000
000
000
000
000
000
46
47
48
13,978,408.35
19,989,123.94
28,584.447.24
32.507,924.07
46.486,332.43
66,475,456.37
.000 000
.000 000
.000 000
49
40,875,759.55
95.059,903.61
.000 000
50
58.452.336.16
135.935,663.2
.000 000
1
1
4
5
5
_
_
86
COMPOUNDING
& DISCOUNTING
TABLES
RATE
43%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
*
*
*
*
*
*
*
5
*
*
*
_
.699
1.188
1.530
1.769
1.936
301
322
295
437
669
.516
350
.116
.081
.057
.039
.027
946
780
189
992
967
2.053
2.135
2.192
2.232
2.260
615
395
584
576
543
486
.468
.456
447
.442
946
297
083
913
372
6
7
8
9
10
.019
.013
.009
.006
.004
557
676
564
688
677
2.280
2.293
2.303
2.310
2.314
100
776
340
028
705
.438
435
.434
.432
.432
577
962
152
895
021
11
12
13
14
15
.003
.002
.001
.001
271
287
599
118
2.317 975
2.320 263
2 321862
2 322 980
431411
430 986
430 689
.430 481
16
17
18
19
2.323 762
.430 337
20
.000
.000
.000
.000
.000
547
382
267
187
131
2.324
2.324
2.324
2.325
2.325
309
692
959
146
277
.430 235
.430 165
.430 115
430 080
430 056
21
22
23
.000
091
2.325
369
.430
1
2
3
4
24
25
039
26
2.325 433
.430 028
27
.000
.000
.000
045
031
022
2.325
2.325
2.325
477
509
532
.430
.430
430
019
013
009
28
29
30
.000
.000
.000
.000
.000
015
011
007
005
004
2.325
2.325
2.325
2.325
2.325
546
557
564
569
573
.430
.430
.430
.430
.430
007
005
003
002
002
31
32
33
34
35
.000
.000
.000
.000
.000
003
002
001
001
001
2.325
2.325
2.325
2.325
2.325
575
577
578
579
580
.430
430
.430
.430
.430
001
001
001
000
000
36
37
38
39
40
.000
.000
.000
.000
000
000
000
000
000
000
2.325
2.325
2.325
2.325
2.325
580
581
581
581
581
.430
430
430
.430
.430
000
000
000
000
000
41
42
43
44
45
.000
.000
.000
000
000
000
000
000
2.325
2.325
2.325
2.325
2.325
581
581
581
581
581
.430
.430
.430
.430
.430
000
000
000
000
000
46
47
48
49
50
_S.000
.000
COMPOUNDING
.
.
1.430 000
841 523
.653 469
.565 151
Year
301
021
973
142
232
o.000
064
5
5
CAPITAL
RECOVERY
FACTOR
Annual
payment
that will
with compound
interest
.699
.489
.341
.239
.167
o.000
782
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
& DISCOUNTING
TABLES
87
RATE
44%
S
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Yea r
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
1.440
2.073
2.985
4.299
6.191
000
600
984
817
736
1.000
2.440
4.513
7.499
11.799
000
000
600
584
401
6
7
8
9
10
8.916
12.839
18.488
26.623
38.337
100
185
426
333
600
17.991
26.907
39.746
58.234
84.858
137
238
422
848
182
.055 583
.037 165
.025 159
.017 172
011784
11
12
13
14
15
55.206
79.496
114.475
164.844
237.376
144
847
460
662
314
123.195 782
178.401925
257.898
773
372.374 233
537.218 895
008 117
005 605
.003 877
.002 685
.001861
16
17
18
19
20
341.821
492.223
708.801
1,020.674
1,469.771
892
524
875
700
568
774.595
1.116.417
1,608.640
2,317.442
3.338.117
209
101
625
500
200
.001
.000
.000
.000
.000
291
896
622
432
300
21
22
23
24
25
2,116.471
3,047.718
4,388.714
6,319.748
9,100.438
058
323
386
715
150
4.807.888
6,924.359
9,972.078
14,360.792
20,680.541
768
826
149
53
25
.000
.000
.000
.000
.000
208
144
100
070
048
26
27
28
29
30
13,104.630
18,870.668
27,173.762
39,130.218
56,347.514
94
55
71
30
35
29,780.979
42,885.610
61,756.278
88,930.041
128,060.259
40
34
88
59
9
000
.000
.000
.000
.000
034
023
016
011
008
31
32
33
34
35
81,140.420
116,842.205
168.252.776
242,283.997
348,888.956
67
8
3
9
9
184,407.774
265.548.194
382.390.400
550.643.177
792,927.174
2
9
7
0
8
.000
.000
.000
.000
.000
005
004
003
002
001
36
37
38
39
40
502,400.098
723,456.141
1.041,776.843
1,500.158.654
2,160,228.462
1,141,816.132
1,644,216.230
2,367,672.371
3,409,449.214
4,909,607.868
.000
.000
.000
.000
.000
001
001
000
000
000
41
42
43
44
45
3,110.728.985
4,479,449.739
6.450,407.624
9,288,586.978
13,375.565.25
7,069,836.330
10,180.565.32
14,660,015.05
21,110,422.68
30,399,009.66
.000
.000
.000
.000
.000
000
000
000
000
000
46
47
48
49
50
19,260,813.96
27,735,572.10
39.939,223.82
87,512,482.31
82.817,974.52
43,774,574.91
63.035.388.86
90,770,960.96
130,710,184.8
188,222,667.1
.000
.000
.000
.000
.000
000
000
000
000
000
0
1
by a given year
1
2
3
4
5
1.000
.409
.221
133
.084
000
836
553
341
750
.
88
COMPOUNDING
& DISCOUNTING
TABLES
RATE
44%
*
U
5
*
_
_
*
*
*
*
5
*
*
_
5
5
5
3
S
*
*
*
_
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
.694
.482
.334
.232
.161
444
253
898
568
506
.694
1.176
1.511
1.744
1.905
444
698
596
164
669
1 440
.849
.661
573
.524
000
836
553
341
750
1
2
3
4
5
.112
.077
.054
.037
.026
157
887
088
561
084
2.017
2.095
2 149
2.187
2.213
826
712
800
361
445
.495
.477
.465
457
.451
583
165
159
172
784
6
7
8
9
10
Year
.018 114
012 579
.008 735
.006 066
.004 213
2 231559
2.244 138
2.252 874
2.258 940
2.263 153
.448 117
.445 605
443 877
442 685
441861
11
12
13
14
15
.002
.002
.001
000
000
926
032
411
980
680
2.266 078
2.268 110
2 269 521
2.270 501
2.271 181
.441
440
440
440
440
291
896
622
432
300
16
17
18
19
20
000
.000
.000
.000
.000
472
328
228
158
110
2 271653
2.271 982
2.272 209
2.272 368
2 272 478
.440
.440
.440
440
.440
208
144
100
070
048
21
22
23
24
25
.000
.000
.000
.000
000
076
053
037
026
018
2 272
2.272
2 272
2.272
2.272
554
607
644
669
687
.440
.440
440
.440
.440
034
023
016
011
008
26
27
28
29
30
.000
.000
.000
000
.000
012
009
006
004
003
2.272
2.272
2.272
2.272
2.272
699
708
714
718
721
.440
.440
.440
440
.440
005
004
003
002
001
31
32
33
34
35
.000
.000
.000
.000
.000
002
001
001
001
000
2.272
2.272
2.272
2.272
2 272
723
724
725
726
726
.440
.440
.440
.440
440
001
001
000
000
000
36
37
38
39
40
.000
.000
.000
.000
.000
000
000
000
000
000
2.272
2.272
2.272
2.272
2.272
727
727
727
727
727
.440
.440
.440
440
.440
000
000
000
000
000
41
42
43
44
45
.000
.000
.000
.000
.000
000
000
000
000
000
2.272
2.272
2.272
2.272
2.272
727
727
727
727
727
.440
440
.440
.440
.440
000
000
000
000
000
46
47
48
49
50
COMPOUNDING
CAPITAL RECOVERY
FACTOR
& DISCOUNTING
TABLES
89
RATE
45%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
000
000
500
125
631
SINKING
FUND
FACTOR
Level deposit
required each
year to reach 1
by a given
1.000
.408
.219
131
.083
_
_
year
1
2
3
4
5
1.450
2.102
3.048
4.420
6.409
000
500
625
506
734
1.000
2.450
4.552
7.601
12.021
000
163
660
559
183
6
7
8
9
10
9.294
13.476
19.540
28.334
41.084
114
466
876
269
691
18.431365
27.725 480
41.201946
60.742 821
89.077
091
11
12
13
14
15
59.572
86.380
125.251
181.615
263.341
802
562
815
132
942
130.161
189.734
276.115
401.366
582.982
781
583
145
961
093
007
.005
.003
.002
.001
16
17
18
19
20
381.845
553.676
802.830
1.164.104
1.687.951
816
433
827
699
814
846.324
1,228.169
1,781.846
2,584.677
3,748.781
035
850
283
110
809
001 182
000814
.000 561
.000 387
000 267
21
22
23
24
25
2.447.530
3.548.918
5,145.932
7.461.601
10,819.322
131
689
099
544
24
5.436.733
7,884.263
11,433.182
16,579.114
24,040.716
623
754
44
54
09
.000
000
.000
.000
.000
184
127
087
060
042
26
27
28
29
30
15,688.017
22.747.625
32,984.056
47,826.881
69,348.978
25
01
26
58
29
34,860.038
50,548.055
73.295.680
106,279.736
154,106.618
33
57
58
8
4
.000
.000
.000
.000
.000
029
020
014
009
006
31
32
33
34
35
100,556.018
145,806.226
211.419.028
306.557.592
444,508.508
5
9
9
0
3
223,455.596
324,011.615
469,817.842
681,236.871
987.794.463
7
2
1
0
0
.000
.000
.000
.000
.000
004
003
002
001
001
36
37
38
39
40
644,537.337
934,579.138
1,355,139.751
1,964,952.639
2,849.181.327
1
8
1.432,302.971
2,076,840.308
3,011.419.447
4,366,559.198
6,331,511.838
.000
.000
.000
.000
.000
001
000
000
000
000
41
42
43
44
45
4.131.312.924
5,990,403.740
8,686,085.423
12,594.823.86
18,262.494.60
9.180.693.165
13.312,006.09
19,302.409.83
27,988,495.25
40,583,319.12
.000
.000
.000
.000
000
000
000
000
000
000
46
47
48
49
50
26,480.617.17
38,396.894.90
55.675,497.61
80.729,471.53
117.057.733.7
58,845,813.72
85.326.430.89
123,723,325.8
179,398.823.4
260,128,294.9
000
000
.000
.000
.000
000
000
000
000
000
.054255
.036 068
.024 271
.016 463
011 226
683
271
622
491
715
.
90
COMPOUNDING
& DISCOUNTING
TABLES
.
.
0
.
RATE
45%
0
5
_
*
*
*
5
S
S
=
3
5
e
5
*
S
5
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
Annual payment
that will
with compound
interest
.689
.475
328
.226
156
655
624
017
218
013
.689
1 165
1.493
1.719
1.875
655
279
296
515
527
1-450 000
.858 163
.669 660
581559
.533 183
1
2
3
4
5
.107
074
051
.035
024
595
203
175
293
340
1 983
2 057
2 108
2.143
2.168
122
326
500
793
133
.504 255
.486 068
474 271
466 463
.461226
6
7
8
9
10
.016
.011
.007
.005
.003
786
577
984
506
797
2.184
2.196
2.204
2 209
2.213
920
496
480
986
784
.457
.455
.453
452
.451
683
271
622
491
715
11
12
13
14
15
.002 619
001806
.001246
.000 859
000 592
2.216
2.218
2.219
2 220
2.220
403
209
454
313
906
.451
.450
450
.450
.450
182
814
561
387
267
16
17
18
19
20
.000
.000
.000
.000
.000
409
282
194
134
092
2.221
2.221
2.221
2.221
2.222
314
596
790
924
017
.450
.450
.450
450
450
184
127
087
060
042
21
22
23
24
25
000
.000
.000
000
000
064
044
030
021
014
2.222 081
2 222 125
155
2.222
2 222 176
2 222 190
.450
450
.450
.450
.450
029
020
014
009
006
26
27
28
29
30
o000010
200
450 004
31
000 005
.000 003
000002
2.222 207
2.222 212
2 222 215
2222217
.450 003
.450 002
.450 001
.450001
32
33
34
35
.000 002
.000 001
.000 001
.000 001
.000000
2.222
2.222
2.222
2 222
2.222
219
220
221
221
221
450
.450
450
.450
450
001
000
000
000
000
36
37
38
39
40
000
.000
.000
.000
.000
2.222
2.222
2 222
2 222
2.222
222
222
222
222
222
.450
.450
.450
450
450
000
000
000
000
000
41
42
43
44
45
2.222 222
.450 000
46
2.222
2.222
2.222
2.222
.450
.450
450
.450
47
48
49
50
.000
007
000
000
000
000
000
000 000
*S.000
.000
.000
000
COMPOUNDING
Year
000
000
000
000
& DISCOUNTING
2.222
TABLES
222
222
222
222
000
000
000
000
91
RATE
46%
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
COMPOUNDING
FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
1
2
3
4
5
1.460
2.131
3.112
4.543
6.633
000
600
136
719
829
1.000 000
2.460 000
46591600
7.703 736
12.247 455
6
7
8
9
10
9.685
14.140
20.645
30.142
44.007
390
670
378
252
688
18.881
28.566
42.707
63.352
93.494
64.251225
93.806 789
136.957
912
199.958 551
291.939
484
11
12
13
14
15
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1 000
.406
.217
.129
.081
000
504
789
807
650
284
674
344
723
975
052
.035
.023
.015
.010
963
006
415
785
696
137.502
201.753
295.560
432.518
632.477
663
889
677
589
140
.007 273
.004 957
.003 383
.002 312
001581
16
17
18
19
20
426.231
622.298
908.555
1.326.490
1.936.676
647
205
379
854
647
924.416
1.350.648
1,972.946
2.881.501
4,207.992
625
272
477
856
710
.001
.000
.000
.000
000
082
740
507
347
238
21
22
23
24
25
2,827.547
4,128.219
6.027.201
8.799.713
12.847.581
904
940
113
625
89
6,144.669
357
8,972.217
261
13,100.43720
19,127.638
31
27,927.351
94
.000
.000
.000
.000
.000
163
111
076
052
036
26
27
28
29
30
18,757.469
27,385.905
39,983.422
58,375.796
85.228.662
56
56
12
29
59
40,774.933
59.532.403
86,918.308
126,901.731
185,277.527
83
39
95
1
4
.000
.000
.000
000
.000
025
017
012
008
005
31
32
33
34
35
124,433.847
181,673.417
265,243.189
387,255.056
565.392.381
4
2
1
0
8
270.506.190
394,940.037
576,613.454
841.856.643
1.229,111.700
0
3
5
6
000
.000
.000
.000
.000
004
003
002
001
001
36
37
38
39
40
825,472.877
1,205,190.401
1,759,577.986
2,568,983.859
3,750,716.434
1,794,504.081
2,619,976.959
3,825.167.360
5,584,745.346
8,153,729.205
.000
.000
.000
.000
.000
001
000
000
000
000
41
42
43
44
45
5,476,045.994
7,995,027.151
11.672,739.64
17,042.199.87
24.881,611.82
11,904,445.64
17,380,491.63
25,375,518.78
37.048,258.42
54.090.458.30
.000
.000
.000
.000
.000
000
000
000
000
000
46
47
48
49
50
36,327,153.25
53,037,643.75
77.434.959.88
113,055.041.4
165,060,360.5
78,972,070.12
115,299,223.4
168,336,867.1
245,771,827.0
358,826,868.4
.000
.000
.000
.000
000
000
000
000
000
000
92
.
.
COMPOUNDING
& DISCOUNTING
TABLES
.
S
RATE
46%
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
_
*
5
*
*
*
S
S
X
_
*
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
932
131
323
084
743
.684
1.154
1.475
1.695
1 846
932
063
385
469
212
1.460
.866
.677
.589
541
000
504
789
807
650
1
2
3
4
5
103
070
.048
.033
022
248
718
437
176
723
1 949 460
2.020 178
2 068 615
2.101 791
2.124 515
512
495
483
475
470
963
006
415
785
696
6
7
8
9
10
015
010
007
.005
.003
564
660
302
001
425
2.140
2 150
2.158
2 163
2.166
078
739
040
041
467
.467
464
.463
462
.461
273
957
383
312
581
11
12
13
14
15
002
.001
001
.000
.000
346
607
101
754
516
2 168
2 170
2.171
2.172
2.172
813
420
520
274
791
.461
460
.460
.460
.460
082
740
507
347
238
16
17
18
19
20
.000 354
.000 242
000 166
000114
.000 078
2 173
2.173
2 173
2.173
2.173
144
386
552
666
744
.460
.460
.460
.460
460
163
111
076
052
036
21
22
23
24
25
000
000
.000
.000
.000
2.173
2.173
2.173
2.173
2.173
797
834
859
876
888
460
.460
.460
.460
460
025
017
012
008
005
26
27
28
29
30
.000 006
.000 004
.000 003
2.173
2.173
2.173
2.173
2 173
896
901
905
907
909
.460
.460
.460
.460
.460
004
003
002
001
001
31
32
33
34
35
.000
000
.000
.000
.000
2.173
2.173
2.173
2.173
2.173
910
911
912
912
912
460
.460
.460
.460
460
001
000
000
000
000
36
37
38
39
40
.000 000
.000 000
000
.000 000
.000 000
2.173
2.173
2.173
2.173
2 173
913
913
913
913
913
460
.460
460
.460
460
000
000
000
000
000
41
42
43
44
45
.000
.000
.000
.000
.000
2.173
2.173
2.3.73
2.173
2.173
913
913
913
913
913
.460
.460
.460
.460
.460
000
000
000
000
000
46
47
48
49
50
053
037
025
017
012
o.000002
5
*
_S.000
_
_
Yea
.684
.469
.321
220
.150
o.000008
CAPITAL
RECOVERY
FACTOR
with compound
interest
001
001
001
000
000
000
000
000
000
000
.
.
O
.
.
~~COMPOUNDING
& DISCOUNTING
TABLES
93
RATE
47%
FACTOR
COMPOUNDING
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
FACTOR
COMPOUNDING
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
interest
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.000
.404
.215
.128
.080
000
858
941
083
148
060
359
097
223
288
.051
.033
.022
.015
.010
703
977
592
136
192
145.236
214.498
316.312
465.979
685.989
823
130
251
010
144
.006
.004
.003
.002
.001
885
662
161
146
458
900
252
861
246
901
1,009.404
1.484.823
2,183.691
3,211.026
4,721.208
042
941
194
055
300
.000
.000
.000
.000
.000
991
673
458
311
212
815
638
097
27
45
6,941.176
10,204.529
15,001.657
22,053.436
32.419.552
201
02
65
75
02
.000
.000
000
.000
.000
144
098
067
045
031
47
97
6
8
0
.000
.000
.000
.000
000
021
014
010
007
004
0
2
1
.000
.000
.000
.000
.000
003
002
001
001
001
2.245,565.780
j.300.982.697
4,852,445.564
7.133,095.979
10,485,652.09
.000
000
000
.000
.000
000
000
000
000
000
7,244,538.499
10,649.471.59
15,654,723.24
23,012.443.17
33,828,291.45
15.413,909.57
22,658,448.07
33,307,919.66
48,962,642.90
71,975,086.07
.000
.000
.000
.000
.000
000
000
000
000
000
49.727,588.44
73.099.555.00
107,456.345.9
157,960.828.4
232,202.417.7
105,803,377.5
155,530.966.0
228,630,521.0
336,086,866.8
494,047.695.2
.000
.000
000
000
.000
000
000
000
000
000
1
2
3
4
5
1.470
2.160
3.176
4.669
6.864
000
900
523
489
149
1.000 000
2.470 000
4.630 900
7.807 423
12.476 912
6
7
8
9
10
10.090
14.832
21.804
32.052
47.116
298
739
126
065
535
19.341
29.431
44.264
66.068
98.120
11
12
13
14
15
69.261
101.814
149.666
220.010
323.414
307
121
758
134
898
16
17
18
19
20
475.419
698,867
1.027.334
1,510.182
2,219.967
21
22
23
24
25
3,263.352
4,797.128
7,051.779
10,366.115
15.238.189
26
27
28
29
30
22,400.138
32,928.203
48,404.459
71.154.555
104,597.196
49
58
27
13
0
31
32
33
34
35
153,757.878
226,024.080
332.255.398
488,415.436
717,970.691
2
9
9
4
6
36
37
38
39
40
1,055,416.917
1,551.462.867
2.280,650.415
3,352,556.110
4.928.257.482
41
42
43
44
45
46
47
48
49
50
47,657.741
70,057.879
102,986.083
151,390.542
222.545.098
327,142.294
480,900.172
706,924.253
1.039,179.652
1.527,595.088
94
COMPOUNDING
& DISCOUNTING
TABLES
RATE
47%
_
*
_
*
*
*
U
S
*
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
CAPITAL RECOVERY
FACTOR
Year
.680
.462
.314
.214
.145
272
770
810
156
684
.680
1.143
1.457
1.672
1.817
272
042
852
008
693
1.470
.874
.685
.598
.550
000
858
941
083
148
1
2
3
4
5
.099
.067
.045
.031
.021
105
418
863
199
224
1.916
1.984
2.030
2.061
2.082
798
216
079
278
502
.521
.503
.492
.485
.480
703
977
592
136
192
6
7
8
9
10
.014
.009
.006
.004
.003
438
822
682
545
092
2.096
2.106
2.113
2.117
2.121
940
762
444
989
081
.476
.474
.473
.472
.471
885
662
161
146
458
11
12
13
14
15
.002 103
.001431
.000 973
.000 662
.000 450
2.123
2.124
2.125
2.126
2.126
184
615
589
251
701
.470
.470
.470
.470
.470
991
673
458
311
212
16
17
18
19
20
.000
.000
.000
.000
.000
306
208
142
096
066
2.127
2 127
2.127
2.127
2.127
008
216
358
454
520
.470
.470
.470
.470
.470
144
098
067
045
031
21
22
23
24
25
.000
.000
.000
.000
.0C0
045
030
021
014
010
2.127 565
2.127 595
2.127 616
2.127 630
2.127 639
.470
.470
.470
.470
470
021
014
010
007
004
26
27
28
29
30
.000 007
.000 004
o.000
003
.000 002
.000 001
2.127 646
2.127 650
2.127 653
2.127 655
2.127 657
.470
.470
.470
.470
.470
003
002
001
001
001
31
32
33
34
35
.000 001
658
658
659
659
659
.470
.470
.470
.470
.470
000
000
000
000
000
36
37
38
39
40
.000000
.000 000
.000 000
2.127
2.127
2.127
2.127
2.127
_U.000
.000 000
.000 000
000
.000 000
.000 000
2.127 659
2.127 659
2.127 659
2.127 659
2.127 660
.470
.470
.470
.470
.470
000
000
000
000
000
41
42
43
44
45
*
.000
.000
.000
.000
.000
2.127
2.127
2.127
2.127
2.127
.470
.470
.470
.470
.470
000
000
000
000
000
46
47
48
49
50
o.000001
.
.
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
COMPOUNDING
000
000
000
000
000
& DISCOUNTING
TABLES
660
660
660
660
660
95
RATE
48%
Year
COMPOUNDING
FACTOR
FOR 1
What an initial
amount becomes
when growing at
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
compound interest
by a given year
1
2
3
4
5
1.480
2.190
3.241
4.797
7.100
000
400
792
852
821
6
7
8
9
10
10.509
15.553
23.019
34.068
50.421
215
639
385
690
662
19.810
30.320
45.873
68.893
102.961
11
12
13
14
15
74.624
110.443
163.456
241.915
358.035
059
608
539
678
204
16
17
18
19
20
529.892
784.240
1,160.675
1,717.799
2,542.343
21
22
23
24
25
3,762.669
5,568.750
8,241.750
12,197.790
18,052.729
26
27
28
29
30
26,718.040
39,542.699
58,523.195
86,614.329
128,189.207
28
62
43
24
3
31
32
33
34
35
189,720.026
280.785.639
415,562.746
615,032.865
910,248.640
8
6
6
0
2
36
37
38
39
40
1.347,167.988
1,993,808.621
2,950,836.760
4,367.238.405
6,463,512.839
41
42
43
44
45
46
47
48
49
50
1.000 000
2.480 000
4.670400
7.912 192
12.710 044
1.000
.403
.214
.126
.078
000
226
114
387
678
865
081
719
105
795
.050
.032
.021
.014
.009
477
981
799
515
712
153.383
228.007
338.451
501.907
743.823
457
516
124
663
342
.006 520
.004 386
.002 955
001992
.001 344
102
311
660
977
965
1.101.858
1,631.750
2,415.990
3,576.666
5,294.466
546
647
958
618
595
.000
.000
.000
.000
.000
908
613
414
280
189
069
222
328
49
92
7,836.810
11.599.479
17,168.229
25,409.980
37,607.770
560
63
85
18
67
.000
.000
.000
.000
.000
128
086
058
039
027
58
87
5
9
1
.000
.000
.000
.000
.000
018
012
008
006
004
4
2
8
.000
.000
.000
.000
.000
003
002
001
001
001
2,806,597.891
4,153,765.878
6,147,574.500
9,098,411.259
13.465,649.66
.000
.000
.000
.000
.000
000
000
000
000
000
9,565,999.001
14,157.678.52
20,953,364.21
31,010,979.03
45,896.248.97
19.929,162.50
29,495,161.50
43,652,840.03
64,606,204.24
95,617,183.27
.000
.000
.000
.000
.000
000
000
000
000
000
67,926,448.48
100,531,143.7
148.786.092.7
220.203,417.3
325,901,057.5
141.513,432.2
209,439,880.7
309,971,024.5
458,757,117.2
678,960,534.5
.000
.000
.000
.000
.000
000
000
000
000
000
55.660.500
82,378.540
121,921.240
180,444.435
267,058.765
395,247.972
584,967.999
865,753.638
1,281,316.385
1,896,349.250
_
_
.
96
COMPOUNDING
& DISCOUNTING
TABLES
.
.
.
RATE
48%
DISCOUNT FACTOR
How much 1 at
a future date
is worth today
1
2
3
4
5
095
388
830
182
015
.530
.512
.501
.494
.489
477
981
799
515
712
6
7
8
9
10
.013 401
.009 054
.006 118
.004 134
.002 793
2.055 416
2.064 470
2 070 588
2.074 722
2.077 515
.486
.484
.482
.481
.481
520
386
955
992
344
11
12
13
14
15
.001 887
.001275
.000 862
.000 582
.000393
2.079 402
2.080 677
2.081 538
2.082 121
2.082514
.480 908
.480 613
.480 414
.480 280
.480189
16
17
18
19
20
000
.000
.000
.000
000
266
180
121
082
055
2.082
2.082
2.083
2.083
2.083
780
959
081
163
218
.480
.480
.480
.480
.480
128
086
058
039
027
21
22
23
24
25
51
.000
.000
.000
.000
.000
037
025
017
012
008
2.083
2.083
2.083
2.083
2.083
255
281
298
309
317
.480
.480
.480
.480
.480
018
012
008
006
004
26
27
28
29
30,
_S
.000
.000
.000
.000
.000
005
004
002
002
001
2.083
2.083
2.083
2.083
2.083
322
326
328
330
331
.480
.480
.480
.480
.480
003
002
001
001
001
31
32
33
34
35
.000
- 1
.000
000
.000
.000
001
001
000
000
000
2.083
2.083
2.083
2.083
2.083
332
332
333
333
333
.480
.480
.480
.480
.480
000
000
000
000
000
36
37
38
39
40
.000
.000
.000
.000
000
000
000
000
000
000
2.083
2.083
2.083
2 083
2.083
333
333
333
333
333
.480
.480
.480
.480
.480
000
000
000
000
000
41
42
43
44
45
2 083 333
2.083 333
2.083 333
2.083 333
2.083 333
.480
.480
.480
.480
.480
000
000
000
000
000
46
47
48
49
50
*
*
5
_
5
3
=
-
676
538
471
427
829
.675 676
1.132 213
1.440 685
1.649 111
1.789 940
.095
.064
.043
.029
.019
155
294
442
352
833
1.885
1.949
1.992
2.022
2.042
Year
000
226
114
387
678
.675
.456
.308
.208
.140
CAPITAL RECOVERY
FACTOR
1.480
.883
.694
.606
.558
.000 000
.000 000
.000 000
000 000
.000000
COMPOUNDING
PRESENT WORTH OF
AN ANNUITY FACTOR
How much 1 received
or paid annually
for X years
is worth today
& DISCOUNTING
TABLES
97
RATE
49%
Year
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
compound interest
by a given year
1
2
3
4
5
1,490
2.220
3,307
4.928
7.343
000
100
949
844
978
6
7
8
9
10
10.942
16.304
24.293
36.197
53.934
11
12
13
14
15
000
000
100
049
893
1 000
.401
212
124
.077
000
606
310
719
239
527
365
503
320
007
20.290 871
31.233 397
47.537 762
71.831265
108.028 585
049
.032
.021
013
009
283
017
036
922
257
80.361
119.738
178.410
265.832
396.090
670
888
943
305
135
161.962
242.324
362.063
540.474
806.306
592
261
150
093
398
.006
.004
002
.001
.001
174
127
762
850
240
16
17
18
19
20
590.174
879.359
1.310.245
1.952.266
2,908.877
301
709
966
490
070
1,202.396
1,792.570
2,671.930
3.982.176
5,934.443
533
835
544
510
000
000
.000
000
.000
000
832
558
374
251
169
21
22
23
24
25
4,334.226
6.457.997
9,622.416
14,337.401
21,362.727
834
983
995
32
97
8,843.320
13,177.546
19,635.544
29,257.961
43,595.363
070
91
89
88
21
000
.000
.000
.000
.000
113
076
051
034
023
26
27
28
29
30
31,830.464
68
47,427.392
37
63
70,666.814
105.293.553
8
156.887.395
2
18
86
2
9
7
000
.000
000
.000
.000
015
010
007
005
003
31
32
33
34
35
233.762.218
348.305.706
518,975.501
773,273.497
1.152,177.512
36
37
38
39
40
1,716,744.493
2.557.949.294
3,811.344.448
5,678.903.228
8.461,565.809
3,503,558.148
5.220,302.641
7,778,251.935
11,589.596.38
17,268,499.61
.000
.000
000
000
.000
000
000
000
000
000
41
42
43
44
45
12,607,733.06
18,785.522.25
27,990,428.16
41,705,737.95
62,141,549.55
25,730,065.42
38,337,798.48
57.123.320.73
85.113.748.89
126,819,486.8
000
.000
.000
.000
.000
000
000
000
000
000
46
47
48
49
50
92,590,908.83
137,960,454.2
205,561,076.7
306,286,004.3
146.4
456.366
188.961,036.4
281,551.945.2
419,512,399.4
625.073,476.1
931.359.480.4
.000
.000
.000
.000
.000
000
000
000
000
000
98
8
0
9
9
1.000
2.490
4.710
8.018
12.946
64,958.091
96.788.555
144,215.948
214,882.762
320,176.316
477,063.7118
710.825.930
1.059,131.637
1,578,107.139
2.351,380.636
COMPOUNDING
.000 002
.000 001
.000001
000 001
.000 000
& DISCOUNTING
TABLES
5
_
RATE
49%
*
_
5
*
_
_
*
*
*
*
5
5
*
S
5
5
S
_
_
*
_U.000
0
_
PRESENT
WORTH
OF
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
CAPITAL
RECOVERY
FACTOR
with compound
interest
671 141
.450 430
.302 302
202 887
.136 166
671
1.121
1.423
1 626
1 762
141
571
873
761
927
1.490 000
.891606
.702 310
.614 719
.567 239
.091
.061
.041
.027
.018
387
333
163
626
541
1 854
1.915
1 956
1.984
2.002
313
646
810
436
977
.539
.522
511
.503
.499
283
017
036
922
257
6
7
8
9
10
.012
.008
.005
.003
.002
444
352
605
762
525
2.015
2 023
2.029
2.033
2 035
421
772
377
139
664
496
.494
492
491
.491
174
127
762
850
240
11
12
13
14
15
.001 694
001 137
.000 763
000 512
000 344
2 037 358
2.038 496
2.039 259
2.039 771
2.040 115
.490
.490
490
.490
490
832
558
374
251
169
16
17
18
19
20
000
000
000
.000
.000
231
155
104
070
047
2.040 345
2.040 500
2.040 604
2 040 674
2.040 721
.490
.490
490
.490
490
113
076
051
034
023
21
22
23
24
25
.000
000
000
000
000
031
021
014
009
006
2.040 752
2.040 773
2.040 787
2 040 797
2.040 803
490
.490
.490
.490
490
015
010
007
005
003
26
27
28
29
30
000
000
.000
000
000
004
003
002
001
001
2.040
2.040
2 040
2.040
2.040
808
810
812
814
815
.490
.490
.490
.490
.490
002
001
001
001
000
31
32
33
34
35
000
.000
000
.000
000
001
000
000
000
000
2.040
2.040
2 040
2.040
2.040
815
816
816
816
816
490
.490
.490
.490
490
000
000
000
000
000
36
37
38
39
40
.000 000
.000 000
000
.000 000
i000
000
2.040 816
2.040 816
2.040 816
2.040 816
2 040 816
490
.490
490
.490
.490
000
000
000
000
000
41
42
43
44
45
000
.000
.000
.000
.000
2.040 816
2.040 816
2.040 816
2.040 816
2 040 816
.490
.490
490
.490
.490
000
000
000
000
000
46
47
48
49
50
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
COMPOUNDING
000
000
000
000
000
& DISCOUNTING
TABLES
Year
1
2
3
4
5
99
RATE
50%
COMPOUNDING FACTOR
FOR 1
What an initial
amount becomes
when growing at
Year
compound
interest
1
2
3
4
5
1.500
2.250
3.375
5.062
7.593
000
000
000
500
750
6
7
8
9
10
11.390
17.085
25.628
38.443
57.665
625
938
906
359
039
COMPOUNDING FACTOR
FOR 1 PER ANNUM
Growth of equal
year-end deposits
all growing
at compound
1.000
2.500
4.750
8.125
13.187
interest
000
000
000
000
500
SINKING FUND
FACTOR
Level deposit
required each
year to reach 1
by a given year
1.000
.400
.210
.123
.075
20.781250
32.171875
49,257 812
74.886 719
113.330 078
.048 120
.031083
.020 301
.013 354
.008 824
86.497
559
129.746
338
194 619 507
291.929
260
437.893
890
170.995
257.492
387.239
581.858
873.787
117
676
014
521
781
005 848
.003 884
002 582
.001719
.001 144
16
17
18
19
20
656.840
836
985.261253
1.477.891
880
2.216.837
820
3,325.256
730
1,311.681
1,968.522
2.953.783
4.431.675
6,648.513
671
507
760
640
460
.000
.000
.000
.000
.000
762
508
339
226
150
21
22
23
24
25
4,987.885
7,481.827
11,222.741
16,834.112
25.251.168
9,973.770
14.961.655
22.443.482
33.666.224
50.500.336
190
29
93
39
59
.000
.000
.000
.000
.000
100
067
045
030
020
26
27
28
29
30
37.876.752
56,815.128
85,222.692
127,834.039
191.751.059
88
3
0
0
5
.000
.000
.000
.000
.000
013
009
006
004
003
31
32
33
34
35
287,626.588
431.439.883
647.159.824
970,739.737
1,456,109.606
7
6
.000
.000
.000
.000
.000
002
001
001
001
000
36
37
38
39
40
2,184,164.409
3,276,246.614
4,914,369.920
7,371,554.881
11,057,332.32
4,368,326.818
6,552,491.227
9,828.737.841
14,743,107.76
22,114,662.64
.000
.000
.000
.000
000
000
000
000
000
000
41
42
43
44
45
16,585,998.48
24,878,997.72
37,318,496.58
55,977,744.87
83,966,617.31
33,171.994.96
49,757,993.44
74,636,991.17
111,955,487.8
167.933,232.6
.000
000
.000
.000
.000
000
000
000
000
000
46
47
48
49
50
125,949,926.0
188.924,889.0
283.387,333.4
425,081,000.1
637,621,500.2
251,899.849.9
377,849,775.9
566.774,664.9
850.161.998.3
1,275,242,998.
.000
.000
000
000
.000
000
000
000
000
000
100
44
66
99
5
2
8
3
9
4
75,751.504
113,628.257
170.443.386
255,666.079
383,500.118
575.251.177
862,877.766
1.294,317.650
1.941,477.475
2,912,217.212
COMPOUNDING
S
5
000
000
526
077
829
11
12
13
14
15
095
643
46
20
29
& DISCOUNTING
5
5
TABLES
RATE
50%
*
5
5fi
DISCOUNT
FACTOR
How much 1 at
a future date
is worth today
5
5
*
S
0
S
_
667
;44
.666
667
1.111
111
.900000
.296
.197
.131
296
531
687
1.407
1.604
1.736
407
938
626
.710
.623
.575
1.500
000
.087
.058
.039
.026
.017
791
528
018
012
342
011
.007
.005
.003
.002
Year
526
077
829
3
4
5
1.824 417
1.882 945
1.921963
1.947 975
1.965 317
548 120
.531083
.520 301
.513 354
.508 824
6
7
9
10
561
707
138
425
284
1.976
1.984
1.989
1.993
1.995
878
585
724
149
433
.505
.503
.502
.501
.501
848
884
582
719
144
11
12
13
14
15
.001 522
.001015
.000 677
.000 451
000 301
1.996
1.997
1.998
1.999
1.999
955
970
647
098
399
.500
.500
500
.500
.500
762
508
339
226
150
16
17
.000
.000
.000
.000
.000
200
134
089
059
040
1.999
1.999
1.999
1.999
1.999
599
733
822
881
921
.500
.500
.500
.500
.500
100
067
045
030
020
21
22
23
24
25
.000
.000
.000
.000
026
018
012
008
005
1.999
1.999
1.999
1.999
1.999
947
965
977
984
990
.500
.500
.500
.500
.500
013
009
006
004
003
26
.000
.000
.000
.000
.000
003
002
002
001
001
1.999
1.999
1.999
1.999
1.999
993
995
997
998
999
.500
.500
.500
.500
.500
002
001
001
001
000
31
32
33
34
35
.000
.000
.000
.000
.000
000
000
000
000
000
1.999
1.999
2,000
2.000
2.000
999
999
000
000
000
.500
.500
.500
500
.500
000
000
000
000
000
36
37
38
39
.000
.000
.000
.000
.000
000
000
000
000
000
2.000
2.000
2.000
2.000
2 000
000
000
000
000
000
.500
500
.500
.500
500
000
000
000
000
000
41
42
43
44
45
000
.000
000
000
000
000
000
2.000
2.000
2.000
2.000
2.000
000
000
000
000
000
.500
500
.500
500
.500
000
000
000
000
000
46
47
_S.000
RECOVERY
CAPITAL
FACTOR
Annual
payment
that will
with compound
interest
.444
.666
OF
WORTH
PRESENT
AN ANNUITY
FACTOR
How much 1 received
or paid annually
for X years
is worth today
_S000
.000
.000
18
19
20
27
28
29
30
40
48
49
50
& DISCOUNTING
~~COMPOUNDING
TABLES
101
a
S
a
a
a
a
a
a
a
S
a
a
S
a
a
a
a
a
S
a
S
a
a
a
a
a
a
a
a
a
a
a
a
a
Summary
Present
Discun,
of
a
a
a
a
a
a
a
a
a
a
a
a
a
S
JD
a
a
a
S
a
a
a
a
S
a
S
a
a
a
a
a
and
Tabics:
Capital
______________
an
Worth
Annuity,
Recovery
Factors
DISCOUNT
FACTOR-How
much 1 at a future date is worth today.
1%
3%
5%
6%
8%
10%
12%
14%
15%
16%
18%
2
3
4
5
.990
.980
.971
.961
.951
.971
.943
.915
.888
.863
.952
.907
.864
.823
.784
.943
.890
.840
.792
.747
.926
.8S7
.794
.735
.681
.909
.826
.751
.683
.621
.893
.797
.712
.636
.567
.877
.769
.675
.592
.519
.870
.756
.658
.572
.497
.862
.743
.641
.552
.476
.847
.718
.609
.516
.437
6
7
a
9
10
.942
.933
.923
.914
.905
.837
.813
.789
.766
.744
.746
.711
.677
.645
.614
.705
.665
.627
.592
.558
.630
.583
.540
.500
.463
.564
.513
.467
.424
.386
.507
.452
.404
.361
.322
.456
.400
.351
.308
.270
.432
.376
.327
.284
.247
.410
.354
.305
.263
.227
.370
.314
.266
.225
.191
11
12
13
14
15
.896
.887
.879
.870
.861
.722
.701
.681
.661
.642
.585
.557
.530
.505
.481
.527
.497
.469
.442
.417
.429
.397
.368
.340
.315
.350
.319
.290
.263
.239
.287
.257
.229
.205
.183
.237
.208
.182
.160
.140
.215
.187
.163
.141
.123
.195
.168
.145
.125
.108
.162
.137
.116
.099
.084
16
17
is
19
20
.853
.844
.836
.828
.820
.623
.605
.587
.570
.554
.458
.436
.416
.396
.377
.394
.371
.350
.331
.312
.292
.270
.250
.232
.215
.218
.198
.180
.164
.149
.163
.146
.130
: 116
.104
.123
.108
.095
.083
.073
.107
.093
.081
.070
.061
.093
.080
.069
.060
.051
.071
.060
.051
.043
.037
21
22
23
24
25
.811
.803
.795
.788
.780
.538
.522
.507
.492
.478
.359
.342
.326
.310
.295
.294
.278
.262
.247
.233
.199
.184
.170
.158
.146
.135
.123
.112
.102
.092
.093
.083
.074
.066
.059
.064
.056
.049
.043
.038
.053
.046
.040
.035
.030
.044
.038
.033
.028
.024
.031
.026
.022
.019
.016
26
27
28
29
30
.772
.764
.757
.749
.742
.464
.450
.437
.424
.412
.281
.268
.255
.243
.231
.220
.207
.196
.185
.174
.135
.125
.116
.107
.099
.084
.076
.069
.063
.057
.053
.047
.042
.037
.033
.033
.029
.026
.022
.020
.026
.023
.020
.017
.015
.021
.018
.016
.014
.012
.014
.011
.010
.008
.007
35
.706
.355
.181
.130
.068
.036
.019
.010
.008
.006
.003
40
.672
.307
.142
.097
.046
.022
.011
.005
.004
.003
.001
45
.639
.264
.111
.073
.031
.014
.006
.003
.002
.001
.001
.608
.228
.087
.054
.021
.009
.003
.001
.001
.001
.000
Year
1
50
104
SUMMARY
TABLES
3
3
_
_
@
@
_
@
~~DISCOUNT
FACTOR-How
~~20%22% 24% 25% 26% 28% 30% 35% 40% 45% 50% Year
1
.794
.781
.769
.741
.714
.690
.667
~~~.833
.820
.806
.800
2
.630
.610
.592
.549
.510
.476
.444
~~~.694
.672
.650
.640
.455
.406
.364
.328
.296
3
~~~.579
.551
.524
.512
.500
.477
.226
.198
4
.423
.410
.397
.373
.350
.301
.260
.482
.451
.223
.186
.156
. 132
5
~~~.402
.370
.341
.328
.315
.291
.269
165
.133
.108
.088
6
~~~.335
.303
.275
.262
.250
.227
.207
7
.178
. 159
.122
.095
.074
.059
.279
.249
.222
.210
.198
.123
.091
.068
.051
.039
8
~~~.233
.204
.179
.168
.157
.139
9
.125
.108
.094
.067
.048
.035
.026
~~~.194
.167
.144
134
.017
10
.107
.099
.085
.073
.050
.035
.024
~~~.162
.137
.116
.135
.112
.065
.051
~~~.112
.092
.093
.075
~~~.078
.062
3
~~~.054
.042
.045
.034
3
~~~.038
.028
.031
.023
.019
3USMAYTBE
~~~.026
.022
.015
.013
3
~~~.018
.010
.015
.008
3
.~~013
@
3
3
3
_
-@
much 1 at a future date is worth today.
~~~.010.007
~~.009.006
~~~.007
.005
.006
.005
.004
.003
.003
~~~.004
~~~.002
.001
~~~.001.000
~~.000 .000
~~~.000.000
.094
.076
.061
.049
.040
.086
.069
.055
.044
.035
.079
.062
.050
.039
.031
.066
.052
.040
.032
.025
.056
.043
.033
.025
.020
.037
.027
.020
.015
.011
.025
.018
.013
.009
.006
.017
.012
.008
.006
.004
.012
.008
.005
.003
.002
11
12
13
14
15
.032
.026
.021
.017
.014
.028
.023
.018
.014
.012
.025
.020
.016
.012
.010
.019
.015
.012
.009
.007
.015
.012
.009
.007
.005
.008
.006
.005
.003
.002
.005
.003
.002
.002
.001
.003
.002
.001
.001
.001
.002
.001
.001
.000
.000
16
17
is
19
20
.011
.009
.007
.006
.005
.009
.007
.006
.005
.004
.008
.006
.005
.004
.003
.006
.004
.003
.003
.002
.004
.003
.002
.002
.001
.002
.001
.001
.001
.001
.001
.001
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
21
22
23
24
25
.004
.003
.002
.002
.002
.003
.002
.002
.002
.001
.002
.002
.002
.001
.001
.002
.001
.001
.001
.001
.001
.001
.001
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
.000
26
27
28
29
30
.001
.000
.000
.000
.000
.000
.000
.000
.000
35
.000
.000
.000
.000
.000
.000
.000
.000
.000
40
.000
.000
.000
.000
.000
.000
.000
.000
.000
45
.000
.000
.000
.000
.000
.000
.000
.000
.000
50
PRESENT WORTH OF AN ANNUITY

FACTORHow much 1 received or paid annually for X years is worth today.
1%
3%
5%
6%
8%
10%
12%
14%
15%
16%
18%
2
3
4
5
.990
1.970
2.941
3.902
4.853
.971
1.913
2.829
3.717
4.580
.952
1.859
2.723
3.546
4.329
.943
1.833
2.673
3.465
4.212
.926
1.783
2.577
3.312
3.993
.909
1.736
2.487
3.170
3.791
.893
1.690
2.402
3.037
3.605
.877
1.647
2.322
2.914
3.433
.870
1.626
2.283
2.855
3.352
.862
1.605
2.246
2.798
3.274
.847
1.566
2.174
2.690
3.127
6
7
8
9
10
5.795
6.728
7.652
8.566
9.471
5.417
6.230
7.020
7.786
8.530
5.076
5.786
6.463
7.108
7.722
4.917
5.582
6.210
6.802
7.360
4.623
5.206
5.747
6.247
6.710
4.355
4.868
5.335
5.759
6.145
4.111
4.564
4.968
5.328
5.650
3.889=
4.288
4.639
4.946
5.216
3.784
4.160
4.487
4.772
5.019
3.685
4.039
4.344
4.607
4.833
3.498
3.812
4.078
4.303
4.494
11
12
13
14
15
10.368
11.255
12.134
13.004
13.865
9.253
9.954
10.635
11.296
11.938
8.306
8.863
9.394
9.899
10.380
7.887
8.384
8.853
9.295
9.712
7.139
7.536
7.904
8.244
8.559
6.495
6.814
7.103
7.367
7.606
5.938
6.194
6.424
6.628
6.811
5.453
5.660
5.842
6.002
6.142
5.234
5.421
5.583
5.724
5.847
5.029
5.197
5.342
5.468
5.575
4.656
4.793
4.910
5.008
5.092
16
17
is
19
20
14.718
15.562
16.398
17.226
18.046
12.561
13.166
13.754
14.324
14.877
10.838
11.274
11.690
12.085
12.462
10.106
10.477
10.828
11.158
11.470
8.851
9.122
9.372
9.604
9.818
7.824
8.022
8.201
8.365
8.514
6.974
7.120
7.250
7.366
7.469
6.265
6.373
6.467
6.550
6.623
5.954
6.047
6.128
6.198
6.259
5.668
5.749
5.818
5.877
5.929
5.162
5.222
5.273
5.316
5.353
21
2n2
23
24
25
18.857
19.660
2a.456
21.243
22.023
15.415
15.937
16.444
16.936
17.413
12.821
13.163
13.489
13.799
14.094
11.764
12.042
12.303
12.550
12.783
10.017
10.201
10.371
10.529
10.675
8.649
8.772
8.883
8.985
9.077
7.562
7.645
7.718
7.784
7.843
6.687
6.743
6.792
6.835
6.873
6.312
6.359
6.399
6.434
6.464
5.973
6.011
6.044
6.073
6.097
5.384
5.410
5.432
5.451
5.467
26
27
28
29
30
22.795
23.560
24.316
25.066
25.808
17.877
18.327
18.764
19.188
19.600
14.375
14.643
14.898
15.141
15.372
13.003
13.211
13.406
13.591
13.765
10.810
10.935
11.051
11.158
11.258
9.161
9.237
9.307
9.370
9.427
7.896
7.943
7.984
8.022
8.055
6.906
6.935
6.961
6.983
7.003
6.491
6.514
6.534
6.551
6.566
6.118
6.136
6.152
6.166
6.177
5.480
5.492
5.502
5.510
5.517
Year
1
35
29.409
21.487
16.374
14.498
11.655
9.644
8.176
7.070
6.617
6.215
5.539
40
32.835
23.115
17.159
15.046
11.925
9.779
8.244
7.105
6.642
6.233
5.548
45
36.095
24.519
17.774
15.456
12.108
9.863
8.283
7.123
6.654
6.242
5.552
50
39.196
25.730
18.256
15.762
12.233
9.915
8.304
7.133
6.661
6.246
5.554
106
SUMMARY
TABLES
3
@
@
@
_
|xw
@
_
@
3
"
"
_
w
_
-
~~~PRESENT
WORTH OF AN ANNUITY FACTOR~~How
much 1 received or paid annually for X years is worth
~~20%22% 24% 25% 26% 28% 30% 35% 40% 45% 50% Year
.~~~833 .820
1.528
1.492
2.042
2.494
2.864
.806
1.457
1.981
2.404
2.745
.800
1'.440
1.952
2.362
2.689
.794
1.424
1.923
2.320
2.635
.781
1.392
1.868
2.241
2.532
.769
1.361
1.816
2.166
2.436
.741
1.289
1.696
1.997
2.220
.714
1.224
1.589
1.849
2.035
.690
1.165
1.493
1.720
1.876
.667
1.111
1.407
1.605
1.737
1
2
3
4
5
3.326
3.020
3.242
3.421
3.566
3.682
2.951
3.161
3.329
3.463
3.571
2.885
3.083
3.241
3.366
3.465
2.759
2.937
3.076
3.184
3.269
2.643
2.802
2.925
3.019
3.092
2.385
2.508
2.598
2.665
2.715
2.168
2.263
2.331
2.379
2.414
1.983
2.057
2.108
2.144
2.168
1 824
1.883
1.922
1.948
1.965
6
7
8
9
10
3.776
3.851
3.912
3.962
4.001
3.656
3.725
3.780
3.824
3.859
3.543
3.606
3.656
3.695
3.726
3.335
3.387
3.427
3.459
3.483
3.147
3.190
3.223
3.249
3.268
2.752
2.779
2.799
2.814
2.825
2.438
2.456
2.469
2.478
2.484
2.185
2.196
2.204
2.210
2.214
1 977
1.985
1.990
1.993
1.995
11
12
13
14
15
3.751
3.771
3.786
3.799
3.808
3.503
3.518
3.529
3.539
3.546
3.283
3.295
3.304
3.311
3.316
2.834
2 840
2.844
2.848
2.850
2.489
2.492
2.494
2.496
2.497
2.216
2.218
2.219
2.220
2.221
1.997
1.998
1.999
1.999
1.999
16
17
is
19
20
~~~2.106
~~2.589
~~~2.991
@
@
3.167
~~~3.605
3.416
3.837
3.619
~~~4.031
3.786
~~~4.192
3.923
~~~4.327
4.035
4.439
4.127
~~~4.533
4.203
4.611
4.265
~~~4.675
4.315
4.730
4.357
4.033
4.870
4.460
4.110
3.887
3.910
3.928
3.942
3.954
~~~4.891
4.476
~~~4.909
4.488
~~~4.925
4.499
~~4.9374.507
~~~4.948
4.514
~~~4.956
4.520
~~~4.964
4.524
~~~4.970
4.528
~~~4.975
4.531
~~~4.979
4.534
4.121
4.130
4.137
4.143
4.147
3.963
3.970
3.976
3.981
3.985
3.816
3.822
3.827
3.831
3.834
3.551
3.556
3.559
3.562
3.564
3.320
3.323
3.325
3.327
3.329
2.852
2.853
2.854
2.855
2.856
2.498
2.498
2.499
2.499
2.499
2.221
2.222
2.222
2.222
2.222
2.000
2.000
2.000
2.000
2.000
21
22
23
24
25
4.151
4.154
4.157
4.159
4.160
3.988
3.990
3.992
3.994
3.995
3.837
3.839
3.840
3.841
3.842
3.566
3.567
3.568
3.569
3.569
3.330
3.331
3.331
3.332
3.332
2.856
2.856
2.857
2.857
2.857
2.500
2.500
2.500
2.500
2.500
2.222
2.222
2.222
2.222
2.222
2.000
2.000
2.000
2.000
2.000
26
27
28
29
30
4.541
4.164
3.998
3.845
3.571
3.333
2.857
2.500
2.222
2.000
35
~~~4.997
4.544
~~~4.999
4.545
~~~4.999
4.545
4.166
3.999
3.846
3.571
3.333
2.857
2.500
2.222
2 000
40
4.166
4.000
3.846
3.571
3.333
2.857
2.500
2.222
2 000
45
4.167
4.000
3.846
3.571
3.333
2.857
2.500
2.222
2.000
50
~~~4.775
4.391
4.059
4.812
4.419
4.080
UMR
TBE
~~~4.843
4.442
4.097
4.992
m
today.
_
CAPITAL RECOVERY FACTOR-3
Annual payment that will repay a $1 loan in X years with compound
interest on the unpaid balance.
Year
1
1%
3%
5%
6%
8%
10%
12%
14%
15%
16%
18%
2
3
4
5
1.010
.508
.340
.256
.206
1.030
.523
.354
.269
.218
1.050
.538
.367
.282
.231
1.060
.545
.374
.289
.237
1.080
.561
.388
.302
.250
1.100
.576
.402
.315
.264
1.120
.592
.416
.329
.277
1.140
.607
.431
.343
.291
1.150
.615
.438
.350
.298
1.160
.623
.445
.357
.305
1.180.639_
.460
.372_
.320-
6
7
8
9
L0
.173
.149
.131
.117
.106
.185
.161
.142
.128
.117
.197
.173
.155
.141
.130
.203
.179
.161
.147
.136
.216
.192
.174
.160
.149
.230
.205
.187
.174
.163
.243
.219
.201
.188
.177
.257
.233
.216
.202
.192
.264
.240
.223
.210
.199
.271
.248
.230
.217
.207
.286
.262
.245_
.232.2233
11
12
13
14
15
.096
.089
.082
.077
.072
.108
.100
.094
.089
.084
.120
.113
.106
.101
.096
.127
.119
.113
.108
.103
.140
.133
.127
.121
.117
.154
.147
.141
.136
.131
.168
.161
.156
.151
.147
.183
.177
.171
.167
.163
.191
.184
.179
.175
.171
.199
.192
.187
.183
.179
.215
.209
.204
.200
.196
16
17
is
19
20
.068
.064
.061
.058
.055
.080
.076
.073
.070
.067
.092
.089
.086
.083
.080
.099
.095
.092
.090
.087
.113
.110
.107
.104
.102
.128
.125
.122
.120
.117
.143
.140
.138
.136
.134
.160
.157
.155
.153
.151
.168
.165
.163
.161
.160
.176
.174
.172
.170
.169
.1943
.191
.1903
.188
.187
21
22
23
24
25
.053
.051
.049
.047
.045
.065
.063
.061
.059
.057
.078
.076
.074
.072
.071
.085
.083
.081
.080
.078
.100
.098
.096
.095
.094
.116
.114
.113
.111
.110
.132
.131
.130
.128
.127
.150
.148
.147
.146
.145
.158
.157
.156
.155
.155
.167
.166
.165
.165
.164
.186_
.185_
.184
.183e
.183
26
27
28
29
30
.044
.042
.041
.040
.039
.056
.055
.053
.052
.051
.070
.068
.067
.066
.065
.077
.076
.075
.074
.073
.093
.091
.090
.090
.089
.109
.108
.107
.107
.106
.127
.126
.125
.125
.124
.145
.144
.144
.143
.143
.154
.154
.153
.153
.152
.163
.163
.163
.162
.162
.182
.182_
.182.181
.181
35
.034
.047
.061
.069
.086
.104
.122
.141
.151
.161
.181
40
.030
.043
.058
.066
.084
.102
.121
.141
.151
.160
.180
45
.028
.041
.056
.065
.083
.101
.121
.140
.150
.160
.180
50
.026
.039
.055
.063
.082
.101
.120
.140
.150
.160
.180
108
SUMMARY
TABLES
~~~~~CAPITAL
RECOVERY FACTORAnnual payment that will repay a $1 loan in X years with compound
~~~~~~~~~interest
on the unpaid balance.
20% 22% 24% 25% 26% 28% 30% 35% 40% 45% 50%
@
@
_
@
@
@
.349
1.240
.686
.505
.416
.364
1.250
.694
.512
.423
.372
1.260
.702
.520
.431
.379
1.280
.719
.535
.446
.395
1.300
.735
.551
.462
.411
1.350
.776
.590
.501
.450
1.400
.817
.629
.541
.491
1.450
.858
.670
.582
.533
1.500
.900
.711
.623
.576
1
2
3
4
5
~~~.301
.316
.277
.293
~~~.261
.276
~~~.248
.264
.255
~~~.239
.331
.308
.292
.280
.272
.339
.316
.300
.289
.280
.347
.324
.309
.297
.289
.362
.340
.325
.314
.306
.378
.357
.342
.331
.323
.419
.399
.385
.375
.368
.461
.442
.429
.420
.414
.504
.486
.474
.466
.461
.548
.531
.520
.513
.509
6
7
8
9
10
.231
.248
.214
.232
.265
.260
.256
.252
.250
.273
.268
.265
.262
.259
.282
.277
.274
.271
.268
.300
.295
.292
.289
.287
.318
.313
.310
.308
.306
.363
.360
.357
.355
.354
.410
.407
.405
.404
.403
.458
.455
.454
.452
.452
.506
.504
.503
.502
.501
11
12
13
14
15
.248
.246
.245
.244
.243
.257
.256
.255
.254
.253
.267
.265
.264
.263
.263
.285
.284
.283
.283
.282
.305
.304
.303
.302
.302
.353
.352
.352
.351
.351
.402
.401
.401
.401
.400
.451
.451
.451
.450
.450
.501
.501
.500
.500
.500
16
17
18
19
20
.243
.242
.242
.241
.241
.252
.252
.251
.251
.251
.262
.262
.261
.261
.261
.282
.281
.281
.281
.281
.301
.301
.301
.301
.300
.351
.350
.350
.350
.350
.400
.400
.400
.400
.400
.450
.450
.450
.450
.450
.500
.500
.500
.500
.500
21
22
23
24
25
.241
.241
.241
.240
.240
.251
.251
.250
.250
.250
.261
.261
.260
.260
.260
.280
.280
.280
.280
.280
.300
.300
.300
.300
.300
.350
.350
.350
.350
.350
.400
.400
.400
.400
.400
.450
.450
.450
.450
.450
.500
.500
.500
.500
.500
26
27
28
29
30
1.200
1.220
.334
~~~.655
.670
.475
.490
~~~.386
.401
~~~.225
.242
.221
.238
~~~.217
.234
3
~~~.211
.230
.228
.209
*
~~~.208
.226
SSMAYTBE
.206
.225
~~~.205
.224
3
.204
.223
.223
3
~~~.204
*
"
-= *
.203
.222
.202
.222
~~~.203
.222
~~~.202
.221
~~~.201
.221
~~.201.221
.201
.221
.221
~~~.201
~~~.200
.220
.240
.250
.260
.280
.300
.350
.400
.450
.500
35
.220
.240
.250
.260
.280
.300
.350
.400
.450
.500
40
~~~.200
.220
~~~.200
.220
.240
.250
.260
.280
.300
.350
.400
.450
.500
45
.240
.250
.260
.280
.300
.350
.400
.450
.500
50
.200
*
Year
a
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
a
0t
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
0
a
a
a
a
S
S
S9
S
S
a
S
S
0
S
a
a
a
a
Narrow-interval
Compounding Tables
RATE
0.0%-0.9%
S
COMPOUNDING
Year
.0%
.1%
FACTOR
.2%
FOR 1
.3%
.4%
1
2
3
4
5
1.000000
1.000 000
1.000 000
1.000 000
1.000 000
1.001000
1.002001
1.003003
1.004006
1.005010
1.002
1.004
1.006
1.008
1.010
000
004
012
024
040
1.003000
1.006009
1.009027
1.012054
1.015090
1.004 000
1.008 016
1.012 048
1.016096
1.020 161
6
7
8
9
10
1.000 000
1.000 000
1.000000
1.000 000
1.000 000
1.006015
1.007021
1.008028
1.009036
1.010045
1.012 060
1.014 084
1.016 112
1.018 145
1.020 181
1.018136
1.021 190
1.024254
1.027326
1.030408
1.024
1.028
1.032
1.036
1.040
241
338
452
581
728
11
12
13
14
15
1.000 000
1.000000
1.000 000
1.000000
1.000 000
1.011055
1.012066
1.013078
1.014091
1.015 105
1.022 221
1.024 266
1.026 314
1.028 367
1.030 424
1.033499
1.036600
1.039710
1.042829
1.045957
1.044
1.049
1.053
1.057
1.061
891
070
266
480
709
16
17
18
19
20
1.000000
1.000 000
1.000 000
1.000000
1.000000
1.016121
1.017137
1.018154
1.019172
1.020 191
1.032485
1.034 549
1.036 619
1.038 692
1.040 769
1.049095
1.052243
1.055399
1.058 565
1.061 741
1.065956
1.070 220
1.074 501
1.078 799
1.083 114
21
22
23
24
25
1.000000
1.000 000
1.000000
1.000 000
1.000000
1.021211
1.022233
1.023255
1.024278
1.025302
1.042 851
1.044 936
1.047 026
1.049 120
1.051 219
1.064926
1.068 121
1.071326
1.074540
1.077763
1.087
1.091
1.096
1.100
1.104
26
27
28
29
30
1.000 000
1.000000
1.000000
1.000 000
1.000 000
1.026328
1.027354
1.028381
1.029410
1.030439
1.053 321
1.055428
1.057 539
1.059 654
1.061 773
1.080996
1.084239
1.087492
1.090755
1.094027
1.109 370
1.113 808
1.118 263
1.122 736
1.127 227
31
32
33
34
35
1.000 000
1.000 000
1.000000
1.000000
1.000000
1.031470
1.032501
1.033533
1.034567
1.035602
1.063 896
1.066 024
1.068156
1.070293
1.072433
1.097309
1.100601
1.103903
1.107214
1.110536
1.131 736
1136 263
1.140 808
1.145 371
1.149 953
36
37
38
39
40
1.000 000
1.000 000
1.000 000
1.000 000
1.000 000
1.036637
1.037674
1.038712
1.039 750
1.040790
1.074 578
1.076727
1.078 881
1.081038
1.083 201
1.113868
1.117209
1.120 561
1.123923
1.127294
1.154 552
1.159 171
1.163 807
1.168 463
1.173 136
41
42
43
44
45
1.000
1.000
1.000
1.000
1.000
1.041831
1.042873
1.043915
1.044959
1.046004
1.085 367
1.087 538
1.089 713
1.091892
1.094 076
1.130676
1.134068
1.137470
1.140883
1.144306
1.177 829
1.182 540
1.187 270
1.192 020
1.196 788
46
47
48
49
50
1.000 000
1.000 000
1.000 000
1.000 000
1.000 000
1.047050
1.048097
1.049145
1.050195
1.051 245
1.096264
1.098457
1.100654
1.102 855
1.105061
1.147738
1.151 182
1.154635
1.158099
1.161 573
1.201 575
1.206 381
1.211 207
1.216 051
1.220 916
112
000
000
000
000
000
NARROW-INTERVAL
447
796
164
548
950
TABLES
.
.
RATE
0.0%-0.9%
COMPOUNDING
FACTOR
FOR 1
.
.5%
.6%
1 005 000
.8%
.9%
Year
1.015
1.020
1.025
025
075
150
251
1.006
1.012
1.018
1.024
1.030
000
036
108
217
362
1.007
1 014
1.021
1.028
1.035
000
049
147
295
493
1.008
1.016
1.024
1 032
1.040
000
064
193
386
645
1.009
1.018
1.027
1.036
1.045
000
081
244
489
817
1
2
3
4
5
1.030
1.035
1.040
1.045
1.051
378
529
707
911
140
1.036
1.042
1.049
1.055
1.061
544
764
020
314
646
1.042
1.050
1.057
1.064
1.072
742
041
391
793
247
1.048
1.057
1.065
1.074
1.082
970
362
821
348
942
1.055
1.064
1.074
1.083
1.093
230
727
309
978
734
6
7
8
9
10
1.056
1.061
1 066
1.072
1.077
396
678
986
321
683
1.068
1.074
1.080
1.087
1.093
016
424
871
356
880
1.079
1.087
1.094
1.102
1.110
752
311
922
586
304
1.091606
1.100 339
1.109 141
1.118 015
1.126 959
1.103
1 113
1.123
1.133
1 143
577
510
531
643
846
11
12
13
14
15
1.083
1.088
1.093
1.099
1 104
071
487
929
399
896
1.100
1.107
1 113
1.120
1127
443
046
688
370
093
1.118
1.125
1.133
1.141
1.149
077
903
784
721
713
1.135
1.145
1.154
1.163
1.172
1.154
1 164
1.175
1.185
1.196
140
528
008
584
254
16
17
18
19
20
1.110
1 115
1.121
1.127
1.132
420
972
552
160
796
1 133 855
1 140 658
1 147 502
1.154 387
1.161314
1 157
1 165
1 174
1.182
1 190
761
865
026
244
520
1.182 146
1.191 603
1 201 136
1.210 745
1.220 431
1.207
1.217
1.228
1.239
1.251
020
883
844
904
063
21
22
23
24
25
1.138
1.144
1.149
1.155
1.161
460
152
873
622
400
1.168
1.175
1 182
1.189
1.196
281
291
343
437
574
1.198
1.207
1.215
1.224
1.232
854
246
697
206
776
1.230
1.240
1.249
1.259
1.270
195
036
956
956
036
1.262
1.273
1.285
1.296
1.308
322
683
147
713
383
26
27
28
29
30
1.167
1.173
1.178
1.184
1.190
207
043
908
803
727
1.203
1.210
1.218
1.225
1.232
753
976
241
551
904
1.241
1.250
1.258
1.267
1.276
405
095
846
658
531
1.280 196
1.290 438
1.300 761
1.311 167
1.321657
1.320
1.332
1.344
1.356
1 368
159
040
029
125
330
31
32
33
34
35
1.196
1.202
1.208
1.214
1.220
681
664
677
721
794
1.240
1.247
1.255
1.262
1.270
302
743
230
761
338
1.285
1.294
1.303
1.312
1.321
467
465
527
651
840
1.332
1.342
1.353
1.364
1.375
230
888
631
460
376
1.380 645
1.393 071
1.405 608
1.418 259
1 431 023
36
37
38
39
40
1.226
1.233
1.239
1.245
1.251
898
033
198
394
621
1.277
1.285
1.293
1.301
1.308
960
628
341
101
908
1.331
1.340
1.349
1.359
1.368
093
410
793
242
756
1.386
1.397
1.408
1.419
1.431
379
470
649
918
278
1.443
1.456
1.470
1.483
1.496
902
897
010
240
589
41
42
43
44
45
1.257
1.264
1.270
1.276
1.283
879
168
489
842
226
1.316
1 324
1 332
1.340
1.348
761
662
610
606
649
1.378 338
1 387 986
1.397 702
1.407 486
1.417 338
1.442
1.454
1.465
1 477
1.489
728
270
904
631
452
1.510
1.523
1.537
1.551
1.565
058
649
361
198
158
46
47
48
49
50
1 010
NARROW-INTERVAL
.
.
.7%
TABLES
974
062
223
456
764
113
RATE
1.0%-1.9%
COMPOUNDING
Year
1.0%
1.1%
FACTOR
1.2%
FOR 1
1.3%
1.4%
1
2
3
4
5
1.010
1.020
1.030
1.040
1.051
000
100
30L
604
010
1.011000
1.022 121
1.033 364
1.044 731
1.056 223
1.012 000
1.024 144
1.036 434
1.048 871
1.061457
1.013
1.026
1.039
1.053
1.066
000
169
509
023
712
1.014
1.028
1.042
1.057
1.071
000
196
591
187
988
6
7
8
9
10
1.061
1.072
1.082
1.093
1.104
520
135
857
685
622
1.067 842
1.079 588
1.091464
1.103 470
1.115 608
1.074
1.087
1.100
1.113
1.126
195
085
130
332
692
1.080
1.094
1.108
1.123
1.137
579
627
857
272
875
1.086
1.102
1.117
1.133
1.149
995
213
644
291
157
11
12
13
14
15
1.115
1.126
1.138
1.149
1.160
668
825
093
474
969
1.127
1.140
1.152
1.165
1.178
880
286
829
510
331
1.140 212
1.153 895
1.167 741
1.181754
1.195 935
1.152
1.167
1.182
1.198
1.213
667
652
831
208
785
1.165
1.181
1.198
1 214
1,231
246
559
101
874
883
16
17
18
19
20
1.172
1.184
1.196
1.208
1.220
579
304
147
109
190
1.191
1.204
1.217
1.231
1.244
293
397
645
039
581
1.210
1.224
1.239
1.254
1.269
287
810
508
382
434
1.229
1.245
1.261
1.278
1.294
564
548
740
143
759
1.249
1.266
1.284
1.302
1.320
129
617
349
330
563
21
22
23
24
25
1.232
1.244
1.257
1.269
1.282
392
716
163
735
432
1.258
1.272
1.286
1.300
1.314
271
112
105
253
555
1.284
1.300
1.315
1.331
1.347
668
084
685
473
450
1.311591
1.328 641
1.345 914
1.363 411
1.381 135
1.339
1.357
1.376
1.396
1.415
051
798
807
082
627
26
27
28
29
30
1.295
1.308
1.321
1.334
1.347
256
209
291
504
849
1.329
1.343
1.358
1.373
1.388
015
635
415
357
464
1.363
1.379
1.396
1.413
1.430
620
983
543
302
261
1.399
1.417
1.435
1.454
1.473
090
278
703
367
273
1.435
1.455
1.475
1.496
1.517
446
542
920
583
535
31
32
33
34
35
1.361
1.374
1.388
1.402
1.416
327
941
690
577
603
1.403
1.419
1.434
1.450
1.466
737
178
789
572
528
1.447
1.464
1.482
1.500
1.518
424
793
371
159
161
1.492 426
1.511828
1.531481
1.551391
1.571559
1.538
1.560
1.582
1.604
1.626
780
323
168
318
779
36
37
38
39
40
1.430
1.445
1.459
1.474
1.488
769
076
527
123
864
1.482
1.498
1.515
1.532
1.548
660
969
458
128
981
1.536
1.554
1.573
1.592
1.611
379
816
474
355
464
1.591989
1.612 685
1.633 650
1.654 887
1.676 401
1.649
1.672
1.696
1.719
1.743
553
647
064
809
886
41
42
43
44
45
1.503
1.518
1.533
1.549
1.564
752
790
978
318
811
1.566
1.583
1.600
1.618
1.636
020
246
662
269
070
1.630
1.650
1.670
1.690
1.710
801
371
175
217
500
1.698
1.720
1.742
1.765
1.788
194
270
634
288
237
1.768
1.793
1.818
1.843
1.869
301
057
160
614
425
46
47
48
49
50
1.580
1.596
1.612
1.628
1.644
459
263
226
348
632
1.654
1.672
1.690
1.709
1.728
067
262
657
254
056
1.731
1.751
1.772
1.794
1.815
026
798
820
094
623
1.811484
1.835 033
1.858 889
1.883 054
1.907 534
1.895
1.922
1.949
1.976
2.004
597
135
045
332
000
114
NARROW-INTERVAL
TABLES
.
.
.
RATE
~~~~~~~1.0%-1.9%
COMPOUNDING
FACTOR
FOR 1
.
*
1.5%
*
6
1.6%
1.7%
1.015
1030
1.045
1.061
1.077
000
225
678
364
284
1.016000
1.032256
1.048772
1.065552
1.082 601
1.017
1.034
1.051
1.069
1.087
1.093
1.109
1.126
1.143
1.160
443
845
493
390
541
1.099923
1.117522
1.135402
1.153568
1.172 026
1.177 949
1.195 618
1.213 552
1.231 756
1.250 232
5
_
1.9%
Year
1.018000
1.036324
1.054978
1.073967
1.093 299
1.019
1.038
1.058
1.078
1.098
000
361
090
194
679
1
2
3
4
5
1.106 435
1.125244
1.144 373
1.163 827
1.183 612
1.112978
1.133012
1 153406
1.174167
1.195302
1119
1.140
1.162
1184
1.207
554
826
501
589
096
6
7
8
9
10
1.190778
1.209830
1 229 188
1.248855
1.268836
1203
1.224
1.245
1.266
1.287
734
197
009
174
699
1.216818
1.238721
1.261 018
1.283716
1.306823
1230
1.253
1.277
1.301
1.326
031
401
216
483
211
11
12
13
14
15
1.268 986
1.288 020
1.307 341
1.326951
1.346 855
1.289138
1.309764
1.330 720
1.352012
1.373644
1.309
1.331
1.354
1.377
1.400
590
853
494
521
938
1.330346
1.354292
1.378669
1.403485
1.428748
1.351
1.377
1.403
1429
1457
409
086
251
913
081
16
17
18
19
20
1.367
1.387
1.408
1.429
1.450
058
564
377
503
945
1.395622
1.417952
1.440639
1463690
1.487109
1.424
1.448
1.473
1.498
1.524
754
975
608
659
136
1.454465
1.480646
1.507297
1.534429
1.562048
1.484 765
1.512 976
1.541723
1.571 015
1.600 865
21
22
23
24
25
1.472 710
1.494 800
1.517222
1.539 981
1.563 080
1.510902
1 535077
1.559638
1.584592
1.609946
1.550 047
1.576397
1.603 196
1.630 451
1.658 168
1.590165
1.618 788
1.647926
1.677589
1.707 786
1.631
1.662
1.693
1726
1.758
281
275
859
042
837
26
27
28
29
30
1.586 526
1.610 324
1.634 479
1.658 996
1.683 881
1.635705
1.661 876
1.688466
1.715482
1.742929
1.686
1.715
1.744
1.773
1.803
357
025
181
832
987
1.738 526
1.769819
1.801676
1.834106
1.867 120
1.792
1.826
1.861
1.896
1.932
255
307
007
366
397
31
32
33
34
35
1.709
1.734
1.760
1.787
1.814
1.770816
1.799 149
1.827 936
1.857183
1.886898
1.834
1.865
1897
1.929
1.962
655
844
563
822
629
1.900728
1.934941
1.969 770
2.005 226
2.041320
1.969
2.006
2.044
2.083
2.123
113
526
650
498
085
36
37
38
39
40
1841229
1.868 847
1.896880
1.925333
1.954 213
1.917088
1.947761
1.978925
2.010588
2.042758
1.995 993
2.029 925
2.064 434
2.099 529
2.135221
2.078064
2.115469
2.153 547
2.192311
2.231773
2.163
2.204
2.246
2.289
2.332
424
529
415
096
589
41
42
43
44
45
1.983 526
2.013 279
2.043478
2.074 130
2.105 242
2.075442
2.108649
2.142387
2.176665
2.211 492
2.171 520
2.208436
2.245 979
2.284 161
2.322 992
2.271945
2.312840
2.354471
2.396851
2.439995
2.376909
2.422 070
2.468 089
2.514 983
2.562 767
46
47
48
49
50
*
*
S
*
5
i
3
3
S
3
S
_
*
*
140
777
798
210
018
000
289
872
754
940
1.8%
.
3
NARROW-INTERVAL
TABLES
115
RATE
2.0%-2.9%
COMPOUNDING
FACTOR
FOR 1
.
Year
2.0%
2.1%
2.2%
2.3%
2.4%
1
2
3
4
5
1.020 000
1.040400
1.061 208
1.082 432
1.104 081
1.021000
1.042441
1.064332
1.086683
1.109 504
1.022 000
1.044 484
1.067463
1.090 947
1.114 948
1.023000
1.046529
1.070599
1.095223
1.120413
1.024
1.048
1.073
1.099
1.125
000
576
742
512
900
6
7
8
9
10
1.126 162
1.148 686
1.171 659
1.195 093
1.218994
1.132803
1.156592
1.180880
1.205679
1.230998
1.139
1.164
1.190
1.216
1.243
477
545
165
349
108
1.146183
1.172 545
1.199513
1.227102
1.255325
1.152
1.180
1.208
1.237
1.267
922
592
926
940
651
11
12
13
14
15
1.243
1.268
1.293
1.319
1.345
1.256849
1.283243
1.310 191
1.337705
1.365 797
1.270 457
1.298407
1.326 972
1.356 165
1.386 001
1.284 198
1.313734
1.343950
1.374861
1.406483
1.298
1.329
1.361
1.393
1.427
074
228
129
797
248
16
17
18
19
20
1.372 786
1.400 241
1.428 246
1.456 811
1.485947
1.394479
1.423763
1.453662
1.484189
1.515357
1.416493
1.447 656
1.479 504
1.512 053
1.545 318
1.438832
1.471 925
1.505780
1.540413
1.575842
1.461
1.496
1.532
1.569
1.606
502
578
496
275
938
21
22
23
24
25
1.515
1.545
1.576
1.608
1.640
666
980
899
437
606
1.547179
1.579670
1.612843
1.646713
1.681 294
1.579
1.614
1.649
1.685
1.722
315
060
569
860
949
1.612086
1.649164
1.687095
1.725898
1.765 594
1.645
1.684
1.725
1.766
1.809
505
997
437
847
251
26
27
28
29
30
1.673
1.706
1.741
1.775
1.811
418
886
024
845
362
1.716601
1.752 649
1.789455
1.827034
1.865401
1.760
1.799
1.839
1.879
1.920
854
593
184
646
998
1.806203
1.847 745
1.890243
1.933719
1.978 195
1.852
1.897
1.942
1.989
2.037
673
138
669
293
036
31
32
33
34
35
1.847
1.884
1.922
1.960
1.999
589
541
231
676
890
1.904 575
1.944571
1.985407
2.027 100
2.069 669
1.963
2.006
2.050
2.095
2.141
260
451
593
706
812
2.023693
2.070238
2.117853
2.166564
2.216395
2.085
2.135
2.187
2.239
2.293
925
987
251
745
499
36
37
38
39
40
2.039
2.080
2.122
2.164
2.208
887
685
299
745
040
2.113132
2.157 508
2.202816
2.249075
2.296306
2.188
2.237
2.286
2.336
2.388
932
088
304
603
008
2.267372
2.319 522
2.372871
2.427447
2.483278
2.348
2.404
2.462
2.521
2.582
543
908
625
728
250
41
42
43
44
45
2.252
2.297
2.343
2.390
2.437
200
244
189
053
854
2.344 528
2.393763
2.444032
2.495 357
2.547 759
2.440
2.494
2.549
2.605
2.662
544
236
110
190
504
2.540 393
2.598822
2.658 595
2.719 743
2.782 297
2.644
2.707
2.772
2.839
2.907
224
685
670
214
355
46
47
48
49
50
2.486
2.536
2.587
2.638
2.691
611
344
070
812
588
2.601 262
2.655889
2.711 662
2.768607
2.826 748
2.721
2.780
2.842
2.904
2.968
079
943
124
651
553
2.846 290
2.911 755
2.978 725
3.047236
3.117 322
2.977
3.048
3.121
3.196
3.273
131
583
749
671
391
116
374
242
607
479
868
NARROW-INTERVAL
TABLES
.
.
.
RATE
2.0%-2.9%
FACTOR
COMPOUNDING
2.6%
2.5%
FOR 1
2.8%
2.7%
Year
2.9%
1025 000
1.050 625
1.076 891
1.103 813
1.131 408
1.026000
1.052676
1.080046
1.108127
1.136938
1.027
1.054
1.083
1.112
1.142
000
729
207
453
490
1.028000
1.056784
1.086 374
1.116792
1.148063
1.029 000
1.058841
1.089 547
1.121144
1.153 657
1
2
3
4
5
1.159 693
1.188 686
1218 403
1.248 863
1.280 085
1.166498
1 196 827
1 227945
1.259871
1.292628
1173 337
1 205 017
1.237 552
1.270 966
1.305 282
1.180208
1.213 254
1.247225
1.282148
1.318048
1.187114
1.221 540
1.256964
1.293 416
1.330 926
6
7
8
9
10
1.312 087
1.344 889
1.378 511
1.412 974
1.448298
1.326236
1.360719
1.396097
1.432396
1.469638
1.340 525
1.376 719
1.413 890
1.452 066
1.491271
1.354953
1.392892
1.431893
1.471 986
1.513201
1.369 522
1.409238
1.450 106
1.492 159
1.535 432
11
12
13
14
15
1.484 506
1.521 618
1.559 659
1.598 650
1.638 616
1.507849
1.547053
1.587276
1.628 545
1.670888
1.531 536
1.572 887
1615 355
1.658970
1703 762
1.555571
1.599127
1.643903
1.689932
1.737250
1.579 960
1.625 778
1.672 926
1.721 441
1.771 363
16
17
18
19
20
1.679 582
1.721 571
1.764 611
1.808 726
1.853 944
1.714331
1.758 903
1.804635
1.851 555
1.899696
1.749
1.797
1.845
1.895
1.946
763
007
526
355
530
1.785893
1 835 898
1.887303
1.940 148
1.994 472
1.822 732
1.875 591
1.929 984
1.985953
2.043 546
21
22
23
24
25
1.900 293
1.947 800
1.996 495
2.046407
2.097 568
1949088
1 999764
2.051758
2.105 104
2.159836
1999
2 053
2 108
2165
2.223
086
062
494
424
890
2.050317
2 107726
2.166742
2.227411
2.289778
2.102
2.163
2.226
2.291
2357
809
790
540
110
552
26
27
28
29
30
2.150007
2.203757
2.258 851
2.315 322
2.373 205
2.215992
2.273608
2.332 722
2.393372
2.455600
2.283 935
2.345601
2.408 933
2.473974
2.540 771
2.353892
2.419801
2.487 556
2.557207
2.628809
2.425
2.496
2.568
2.643
2.719
921
273
664
156
807
31
32
33
34
35
535
349
682
574
064
2.519446
2.584951
2.652 160
2.721 116
2.791 865
2.609
2.679
2.752
2.826
2.902
372
825
180
489
804
2.702416
2.778083
2.855 869
2.935 834
3.018037
2.798
2.879
2.963
3.049
3.137
682
843
359
296
726
36
37
38
39
40
2.752 190
2.820 995
2 891 520
2.963 808
3.037903
2.864454
2.938 929
3015342
3.093 740
3 174178
2.981
3.061
3.144
3.229
3.316
180
672
337
234
423
3.102542
3.189 413
3.278 717
3.370 521
3.464896
3.228
3.322
3.418
3.517
3.619
720
353
701
843
861
41
42
43
44
45
3.113 851
3 191 697
3.271 490
3.353277
3.437 109
3.256706
3 341 381
3.428257
3.517391
3.608843
3.405
3.497
3.592
3.689
3.788
967
92E
372
366
979
3.561913
3.661 646
3.764 172
3.869 569
3.977917
3.724
3.832
3.944
4058
4.176
837
857
010
386
079
46
47
48
49
50
2.432
2.493
2.555
2.619
2.685
.
@
TABLES
~~NARROW-INTERVAL
117
RATE
3.0%-3.9%
COMPOUNDING
Year
3.0%
3.1%
FACTOR
3.2%
FOR 1
3.3%
3.4%
1
2
3
4
5
1.030
1.060
1.092
1.125
1.159
000
900
727
509
274
1.031
1.062
1.095
1.129
1.164
000
961
913
886
913
1.032
1.065
1.099
1.134
1.170
000
024
105
276
573
1.033
1.067
1.102
1.138
1.176
000
089
303
679
255
1.034 000
1.069 156
1.105 507
1.143 095
1.181960
6
7
8
9
10
1.194
1.229
1.266
1.304
1.343
052
874
770
773
916
1.201
1.238
1.276
1.316
1.357
025
257
643
218
021
1.208
1.246
1.286
1.327
1.370
031
688
582
753
241
1.215
1.255
1.296
1.339
1.383
072
169
590
377
577
1.222
1.263
1.306
1.351
1.397
146
699
665
092
029
11
12
13
14
15
1.384 234
1.425 761
1.468 534
1.512 590
1.557 967
1.399
1.442
1.487
1.533
1.580
089
461
177
279
811
1.414
1.459
1.506
1.554
1.603
089
340
038
232
967
1.429
1.476
1.525
1.575
1.627
235
399
121
450
439
1.444
1.493
1.544
1.596
1.651
528
642
426
936
232
16
17
18
19
20
1.604
1.652
1.702
1.753
1.806
706
848
433
506
111
1.629
1.680
1.732
1.786
1.841
816
341
431
136
507
1.655
1.708
1.762
1.819
1.877
294
263
928
342
561
1.681
1.736
1.793
1.853
1.914
145
623
931
131
284
1.707
1.765
1.825
1.887
1.951
374
425
449
514
690
21
22
23
24
25
1.860
1.916
1.973
2.032
2.093
295
103
587
794
778
1.898
1.957
2.018
2.080
2.145
593
450
131
693
194
1.937
1.999
2.063
2.129
2.197
642
647
636
672
822
1.977 456
2.042 712
2.110 121
2.179 755
2.251687
2.018
2.086
2.157
2.230
2.306
047
661
607
966
819
26
27
28
29
30
2.156
2.221
2.287
2.356
2.427
591
289
928
566
262
2.211695
2.280 258
2.350 946
2.423 825
2.498 964
2.268
2.340
2.415
2.492
2.572
152
733
636
937
710
2.325
2.402
2.482
2.563
2.648
993
751
041
949
559
2.385
2.466
2.550
2.636
2.726
251
349
205
912
567
31
32
33
34
35
2.500
2.575
2.652
2.731
2.813
080
083
335
905
862
2.576
2.656
2.738
2.823
2.911
432
301
646
544
074
2.655
2.739
2.827
2.918
3.011
037
998
678
164
545
2.735
2.826
2.919
3.015
3.115
961
248
514
858
382
2.819
2.915
3.014
3.116
3.222
270
125
240
724
692
36
37
38
39
40
2.898
2.985
3.074
3.167
3.262
278
227
783
027
038
3.001
3.094
3.190
3.289
3.391
318
358
284
182
147
3.107
3.207
3.310
3.415
3.525
915
368
004
924
234
3.218
3.324
3.434
3.547
3.664
189
389
094
419
484
3.332
3.445
3.562
3.683
3.809
264
561
710
842
093
41
42
43
44
45
3.359
3.460
3.564
3.671
3.781
899
696
517
452
596
3.496
3.604
3.716
3.831
3.950
273
657
401
610
390
3.638
3.754
3.874
3.998
4.126
041
458
601
588
543
3.785
3.910
4.039
4.172
4.310
412
331
372
671
369
3.938
4.072
4.210
4.354
4.502
602
514
980
153
194
46
47
48
49
50
3.895 044
4.011895
4.132 252
4.256 219
4.383 906
4.072
4.199
4.329
4.463
4.601
852
110
283
490
859
4.258
4.394
4.535
4.680
4.830
592
867
503
639
420
4.452
4.599
4.751
4.908
5.070
611
548
333
127
095
4.655
4.813
4.977
5.146
5.321
269
548
209
434
413
118
NARROW-INTERVAL
TABLES
RATE
~~~~~~3.0%-3.9%
COMPOUNDING
FACTOR
FOR 1
.
*
*
*
*
_
*
*
3
S
3
5
S
*
3.5%
3.6%
3.7%
3.8%
3.9%
Year
1.035
1.071
1.108
1.147
1 187
000
225
718
523
686
1.036 000
1.073 296
1.111 935
1.151 964
1.193 435
1.037
1.075
1.115
1.156
1.199
000
369
158
418
206
1.038
1 077
1.118
1 160
1.204
000
444
387
886
999
1.039 000
1.079 521
1.121622
1.165 366
1.210 815
1.229
1 272
1 316
1 362
1 410
255
279
809
897
599
1.236
1.280
1.327
1.374
1.424
399
909
022
795
287
1 243
1.289
1.337
1 386
1.438
577
589
304
784
095
1.250
1.298
1 347
1.398
1.452
789
319
655
866
023
1.258
1.307
1.358
1.411
1.466
037
100
077
042
073
6
7
8
9
10
1 459
1 511
1.563
1.618
1.675
970
069
956
695
349
1 475
1.528
1 583
1.640
1.699
561
682
714
728
794
1 491
1.54G
1.603
1.663
1.724
304
483
703
040
572
1 507
1.564
1.623
1.685
1.749
200
474
924
633
687
1.523
1.582
1.644
1.708
1.775
249
656
380
511
142
11
12
13
14
15
1.733
1.794
1.857
1.922
1.989
986
676
489
501
789
1.760
1.824
1.890
1.958
2 028
987
382
060
102
594
1.788
1.854
1.923
1.994
2.068
381
551
170
327
117
1.816
1.885
1.956
2.031
2.108
175
189
827
186
371
1.844
1.916
1.991
2.068
2.149
373
304
039
690
369
16
17
18
19
20
2.059 431
2.131 512
2 206 114
2 283 328
2 363 245
2.101
2.177
2.255
2 336
2 420
623
282
664
868
995
2.144
2 223
2.306
2.391
2.480
637
989
277
609
098
2.188
2.271
2.357
2.447
2.540
489
652
975
578
586
2.233
2.320
2.410
2.504
2.602
194
289
780
801
488
21
22
23
24
25
2.445
2 531
2.620
2.711
2.806
959
567
172
878
794
2.508 151
2 598 444
2 691988
2.788 900
2 889 300
2.571 862
2.667 021
2.765 701
2.868 032
2 974 149
2.637
2.737
2.841
2.949
3.061
128
339
358
329
404
2.703
2.809
2.919
3.032
3.151
985
440
008
850
131
26
27
28
29
30
2.905 031
3.006 708
3.111942
3.220 860
3.333 590
2 993 315
3.101074
3.212 713
3.328 371
3.448 192
3 084 192
3.198 307
3.316 645
3.439 361
3.566 617
3.177
3.298
3.423
3.553
3.688
737
491
834
939
989
3.274
3.401
3 534
3.672
3 815
025
712
379
219
436
31
32
33
34
35
3.450
3.571
3.696
3.825
3.959
266
025
011
372
260
3.572
3.700
3.834
3.972
4.115
3.698
3.835
3.977
4.124
4.277
3.829
3.974
4.125
4.282
4.445
171
679
717
494
229
3.964
4.118
4 279
4.446
4.619
238
843
478
378
786
36
37
38
39
40
4.097
4.241
4 389
4 543
4 702
834
258
702
342
359
4.263 340
4.416820
4.575 826
4 740 556
4 911 216
4.435 361
4.599470
4.769 650
4.946 127
5.129 134
4.614 148
4.789485
4.971 486
5.160 402
5.356 498
4.799
4.987
5.181
5.383
5.593
958
157
656
740
706
41
42
43
44
45
4.866
5.037
5.213
5.396
5.584
941
284
589
065
927
5 088 019
5.271 188
5.460 951
5.657 545
5 861217
5.318 912
5.515 712
5.719 793
5.931425
6.150 888
5.560
5.771
5.990
6.218
6.454
5.811861
6.038 523
6.274 026
6.518 713
6.772 942
46
47
48
49
50
NARROW-INTERVAL
327
931
164
194
193
TABLES
582
429
340
502
108
044
326
637
281
575
1
2
3
4
5
119
RATE
4.0%-4.9%
COMPOUNDING
Year
4.0%
4.1%
FACTOR
4.2%
0
.
S
FOR 1
4.3%
4.4%
1
2
3
4
5
1.040
1.081
1.124
1.169
1.216
000
600
864
859
653
1.041
1.083
1.128
1.174
1.222
000
681
112
365
513
1.042
1.085
1.131
1.178
1.228
000
764
366
883
397
1.043 000
1.087 849
1.134 627
1.183 415
1.234 302
1.044
1.089
1.137
1.187
1 240
000
936
893
960
231
6
7
8
9
10
1.265
1.315
1.368
1,423
1.480
319
932
569
312
244
1.272
1.324
1.379
1.435
1.494
637
815
132
676
539
1.279
1.333
1.389
1.448
1.508
989
749
766
136
958
1.287
1.342
1.400
1.460
1.523
377
735
472
692
502
1.294
1.351
1.411
1.473
1.538
801
772
250
345
172
11
12
13
14
15
1.539
1.601
1.665
1.731
1.800
454
032
074
676
944
1.555
1.619
1.686
1.755
1.827
815
604
007
134
094
1.572
1.638
1.707
1.778
1.853
334
372
184
886
599
1.589
1.657
1.728
1.802
1.880
013
340
606
936
462
1.605
1.676
1.750
1.827
1.907
852
509
276
288
689
16
17
18
19
20
1.872
1.947
2.025
2.106
2.191
981
900
817
849
123
1.902
1.979
2.061
2.145
2.233
005
987
167
675
647
1.931450
2.012 571
2.097 099
2.185 177
2.276 955
1.961
2.045
2.133
2.225
2.321
322
659
622
368
059
1.991
2.079
2.170
2.266
2.365
627
258
746
259
974
21
22
23
24
25
2.278
2.369
2.464
2.563
2.665
768
919
716
304
836
2.325
2.420
2.519
2.623
2.730
227
561
804
116
664
2.372
2.472
2.576
2.684
2.797
587
235
069
264
003
2.420
2.524
2.633
2.746
2.864
864
962
535
777
888
2.470
2.578
2.692
2.810
2.934
077
760
226
684
354
26
27
28
29
30
2.772
2.883
2.998
3.118
3.243
470
369
703
651
398
2.842
2.959
3.080
3.206
3.338
621
169
494
795
273
2.914
3.036
3.164
3.297
3.435
477
885
435
341
829
2.988
3.116
3.250
3.390
3.536
079
566
578
353
138
3.063
3.198
3.338
3.485
3.639
465
258
981
896
276
31
32
33
34
35
3.373
3.508
3.648
3.794
3.946
133
059
381
316
089
3.475 142
3.617 623
3.765 946
3.920 350
4.081084
3.580
3.730
3.887
4.050
4.220
134
500
181
442
561
3.688
3.846
4.012
4.184
4.364
192
785
196
721
664
3.799
3.966
4.141
4.323
4.513
404
578
107
316
542
36
37
38
39
40
4.103
4.268
4.438
4.616
4.801
933
090
813
366
021
4.248
4.422
4.603
4.792
4.989
408
593
920
680
180
4.397
4.582
4.774
4.975
5.184
824
533
999
549
522
4.552
4.748
4.952
5.165
5.387
344
095
263
211
315
4.712
4.919
5.135
5.361
5.597
137
472
928
909
833
41
42
43
44
45
4.993
5.192
5.400
5.616
5.841
061
784
495
515
176
5.193
5.406
5.628
5.859
6.099
736
680
354
116
340
5.402
5.629
5.865
6.111
6.368
272
168
593
948
650
5.618
5.860
6.112
6.375
6.649
969
585
590
431
575
5.844
6.101
6.369
6.650
6.942
138
280
736
005
605
46
47
48
49
50
6.074
6.317
6.570
6.833
7.106
823
816
528
349
683
6.349
6.609
6.880
7.162
7.456
413
739
738
848
525
6.636
6.914
7.205
7.507
7.823
133
850
274
896
227
6.935
7.233
7.544
7.869
8.207
507
733
784
210
586
7.248
7.566
7.899
8.247
8.610
079
995
943
540
432
.
120
NiARROW-IN-TERVAL
TABLES
.
RATE
4.0%-4.9%
COMPOUNDING
4.5%
5
*
*
*
*
*
_
S
_
5
3
3
5
5
*
4.7%
FOR 1
4.8%
4.9%
Year
1.045
1.092
1.141
1.192
1.246
000
025
166
519
182
1.046 000
1.094 116
1.144445
1.197 090
1.252 156
1.047
1 096
1.147
1.201
1.258
000
209
731
674
153
1.048 000
1.098 304
1.151023
1.206 272
1.264 173
1.049 000
1.100 401
1.154 321
1.210 882
1.270 216
1.302
1.360
1.422
1 486
1.552
260
862
101
095
969
1.309
1 370
1.433
1 498
1 567
755
004
024
943
895
1.317
1 379
1.444
1 511
1 582
286
198
021
890
949
1.324
1.388
1.455
1.524
1.598
853
446
091
936
133
1.332
1.397
1.466
1.538
1.613
456
747
236
082
448
6
7
8
9
10
1 622
1.695
1.772
1.851
1.935
853
881
196
945
282
1.640
1.715
1.794
1.876
1.963
018
458
370
911
248
1.657
1.735
1.816
1.902
1.991
347
243
799
188
591
1.674
1.755
1.839
1.927
2.020
843
235
487
782
316
1.692
1 775
1.862
1 953
2.049
507
439
436
695
426
11
12
13
14
15
2.022
2.113
2.208
2.307
2.411
370
377
479
860
714
2.053
2.148
2.246
2.350
2.458
558
022
831
185
293
2.085
2.183
2.285
2.393
2.505
196
200
811
244
726
2.117
2.218
2.325
2.437
2.554
291
921
429
050
028
2.149 848
2.255 191
2 365 695
2.481614
2.603 213
16
17
18
19
20
2.520
2.633
2.752
2.876
3.005
241
652
166
014
434
2.571375
2.689 658
2.813 382
2.942 798
3.078 167
2.623
2.746
2.875
3.011
3.152
495
800
899
067
587
2.676
2.805
2.939
3.080
3.228
621
099
744
852
733
2.730
2.864
3.004
3.152
3.306
771
579
943
185
642
21
22
23
24
25
3.140
3.282
3.429
3.584
3.745
679
010
700
036
318
3.219
3.367
3.522
3 684
3.854
762
871
793
842
345
3.300
3.455
3.618
3.788
3.966
758
894
321
382
436
3.383
3 546
3.716
3.894
4.081
712
130
344
729
676
3.468
3.638
3.816
4.003
4.200
668
632
925
955
149
26
27
28
29
30
3.913
4.089
4.274
4.466
4.667
857
981
030
362
348
4.031
4.217
4.411
4.613
4.826
644
100
087
997
240
4.152
4.348
4.552
4.766
4.990
858
043
401
364
383
4.277
4.482
4.698
4.923
5.159
596
921
101
610
943
4.405 956
4.621848
4.848 318
5.085 886
5.335 094
31
32
33
34
35
4.877
5.096
5.326
5.565
5.816
378
860
219
899
365
5.048
5.280
5.523
5.777
6.043
248
467
368
443
206
5.224
5.470
5.727
5.996
6.278
931
503
616
814
664
5.407
5.667
5.939
6.224
6.523
620
186
211
293
059
5.596
5.870
6.158
6.460
6.776
514
743
409
171
720
36
37
38
39
40
6.078
6.351
6.637
6.936
7.248
101
615
438
123
248
6.321
6.611
6.916
7.234
7.567
193
968
119
260
036
6.573
6.882
7.206
7.544
7.899
762
728
217
909
520
6.836
7.164
7.508
7.868
8.246
166
302
188
581
273
7.108
7.457
7.822
8.205
8.607
779
109
508
810
895
41
42
43
44
45
7.574
7.915
8.271
8.643
9.032
420
268
456
671
636
7.915
8.279
8.660
9.058
9.475
120
215
059
422
109
8.270
8.659
9.066
9.492
9.938
797
524
522
649
803
8.642
9.056
9 491
9.947
10.424
094
915
647
246
714
9.029
9.472
9.936
10.423
10.933
682
136
271
148
883
46
47
48
49
50
NARROW-INTERVAL
.
.
4.6%
FACTOR
TABLES
1
2
3
4
5
121
RATE
5.0%-5.9%
S
COMPOUNDING
Year
1
2
3
4
5
5.0%
5.1%
FACTOR
5.2%
5
.
FOR 1
5.3%
000
809
576
457
619
5.4%
1.050
1.102
1.157
1.215
1.276
000
500
625
506
282
1.051000
1.104 601
1.160 936
1 220 143
1.282 371
1.052
1.106
1.164
1.224
1.288
000
704
253
794
483
1.053
1.108
1.167
1.229
1.294
1.054
1.110
1.170
1.234
1.300
000
916
905
134
778
6
7
8
9
10
1.340
1.407
1.477
1.551
1.628
096
100
455
328
895
1.347
1.416
1.488
1.564
1.644
772
508
750
676
475
1.355
1.425
1.500
1.578
1.660
484
969
120
126
188
1.363 233
1.435 485
1.511 565
1.591678
1.676 037
1.371020
1.445 055
1.523 088
1.605 334
1.692 022
11
12
13
14
15
1.710
1.795
1.885
1.979
2.078
339
856
649
932
928
1.728
1.816
1.909
2.006
2.108
343
488
129
495
826
1.746
1.837
1.932
2.033
2.139
518
337
879
388
125
1.764
1.858
1.956
2.060
2.169
867
405
901
617
829
1.783
1.879
1.981
2.088
2.200
392
695
198
183
945
16
17
18
19
20
2.182
2.292
2.406
2.526
2.653
875
018
619
950
298
2.216
2.329
2.448
2.573
2.704
376
411
211
070
297
2.250
2.367
2.490
2.619
2.756
359
378
481
987
226
2.284
2.405
2.533
2.667
2.809
830
926
440
713
101
2.319
2.445
2.577
2.716
2.862
796
065
098
262
940
21
22
23
24
25
2.785
2.925
3.071
3.225
3.386
963
261
524
100
355
2.842
2.987
3.139
3.299
3.467
216
169
514
630
911
2.899
3.050
3.208
3.375
3.551
550
326
943
808
350
2.957
3.114
3.279
3.453
3.636
984
757
839
671
715
3.017
3.180
3.352
3.533
3.724
539
486
232
252
048
26
27
28
29
30
3.555
3.733
3.920
4.116
4.321
673
456
129
136
942
3.644
3.830
4.026
4.231
4.447
774
658
021
348
147
3.736
3.930
4.134
4.349
4.575
020
293
669
671
854
3.829
4.032
4.246
4.471
4.708
461
422
141
186
159
3.925
4.137
4.360
4.595
4.844
147
105
508
976
158
31
32
33
34
35
4.538
4.764
5.003
5.253
5.516
039
941
189
348
015
4.673
4.912
5.162
5.426
5.702
951
323
851
157
891
4.813
5.064
5.327
5.604
5.895
799
116
450
478
911
4.957
5.220
5.497
5.788
6.095
692
449
133
481
271
5.105
5.381
5.672
5.978
6.301
743
453
051
342
173
36
37
38
39
40
5.791
6.081
6.385
6.704
7.039
816
407
477
751
989
5.993
6.299
6.620
6.958
7.313
738
419
689
344
220
6.202
6.525
6.864
7.221
7.596
498
028
329
274
781
6.418 320
6.758 491
7.116 691
7.493 876
7.891051
6.641
7.000
7.378
7.776
8.196
436
074
078
494
424
41
42
43
44
45
7.391
7.761
8.149
8.557
8.985
988
588
667
150
008
7.686
8.078
8.490
8.923
9.378
194
190
178
177
259
7.991
8.407
8.844
9.304
9.788
813
388
572
490
323
8.309
8.749
9.213
9.701
10.215
277
668
401
711
902
8.639
9.105
9.597
10.115
10.661
031
539
238
489
725
46
47
48
49
50
9.434
9.905
10.401
10.921
11.467
258
971
270
333
400
9.856
10.359
10.887
11.442
12.026
550
234
555
821
404
10.297
10.832
11.396
11.988
12.612
316
776
081
677
088
10.757
11.327
11.927
12.560
13.225
344
484
840
016
697
11.237
11.844
12.483
13.158
13.868
458
281
872
002
534
.
122
NARROW-INTERVAL
TABLES
RATE
5.0%-5.9%
COMPOUNDING
FACTOR
FOR 1
.
*
5.5%
5
5
*
*
*
S
*
S
_
5
_
_
3
5
3
*
5.6%
5.7%
5.8%
5.9%
Year
1.055
1.113
1 174
1.238
1.306
000
025
241
825
960
1 056
1 115
1.177
1.243
1.313
000
136
584
528
166
1.057
1.117
1.180
1.248
1.319
000
249
932
245
395
1.058
1.119
1.184
1.252
1.325
000
364
287
976
648
1.059 000
1 121481
1.187 648
1.257 720
1.331 925
1.378
1 454
1.534
1.619
1.708
843
679
687
094
144
1.386
1.464
1.546
1.632
1.724
703
359
363
959
405
1.394
1.474
1.558
1.646
1.740
601
093
116
929
804
1.402
1.483
1.569
1.661
1.757
536
883
948
005
344
1 410
1.493
1.581
1.675
1.774
509
729
859
188
024
6
7
8
9
10
1.802
1.901
2.005
2.116
2.232
092
207
774
091
476
1 820
1.922
2.030
2.144
2.264
971
946
631
346
429
1.840
1.944
2.055
2.172
2.296
030
912
771
950
809
1.859 269
1.967 107
2.081 199
2.201909
2.329 620
1.878
1 989
2.106
2 231
2.362
692
535
917
225
868
11
12
13
14
15
2 355 263
2.484 802
2.621466
2 765 647
2.917 757
2.391
2 525
2.666
2.815
2.973
237
147
555
882
571
2.427 727
2 566 107
2.712 375
2.866 981
3.030 399
2.464
2 607
2.758
2.918
3 088
738
692
938
957
256
2.502
2.649
2.806
2.971
3.147
277
911
256
825
163
16
17
18
19
20
3.078
3 247
3.426
3.614
3.813
234
537
152
590
392
3.140
3.315
3.501
3.697
3.904
091
936
629
720
792
3.203
3.385
3.578
3.782
3.998
131
710
695
681
294
3.267
3.456
3.657
3.869
4.093
375
883
382
510
942
3.332
3.529
3.737
3.958
4.191
845
483
723
248
785
21
22
23
24
25
4.023
4.244
4.477
4.724
4.983
129
401
843
124
951
4.123461
4.354 375
4.598 220
4.855 720
5.127 640
4.226
4.467
4.721
4.990
5.275
196
090
714
851
330
4.331
4.582
4.848
5.129
5 427
391
611
403
610
128
4.439
4.701
4.978
5.272
5.583
100
007
367
090
144
26
27
28
29
30
5.258
5.547
5.852
6.174
6.513
069
262
362
242
825
5.414
5.718
6.038
6 376
6.733
788
016
225
366
442
5.576
5.893
6.229
6 584
6.960
024
857
807
906
245
5.741901
6 074 931
6 427 277
6.800 059
7.194 463
5.912
6.261
6.630
7 022
7.436
549
390
812
029
329
31
32
33
34
35
6.872
7.250
7.648
8.069
8.513
085
050
803
487
309
7.110
7.508
7.929
8.373
8.842
515
704
191
226
127
7.356
7.776
8.219
8.688
9.183
979
327
578
094
315
7.611742
8.053 223
8.520 310
9.014 487
9.537 328
7.875 073
8.339 702
8.831 744
9 352 817
9.904 633
36
37
38
39
40
8 981
9.475
9 996
10 546
11.126
541
525
679
497
554
9.337
9.860
10.412
10.995
11.611
286
174
343
435
179
9.706
10.260
10.844
11.463
12.116
764
050
873
030
423
10 090
10.675
11 294
11.950
12.643
493
741
934
041
143
10.489
11.107
11.763
12.457
13.192
007
858
222
252
230
41
42
43
44
45
11738
12.384
13.065
13.783
14.541
515
133
260
849
961
12 261405
12.948 044
13.673
134
14.438 830
15.247 404
12.807
13.537
14.308
15.124
15.986
059
062
674
268
352
13.376445
14.152 279
14.973 111
15.841 552
16.760 362
13.970
14.794
15.667
16.592
17.571
571
835
730
126
062
46
47
48
49
50
1
2
3
4
5
.
@
~~NARROW-INTERVAL
TABLES
123
RATE
6.0%-6.9%
COMPOUNDING
FACTOR
FOR 1
I
.
Year
1
2
3
4
5
1.060
1.123
1.191
1.262
1.338
000
600
016
477
226
6.4%
6.3%
6.2%
6.1%
6.0%
1.061
1.125
1.194
1.267
1.344
000
721
390
248
550
1.062
1.127
1.197
1.272
1.350
000
844
770
032
898
1.063
1.129
1.201
1.276
1.357
000
969
157
830
270
1.064
1.132
1.204
1.281
1.363
000
096
550
641
666
6
7
8
9
10
1.418 519
1.503 630
1.593 848
1.689 479
1.790 848
1.426
1.513
1.605
1.703
1.807
567
588
917
878
814
1.434
1.523
1.618
1.718
1.824
654
602
066
386
926
1.442
1.533
1.630
1.733
1.842
778
673
295
003
182
1.450
1.543
1.642
1.747
1.859
941
801
605
731
586
11
12
13
14
15
1.898
2.012
2.132
2.260
2.396
299
196
928
904
558
1.918
2.035
2.159
2.290
2.430
091
095
235
949
697
1.938
2.058
2.185
2.321
2.465
071
231
842
364
289
1.958
2.081
2.212
2.352
2.500
240
609
750
154
339
1.978
2.105
2.239
2.383
2.535
600
230
965
322
855
16
17
18
19
20
2.540
2.692
2.854
3.025
3.207
352
773
339
600
135
2.578
2.736
2.903
3.080
3.268
969
286
200
295
193
2.618
2.780
2.952
3.135
3.330
136
461
849
926
354
2.657
2.825
3.003
3.192
3.393
861
306
300
508
636
2.698
2.870
3.054
3.250
3.458
150
831
565
057
060
21
22
23
24
25
3.399
3.603
3.819
4.048
4.291
564
537
750
935
871
3.467
3.679
3.903
4.141
4.394
553
073
497
610
248
3.536
3.756
3.988
4.236
4.498
835
119
999
317
968
3.607
3.834
4.076
4.333
4.606
435
704
290
096
081
3.679
3.914
4.165
4.431
4.715
376
856
407
993
641
26
27
28
29
30
4.549
4.822
5.111
5.418
5.743
383
346
687
388
491
4.662
4.946
5.248
5.568
5.908
297
698
446
601
286
4.777
5.074
5.388
5.722
6.077
904
134
731
832
647
4.896
5.204
5.532
5.881
6.251
265
729
627
183
697
5.017
5.338
5.680
6.043
6.430
442
558
226
760
561
31
32
33
34
35
6.088
6.453
6.840
7.251
7.686
101
387
590
025
087
6.268
6.651
7.056
7.487
7.943
692
082
798
262
985
6.454
6.854
7.279
7.730
8.210
462
638
626
963
282
6.645
7.064
7.509
7.982
8.485
554
224
270
354
242
6.842
7.280
7.745
8.241
8.769
117
012
933
672
139
36
37
38
39
40
8.147
8.636
9.154
9.703
10.285
252
087
252
507
718
8.428 568
8.942 711
9.488 217
10.066 998
10.681085
8.719
9.259
9.834
10.443
11.091
320
918
032
742
254
9.019
9.588
10.192
10.834
11.516
813
061
109
212
767
9.330
9.927
10.562
11.238
11.958
364
508
868
892
181
41
42
43
44
45
10.902
11.557
12.250
12.985
13.764
861
033
455
482
611
11.332
12.023
12.757
13.535
14.361
631
921
380
581
251
11.778
12.509
13.284
14.108
14.983
912
205
776
432
154
12.242
13.013
13.833
14.704
15.631
323
590
446
953
365
12.723
13.537
14.404
15.326
16.306
504
809
229
099
969
46
47
48
49
50
14.590
15.465
16.393
17.377
18.420
487
917
872
504
154
15.237
16.166
17.152
18.199
19.309
287
762
934
263
418
15.912
16.898
17.946
19.059
20.240
110
661
378
053
714
16.616
17.662
18.775
19.958
21.215
141
958
724
595
986
17.350 616
18.461055
19.642 562
20.899 686
22.237 266
124
NARROW-INTERVAL
TABLES
.
RATE
6.0%-6.9%
COMPOUNDING
*
*
5
S
S
*
5>
5
_
_
_
e
3
3
5
5
*
6.5%
6.6%
6.7%
FOR 1
6.8%
6.9%
Year
1.065
1.134
1.207
1.286
1.370
000
225
950
466
087
1 066 000
1 136 356
1.211355
1.291305
1.376 531
1.067 000
1.138 489
1 214 768
1.296 157
1.383 000
1.068
1.140
1 218
1.301
1 389
000
624
186
023
493
1.069 000
1.142 761
1.221612
1 305 903
1 396 010
1
2
3
4
5
1.459
1.553
1.654
1.762
1.877
142
987
996
570
137
1.467
1.564
1.667
1.777
1.894
382
229
468
521
838
1.475
1.574
1.680
1.792
1.912
1.483
1.584
1.692
1.807
1.930
978
889
661
762
690
1.492 335
1.595 306
1.705 382
1.823 053
1 948 844
6
7
8
9
10
1 999
2.129
2.267
2 414
2.571
151
096
487
874
841
2.019
2.153
2.295
2.446
2.608
897
210
322
813
303
2 040 838
2.177 575
2.323 472
2.479 145
2.645 247
2.061977
2.202 191
2.351 940
2.511872
2.682 679
2.083
2 227
2 380
2 545
2.720
314
063
730
001
606
11
12
13
14
15
2.739
2 917
3 106
3 308
3.523
011
046
654
587
645
2 780
2.963
3.159
3.368
3 590
451
961
582
115
410
2.822
3.011
3.213
3.428
3.658
479
585
361
656
376
2.865 102
3 059 929
3 268 004
3.490 228
3.727 564
2.908
3.109
3.323
3.552
3.797
327
002
523
846
993
16
17
18
19
20
3.752
3.996
4.256
4.533
4.827
682
606
386
051
699
3.827
4 079
4.349
4.636
4.942
377
984
263
315
312
3.903
4 165
4.444
4.741
5.059
488
021
078
831
534
3.981 038
4 251748
4.540 867
4.849 646
5.179 422
4.060 054
4.340 198
4.639 671
4 959 809
5.302 035
21
22
23
24
25
5.141
5.475
5.831
6.210
6.614
500
697
617
672
366
5.268
5.616
5.986
6.382
6.803
504
225
896
031
245
5.398
5.760
6.146
6.557
6.997
522
223
158
951
334
5.531
5.907
6.309
6.738
7.196
623
773
502
548
769
5.667 876
6 058 959
6.477 028
6 923 942
7 401 695
26
27
28
29
30
7.044
7.502
7.989
8.509
9.062
300
179
821
159
255
7.252
7.730
8.241
8.785
9.364
260
909
149
065
879
7.466
7.966
8.500
9.069
9.677
155
387
135
644
311
7.686
8.208
8.767
9.363
9.999
150
808
007
163
858
7.912
8.458
9.041
9.665
10.332
411
368
995
893
839
31
32
33
34
35
9 651
10.278
10.946
11658
12.416
301
636
747
286
075
9.982 961
10.641 836
11.344
197
12 092 915
12.891047
10.325
11.017
11.755
12.543
13 383
690
512
685
316
718
10.679 849
11.406 078
12.181692
13.010 047
13 894 730
11.045
11.807
12.622
13.493
14.424
805
966
716
683
747
36
37
38
39
40
13.223 119
14.082 622
14.997 993
15.972 862
17.011098
13.741
14.648
15.615
16.646
17.744
856
818
640
273
927
14.280
15.237
16.258
17.347
18.509
427
216
109
402
678
14.839
15.848
16.926
18.077
19.306
571
662
371
365
625
15.420
16.484
17.621
18.837
20.137
055
038
437
316
091
41
42
43
44
45
18.116
19.294
20.548
21.884
23.306
18.916
20.164
21.495
22.914
24.426
092
554
415
112
443
19.749 827
21.073 065
22.484 961
23.991453
25.598 880
20.619
22.021
23.519
25.118
26.826
476
600
069
366
415
21.526
23.011
24.599
26.297
28.111
550
882
702
082
580
46
47
48
49
50
820
413
550
205
679
NARROW-INTERVAL
FACTOR
TABLES
661
530
023
585
688
125
RATE
7.0%-7.9%
COMPOUNDING
FACTOR
FOR 1
I
.
Year
1
2
3
4
5
7.0%
7.1%
7.2%
7.3%
7.4%
1070 000
1.144 900
1.225 043
1.310 796
1.402 552
1.071000
1.147 041
1.228 481
1.315 703
1.409 118
1.072
1.149
1.231
1.320
1.415
000
184
925
624
709
1.073 000
1.151329
1.235 376
1.325 558
1.422 324
1.074
1.153
1.238
1.330
1.428
000
476
833
507
964
6
7
8
9
10
1.500
1.605
1.718
1.838
1.967
730
781
186
459
151
1.509
1.616
1.731
1.853
1.985
165
316
075
981
613
1.517
1.626
1.744
1.869
2.004
640
910
047
619
231
1.526
1.637
1.757
1.885
2.023
154
563
105
374
006
1.534
1.648
1.770
1.901
2.041
708
276
249
247
939
11
12
13
14
15
2.104
2.252
2.409
2.578
2.759
852
192
845
534
032
2.126
2.277
2.439
2.612
2.797
592
580
288
478
964
2.148
2.303
2.469
2.646
2.837
536
231
063
836
408
2.170 686
2.329 146
2.499 173
2.681613
2.877 371
2.193
2.355
2.529
2.716
2.917
043
328
622
814
858
16
17
18
19
20
2.952
3.158
3.379
3.616
3.869
164
815
932
528
684
2.996
3.209
3.437
3.681
3.942
619
379
245
289
661
3.041
3.260
3.495
3.747
4.016
701
704
474
149
943
3.087
3.312
3.554
3.814
4.092
419
800
635
123
554
3.133
3.365
3.614
3.882
4.169
780
680
740
231
516
21
22
23
24
25
4.140
4.430
4.740
5.072
5.427
562
402
530
367
433
4.222
4.522
4.843
5.187
5.555
590
394
484
371
674
4.306
4.616
4.948
5.304
5.686
163
207
574
871
822
4.391
4.711
5.055
5.424
5.820
311
876
843
920
939
4.478
4.809
5.165
5.547
5.958
060
436
335
570
090
26
27
28
29
30
5.807
6.213
6.648
7.114
7.612
353
868
838
257
255
5.950
6.372
6.825
7.309
7.828
127
586
040
618
600
6.096
6.535
7.005
7.510
8.050
273
205
740
153
884
6.245 868
6.701816
7.191 048
7.715 995
8.279 263
6.398
6.872
7.381
7.927
8.513
988
513
079
279
898
31
32
33
34
35
8.145
8.715
9.325
9.978
10.676
113
271
340
114
581
8.384
8.979
9.617
10.300
11.031
431
726
286
113
422
8.630 547
9.251947
9.918 087
10.632 189
11.397 707
8.883
9.532
10.228
10.974
11.775
649
155
002
647
796
9.143
9.820
10.547
11.327
12.166
926
577
300
800
057
36
37
38
39
40
11.423
12.223
13.079
13.994
14.974
942
618
271
820
458
11.814
12.653
13.551
14.514
15.544
652
493
891
075
574
12.218
13.098
14.041
15.052
16.135
342
062
123
084
834
12.635
13.557
14.547
15.609
16.749
429
815
536
506
000
13.066
14.033
15.071
16.187
17.384
345
255
716
023
862
41
42
43
44
45
16.022
17.144
18.344
19.628
21.002
670
257
355
460
452
16.648
17.830
19.096
20.452
21.904
239
264
213
044
139
17.297
18.543
19.878
21.309
22.843
614
042
141
367
642
17.971 677
19.283 609
20.691313
22.201
779
23.822
508
18.671
20.053
21.536
23.130
24.842
342
021
945
679
349
46
47
48
49
50
22.472
24.045
25.728
27.529
29.457
623
707
907
930
025
23.459
25.124
26.908
28.819
30.865
333
946
817
343
516
24.488
26.251
28.141
30.167
32.339
384
548
659
859
944
25.561
27.427
29.429
31.578
33.883
26.680
28.655
30.775
33.052
35.498
683
054
527
917
832
551
545
756
128
331
126
NIARROW-INTERVAL
TABLES
.
RATE
7.0%-7.9%
COMPOUNDING
*
*
3
S
*
*
_
_
5
-I
S
i53
3
3
S
5
*
7.5%
7.6%
FACTOR
7.7%
FOR 1
7.8%
7.9%
Year
1.075
1.155
1.242
1.335
1.435
000
625
297
469
629
1.076
1.157
1.245
1.340
1.442
000
776
767
445
319
1.077
1.159
1.249
1.345
1.449
000
929
244
435
034
1.078
1.162
1.252
1.350
1.455
000
084
727
439
773
1 079 000
1.164 241
1.256 216
1.355 457
1.462 538
1
2
3
4
5
1.543
1.659
1.783
1.917
2.061
302
049
478
239
032
1.551935
1.669 882
1.796 794
1.933 350
2.080 284
1.560
1.680
1.810
1.949
2.099
609
776
196
581
699
1.569
1.691
1.823
1.965
2 119
324
731
686
934
276
1.578 079
1 702 747
1.837 264
1.982 408
2.139 018
6
7
8
9
10
2.215
2.381
2.560
2.752
2.958
609
780
413
444
877
2.238
2.408
2.591
2.788
3.000
386
503
550
507
434
2.261
2.435
2.623
2.825
3.042
376
502
035
009
535
2.284
2.462
2.654
2.861
3.085
580
777
874
954
186
2.308
2.490
2.687
2.899
3.128
000
332
069
347
396
11
12
13
14
15
3.180
3.419
3.675
3.951
4.247
793
353
804
489
851
3.228
3.473
3.737
4.021
4.327
467
830
842
917
583
3.276
3.529
3.800
4.093
4.408
810
124
867
534
736
3.325
3.585
3.864
4.166
4.491
831
246
895
357
333
3.375
3.642
3.929
4.240
4.575
539
206
941
406
398
16
17
18
19
20
4.566
4.908
5.277
5.672
6.098
440
923
092
874
340
4.656
5.010
5.391
5.800
6.241
480
372
160
888
756
4.748
5.113
5.507
5.931
6.388
208
820
585
669
407
4.841
J.219
5.626
6.065
6.538
657
306
412
272
363
4.936 855
5.326 866
5.747 689
6.201 756
6.691695
21
22
23
24
25
6.555
7.047
7.575
8.144
8.754
715
394
948
144
955
6.716
7.226
7.775
8.366
9.002
129
555
773
732
604
6.880
7.410
7.980
8.595
9.257
314
099
676
188
018
7.048
7.598
8.190
8.829
9.518
355
127
781
662
375
7.220
7.790
8.406
9.070
9.786
339
745
214
305
859
26
27
28
29
30
9.411 577
10.117 445
10.876 253
11.691972
12.568 870
9.686
10.422
11.215
12.067
12.984
802
999
147
498
628
9.969 808
10 737 483
11.564 270
12.454 718
13.413 732
10.260
11.061
11.923
12.853
13.856
809
152
921
987
598
10.560 021
11.394 263
12 294 410
13.265 668
14.313 656
31
32
33
34
35
13.511
14.524
15.614
16.785
18.044
536
901
268
339
239
13.971459
15.033 290
16.175 820
17.405
183
18.727 976
14.446
15.558
16.757
18.047
19.436
589
976
018
308
951
14.937
16.102
17.358
18.712
20.172
413
531
529
494
068
15.444 434
16.664 545
17.981044
19.401 546
20.934 268
36
37
38
39
40
19.397
20.852
22.416
24.097
25.904
557
374
302
524
839
20 151303
21.682 802
23.330 695
25.103 827
27.011 718
20.933
22.545
24.281
26.151
28.164
596
483
485
159
798
21.745 490
23 441638
25 270 086
27.241
152
29.365 962
22.588
24.372
26.297
28.375
30.617
076
534
964
503
168
41
42
43
44
45
27.847
29.936
32.181
34.595
37.189
702
279
500
113
746
29.064
31.273
33.650
36.207
38.959
30.333 488
32.669
167
35.184
692
37 893 914
40.811745
31.656
34 125
36 787
39.656
42.750
33.035 924
35.645
762
38.461 777
41.500
257
44 778 778
46
47
48
49
50
609
519
306
730
517
507
715
521
947
189
.
3
NARROW-INTERVAL
TABLES
127
RATE
8.O%-8.9%
COMPOUNDING
Year
1
8.0%
8.1%
FACTOR
8.2%
5
S
.
FOR 1
8.3%
8.4%
2
3
4
5
1.080
1.166
1.259
1.360
1.469
000
400
712
489
328
1.081000
1.168 561
1.263 214
1.365 535
1.476 143
1.082
1.170
1.266
1.370
1.482
000
724
723
595
983
1.083
1.172
1.270
1.375
1.489
000
889
239
669
849
1 084
1 175
1.273
1.380
1.496
000
056
761
757
740
6
7
8
9
10
1.586
1 713
1.850
1.999
2.158
874
824
930
005
925
1.595
1724
1.864
2.015
2.178
711
963
685
725
999
1.604
1.736
1.878
2.032
2.199
588
164
530
569
240
1.613
1.747
1.892
2.049
2.219
507
428
464
539
650
1.622
1.758
1.906
2.066
2.240
466
754
489
634
231
11
12
13
14
15
2.331
2.518
2.719
2.937
3.172
639
170
624
194
169
2.355
2.546
2.752
2.975
3.216
497
293
542
498
514
2.379
2.574
2.785
3.014
3.261
578
703
829
267
436
2.403
2.603
2.819
3.053
3.306
881
403
486
503
944
2.428
2.632
2.853
3.093
3.353
411
397
518
214
044
16
17
18
19
20
3.425
3.700
3.996
4.315
4.660
943
018
019
701
957
3.477
3.758
4.063
4.392
4.748
051
692
147
261
035
3.528
3.818
4.131
4.470
4.836
874
242
338
107
656
3.581420
3.878 678
4.200 609
4.549 259
4.926 848
3.634
3.940
4.270
4.629
5.018
700
014
975
737
635
21
22
23
24
25
5.033
5.436
5.871
6.341
6.848
834
540
464
181
475
5.132
5.548
5.997
6.483
7.008
625
368
786
607
779
5.233
5.662
6,126
6.629
7.172
262
389
705
095
681
5.335
5.778
6.258
6.777
7.340
776
645
273
710
260
5.440
5.897
6.392
6.929
7.511
201
178
541
514
593
26
27
28
29
30
7.396
7.988
8.627
9.317
10.062
353
061
106
275
657
7.576
8.190
8.853
9.570
10.345
490
185
590
731
961
7.760
8.397
9.085
9.830
10.636
841
230
803
839
967
7.949
8.609
9.323
10.097
10.935
501
310
882
765
879
8.142
8.826
9.567
10.371
11.242
567
543
972
682
903
31
32
33
34
35
10.867
11.737
12676
13.690
14.785
669
083
050
134
344
11.183
12.089
13.069
14.127
15.272
983
886
167
769
119
11.509
12.452
13.474
14.578
15.774
199
953
095
971
446
11.843
12.826
13.891
15.044
16.292
557
572
178
146
810
12.187 307
13.211 041
14.320 768
15.523713
16.827 705
36
37
38
39
40
15.968
17.245
18.625
20.115
21.724
172
626
276
298
521
16.509 160
17.846 402
19.291961
20.854 610
22.543 833
17.067
18.467
19.981
21.620
23.393
951
523
860
372
243
17.645
19.109
20.695
22.413
24.273
113
657
759
507
828
18.241
19.773
21.434
23.234
25.186
232
495
469
964
701
41
42
43
44
45
23.462
25.339
27.366
29.555
31.920
483
482
640
972
449
24.369
26.343
28.477
30.784
33.277
883
844
695
389
924
25.311
27.387
29.632
32.062
34.691
489
031
767
654
792
26.288
28.470
30.833
33.392
36.164
555
506
557
743
340
27.302
29.595
32.081
34.776
37.697
384
784
830
704
947
46
47
48
49
50
34.474
37.232
40.210
43.427
46.901
085
012
573
419
613
35.973
38.887
42.037
45.442
49.122
436
284
154
164
979
37.536
40.614
43.944
47.548
51.447
519
514
904
386
353
39.165
42.416
45.937
49.750
53.879
981
757
348
148
410
40.864
44.297
48.018
52.051
56.424
575
199
163
689
031
.
128
NARROW-INTERVAL
TABLES
RATE
8.0%-8.9%
COMPOUNDING
FACTOR
FOR 1
.
*
8.5%
8.6%
8.7%
8.8%
8.9%
Year
*
*
*
1.085
1.177
1.277
1 385
1 503
000
225
289
859
657
1.086
1 179
1.280
1.390
1.510
000
396
824
975
599
1.087 000
1.181 569
1.284 366
1 396 105
1.517 566
1.088
1.183
1.287
1.401
1 524
000
744
913
250
560
1 089 000
1 185 921
1291468
1 406 409
1 531 579
1
2
3
4
5
1.631468
1.770 142
1 920 604
2.083 856
2.260 983
1 640 510
1 781 594
1 934 811
2.101205
2.281909
1 649
1 793
1 949
2.118
2.303
595
109
110
683
008
1 658
1 804
1 963
2.136
2 324
721
689
501
289
283
1 667
1.816
1.977
2.154
2.345
890
332
985
026
734
6
7
8
9
10
2.453
2.661
2 887
3.133
3.399
167
686
930
404
743
2 478
2.691
2.922
3 174
3 447
153
274
723
078
048
2 503
2.721
2.957
3.215
3.494
370
163
904
242
968
2 528
2.751
2.993
3.256
3.543
820
356
475
901
508
2 554
2 781
3 029
3.299
3 592
505
855
441
061
677
11
12
13
14
15
3.688
4.002
4.342
4.711
5.112
721
262
455
563
046
3 743
4 065
4 415
4 794
5.207
495
435
062
758
107
3.799
4 129
4 488
4.879
5.303
030
545
816
343
846
3.855
4.194
4.563
4 965
5.402
337
606
732
340
290
3 912
4.260
4.639
5 052
5.502
425
631
828
772
469
16
17
18
19
20
5.546
6.018
6.529
7.084
7.686
570
028
561
574
762
5 654
6.141
6.669
7 242
7.865
918
241
388
955
849
5 765
6.266
6.812
7.404
8.048
280
860
076
727
938
5.877
6.394
6.957
7.569
8.236
692
929
682
958
115
5.992
6.525
7 106
7.738
8 427
189
493
262
720
466
21
22
23
24
25
8.340
9.049
9.818
10.652
11 558
137
049
218
766
252
8.542
9.276
10.074
10.941
11.882
313
951
769
199
143
8.749
9.510
10.337
11.237
12.214
196
376
779
166
799
8.960
9 749
10.607
11.540
12 556
893
451
403
854
450
9.177 510
9 994 309
10.883 802
11 852 460
12 907 329
26
27
28
29
30
12.540
13.606
14.763
16.018
17.379
703
663
229
104
642
12 904
i4.013
15.218
16 527
17 949
007
751
934
762
150
13.277
14.432
15 688
17 053
18.536
486
628
266
146
769
13 661417
14 863 622
16 171 621
17 594 723
19.143 059
14.056
15.307
16.669
18 152
19.768
082
073
402
979
594
31
32
33
34
35
18.856
20.459
22.198
24.085
26.133
912
750
828
729
016
19.492
21.169
22.989
24.966
27 113
777
156
703
817
964
20.149
21.902
23 807
25 879
28 130
468
472
987
282
779
20.827
22.660
24.654
26.824
29 184
21.527
23.443
25.530
27.802
30 277
999
991
506
722
164
36
37
38
39
40
28.354
30.764
33.379
36.216
39.295
322
439
417
667
084
29.445
31.978
34.728
37 714
40.958
765
100
217
844
320
30 578
33.238
36 130
39 273
42.690
157
457
203
530
327
31.752 996
34.547 260
37.587 419
40 895 111
44.493 881
32.971831
35.906 324
39.101 987
42.582 064
46 371 868
41
42
43
44
45
44.480
48.306
52.460
56.971
61.871
736
079
402
996
588
46.404
50.441
54 829
59.600
64.785
386
567
984
192
409
48.409
52 669
57.304
62 347
67.833
50 498
54.993
59.887
65 217
71.022
46
47
48
49
50
*
*
5>
=5
=5
e
3
_
S
5
42.635
166
46 259 155
50.191
183
54.457 434
59.086 316
648
481
604
209
739
343
365
269
045
585
964
372
782
795
178
.
3
NARROW-INTERVAL
TABLES
129
RATE
9.0%-9.9%
COMPOUNDING
Year
1
2
3
4
5
9.1%
9.0%
1.090 000
1.188 100
1.295 029
1.411 582
1.538 624
FACTOR
FOR 1
9.3%
9.2%
9.4%
1.091000
1.190 281
1.298 597
1.416 769
1.545 695
1.092 000
1.192 464
1.302 171
1.421970
1.552 792
1.093
1.194
1.305
1.427
1.559
000
649
751
186
915
1.094
1.196
1.309
1.432
1.567
000
836
339
416
064
6
7
8
9
10
1.677
1.828
1.992
2.171
2.367
100
039
563
893
364
1.686
1.839
2.007
2.189
2.389
353
811
234
892
172
1.695 649
1.851648
2.022 000
2.208 024
2.411 162
1.704
1.863
2.036
2.226
2.433
987
550
861
289
333
1.714
1.875
2.051
2.244
2.455
368
518
817
688
688
11
12
13
14
15
2.580
2.812
3.065
3.341
3.642
426
665
805
727
482
2.606
2.843
3.102
3.384
3.692
587
787
571
905
932
2.632
2.875
3.139
3.428
3.744
989
224
744
601
032
2.659
2.906
3.177
3.472
3.795
633
979
328
820
792
2.686
2.939
3.215
3.517
3.848
523
056
327
568
219
16
17
18
19
20
3.970
4.327
4.717
5.141
5.604
306
633
120
661
411
4.028
4.395
4.795
5.232
5.708
988
626
628
030
145
4.088 483
4 464 624
4.875 369
5.323 903
5.813 702
4.148
4.534
4.956
5.417
5.921
801
639
361
302
111
4.209
4.605
5.038
5.512
6.030
952
688
622
253
404
21
22
23
24
25
6.108
6.658
7.257
7.911
8.623
808
600
874
083
081
6.227
6.794
7.412
8.087
8.823
586
297
578
122
050
6.348
6.932
7.570
8.266
9.027
563
630
432
912
468
6.471
7.073
7.731
8.450
9.236
775
650
499
529
428
6.597
7.217
7.895
8.638
9.450
262
405
841
050
027
26
27
28
29
30
9.399
10.245
11.167
12.172
13.267
158
082
140
182
678
9.625
10.501
11.457
12.500
13.637
948
909
583
223
743
9.857
10.764
11.755
12.836
14.017
995
931
304
792
777
10.095
11.034
12.060
13.182
14.408
416
289
478
103
038
10.338
11.310
12.373
13.536
14.808
330
133
285
374
793
31
32
33
34
35
14.461
15.763
17.182
18.728
20.413
770
329
028
411
968
14.878
16.232
17.709
19.321
21.079
778
747
927
530
790
15.307
16.715
18.253
19.932
21.766
413
695
539
864
688
15.747
17.212
18.813
20.562
22.475
986
549
316
954
309
16.200
17.723
19.389
21.212
23.206
819
696
724
358
320
36
37
38
39
40
22.251
24.253
26.436
28.815
31.409
225
835
680
982
420
22.998
25.090
27.374
29.865
32.582
050
873
142
189
922
23.769
25.955
28.343
30.951
33.799
223
991
942
585
131
24.565
26.850
29.347
32.076
35.059
513
105
165
451
561
25.387
27.774
30.384
33.241
36.365
714
159
930
113
778
41
42
43
44
45
34.236
37.317
40.676
44.336
48.327
268
532
110
960
286
35.547
38.782
42.312
46.162
50.363
967
833
070
469
253
36.908
40.304
44.012
48.061
52.483
651
247
238
364
009
38.320
41.883
45.779
50.036
54.689
101
870
070
523
920
39.784
43.523
47.615
52.090
56.987
161
872
116
937
485
46
47
48
49
50
52.676
57.417
62.585
68.217
74.357
742
649
237
908
520
54.946 309
59.946 424
65.401548
71.353 089
77.846 220
59.776 083
65.335 258
71.411437
78.052 701
85.311 602
62.344
68.204
74.615
81.629
89.303
308
673
913
809
011
57.311 446
62.584 099
68.341836
74.629 285
179
81.495
.
130
NARROW-INTERVAL
TABLES
.
RATE
9.0%-9.9%
COMPOUNDING
9.5%
5
S
*
5
*
*
_
=*
=*
5
_
3
_
3
S
*
*
*
9.6%
FACTOR
9.7%
FOR 1
9.8%
9.9%
Year
1.095
1.199
1.312
1.437
1.574
000
025
932
661
239
1.096 000
1 201 216
1 316 533
1.442 920
1.581440
1.097
1.203
1 320
1.448
1.588
000
409
140
193
668
1.098
1.205
1.323
1.453
1.595
000
604
753
481
922
1 099
1.207
1.327
1 458
1.603
000
801
373
783
203
1
2
3
4
5
1.723
1.887
2 066
2.263
2.478
791
552
869
222
228
1 733 258
1 899 651
2.082 018
2.281891
2.500 953
1.742 769
1 911817
2.097 264
2.300 698
2 523 866
1.752
1 924
2.112
2.319
2.546
323
050
607
643
967
1.761920
1.936 350
2.128 049
2.338 725
2 570 259
6
7
8
9
10
2 713 659
2.971457
3 253 745
3.562 851
3 901 322
2.741045
3.004 185
3.292 587
3 608 675
3.955 108
2 768
3 037
3.331
3.655
4.009
681
243
856
045
585
2.796 570
3.070 634
3.371 556
3.701969
4 064 762
2 824
3.104
3 411
3.749
4 120
715
362
693
451
647
11
12
13
14
15
4.271948
4.677 783
5.122 172
5 608 778
6.141 612
4.334
4.750
5 207
5.706
6.254
798
939
029
903
766
4.398
4.825
5.293
5.806
6.369
515
171
212
654
899
4.463
4 900
5 380
5.908
6.487
108
493
741
054
043
4 528
4.976
5.469
6.011
6 606
591
921
636
130
232
16
17
18
19
20
6.725
7.363
8.063
8.829
9.668
065
946
521
556
364
6.855 224
7 513 325
8.234 605
9.025 127
9 891539
6.987
7 665
8.409
9 224
10 119
779
594
156
845
655
7.122
7 820
8.587
9 428
10.352
774
805
244
794
816
7 260
7.979
8.768
9.637
10.591
249
014
937
061
130
21
22
23
24
25
10.586
11.592
12.693
13.899
15.220
858
610
908
829
313
10.841
11.881
13.022
14.272
15 642
16.666
18.249
19.983
21881
23 960
242
535
241
649
406
26.236
28.729
31.458
34.446
37.719
126
875
534
698
877
11.101 261
12.178 083
13.359 358
14 655 215
16.076 771
11 367 392
12 481397
13.704 573
15 047 622
16.522 289
11.639 652
12.791978
14.058 384
15.450 164
16.979 730
26
27
28
29
30
17 144 593
18 790 474
20.594 359
22.571418
24.738 274
17.636
19 346
21223
23 282
25.540
218
931
583
271
651
18.141473
19 919 337
21871432
24.014 833
26.368
286
18.660
20.508
22.538
24.769
27 221
723
135
440
745
950
31
32
33
34
35
644
126
393
940
399
27.113
29.716
32.568
35.695
39.122
148
011
748
347
101
28.018
30.735
33.717
36.987
40 575
094
849
227
798
614
28.952
378
31.789
711
34 905 103
38 325 803
42 081732
29.916
32 878
36.133
39.710
43.642
923
699
690
925
307
36
37
38
39
40
41.302
45.226
49.523
54.227
59 379
742
503
020
707
34C
42.877
46.994
51.505
56.450
61.869
822
093
526
057
262
44 511449
48.829 059
53.565 478
58.761 329
64.461
178
46 205
50 733
55 705
61.164
67 159
742
904
827
998
168
47.962
52.711
57.929
63.664
69.967
895
222
633
666
468
41
42
43
44
45
65 020
71.197
77.961
85.367
93.477
377
313
057
358
257
67.808
74.318
81.452
89.272
97.842
711
348
909
388
538
73.740
80.967
88.902
97 614
107 180
766
361
163
575
803
76.894
84 506
92.872
102.067
112 172
248
778
949
371
041
46
47
48
49
50
70.713
77.573
85.097
93.352
102.407
913
162
759
242
409
.
.
~~NARROW-INTERVAL
TABLES
131
RATE
10.0%-10.9%
COMPOUNDING
Year
FACTOR
U
5
FOR 1
10.0%
10.1%
10.2%
10.3%
10.4%
1.100 000
1.210 000
1.331000
1.464 100
1.610 510
1.101000
1.212 201
1.334 633
1.469 431
1.617 844
1.102
1.214
1.338
1.474
1.625
1.103 00
1.216 609
1.341920
1.480 137
1.632 592
1.104
1.218
1.345
1.485
1.640
000
816
573
512
006
6
7
8
9
10
1.771
1.948
2.143
2.357
2.593
561
717
589
948
742
1.781246
1.961 152
2.159 228
2.377 310
2.617 419
1.790 975
1.973 655
2.174 967
2.396 814
2.641289
1.800
1.986
2.190
2.416
2.665
749
226
807
460
355
1.810
1.998
2.206
2.436
2.689
566
865
747
249
619
11
12
13
14
15
2.853
3.138
3.452
3.797
4.177
117
428
271
498
248
2.881
3.172
3.493
3.846
4.234
778
837
294
117
575
2.910
3.207
3.534
3.895
4.292
701
592
766
313
635
2.939
3.242
3.576
3.945
4.351
887
695
693
092
437
2.969
3.278
3.619
3.995
4.410
339
150
078
462
990
16
17
18
19
20
4.594
5.054
5.559
6.115
6.727
973
470
917
909
500
4.662
5.133
5.651
6.222
6.850
267
156
604
416
880
4.730
5.212
5.744
6.330
6.976
483
993
718
679
408
4.799
5.293
5.839
6.440
7.104
635
997
279
725
119
4.869
5.376
5.935
6.552
7.234
733
186
309
581
049
21
22
23
24
25
7.400
8.140
8.954
9.849
10.834
250
275
302
733
706
7.542
8.304
9.143
10.066
11.083
819
644
413
898
654
7.688
8.472
9.336
10.288
11.338
002
178
340
647
089
7.835
8.642
9.533
10.515
11.598
844
936
158
073
126
7.986
8.816
9.733
10.746
11.863
390
975
941
270
882
26
27
28
29
30
11.918
13.109
14.420
15.863
17.449
177
994
994
093
402
12.203
13.435
14.792
16.286
17.931
103
617
614
668
622
12.494
13.769
15.173
16.721
18.426
574
021
461
154
711
12.792
14.110
15.563
17.166
18.935
733
384
754
820
003
13.097
14.459
15.963
17.623
19.456
726
890
718
945
835
31
32
33
34
35
19.194
21.113
23.225
25.547
28.102
342
777
154
670
437
19.742
21.736
23.932
26.349
29.010
716
730
140
286
563
20.306
22.377
24.659
27.175
29.947
236
472
974
292
171
20.885
23.036
25.409
28.026
30.913
308
495
254
407
127
21.480
23.714
26.180
28.903
31.909
346
302
590
371
321
36
37
38
39
40
30.912
34.003
37.404
41.144
45.259
681
949
343
778
256
31.940
35.166
38.718
42.629
46.934
630
634
464
029
561
33.001
36.367
40.077
44.165
48.670
783
965
497
402
273
34.097
37.609
41.482
45.755
50.468
179
188
935
677
512
35.227
38.891
42.936
47.401
52.331
891
592
317
694
470
41
42
43
44
45
49.785
54.763
60.240
66.264
72.890
181
699
069
076
484
51.674
56.894
62.640
68.967
75.932
952
122
428
111
789
53.634
59.105
65.134
71.777
79.099
641
374
122
803
138
55.666
61.400
67.724
74.700
82.394
768
446
691
335
469
57.773
63.782
70.415
77.739
85.823
943
433
806
050
911
46
47
48
49
50
80.179
88.197
97.017
106.718
117.390
532
485
234
957
853
83.602
92.045
101.342
111.578
122.847
001
803
429
015
394
87.167
251
96.058310
105.856
258
116.653
596
128.552
263
90.881
100.241
110.566
121.955
134.516
099
853
763
140
520
94.749
104.603
115.482
127.492
140.751
598
556
326
488
707
1
2
3
4
5
000
404
273
777
204
132
NARROW-INTERVAL
TABLES
RATE
10.0%-10.9%
COMPOUNDING
S
5
5
*
5
*
_
*
5
_
i
3
3
3
_
5
5
5
FACTOR
FOR 1
10.5%
10.6%
10.7%
10.8%
10.9%
1.105
1.221
1 349
1 490
1.647
000
025
233
902
447
1.106
1.223
1.352
1.496
1.654
000
236
899
306
915
1.107
1.225
1.356
1.501
1.662
000
449
572
725
410
1.108
1.227
1 360
1.507
1.669
000
664
252
159
932
1 109
1.229
1 363
1.512
1.677
000
881
938
607
481
1
2
3
4
5
1.820
2.011
2.222
2.456
2.714
429
574
789
182
081
1.830
2.024
2 238
2 476
2.738
336
351
933
259
743
1.840 288
2 037 198
2.255 179
2.496 483
2.763 607
1 850
2 050
2 271
2.516
2.788
285
115
528
853
673
1.860 327
2.063 103
2.287 981
2 537 371
2.813 944
6
7
8
9
10
2.999
3.313
3.661
4.046
4.471
059
961
926
429
304
3.029
3.350
3.705
4.097
4.532
050
129
243
998
386
3.059
3.386
3.749
4.150
4.594
312
659
031
178
247
3.089
3.423
3.793
4.202
4.656
850
554
297
973
895
3.120
3.460
3.838
4.256
4.720
664
816
045
392
339
11
12
13
14
15
4.940
5.459
6.032
6.666
7.366
791
574
829
276
235
5.012 819
5.544 178
6.131 861
6 781838
7.500 713
5.085
5.630
6.232
6.899
7.637
831
015
427
296
521
5.159
5.717
6.334
7.018
7.776
839
102
549
680
698
5.234
5.805
6.438
7.140
7.918
856
455
250
019
281
16
17
18
19
20
8.139
8.994
9.938
10.982
12.135
690
357
764
335
480
8.295
9.175
10.147
11.223
12.413
788
142
707
364
041
8.454
9.359
10.360
11.469
12.696
736
392
847
458
690
8.616
9.547
10.578
11.720
12.986
581
172
266
719
557
8.781374
9.738 544
10.800 045
11.977 250
13.282 770
21
22
23
24
25
13.409
14.817
16.373
18.092
19.992
705
724
585
812
557
13.728
15 184
16 793
18.573
20 542
823
078
590
711
524
14.055 236
15.559 146
17 223 975
19 066 940
21.107
103
14 389
15.943
17.664
19.572
21686
105
128
986
804
667
14.730 592
16.336 226
18.116 875
20.091615
22.281601
26
27
28
29
30
22.091
24 411
26 974
29.806
32 936
775
412
610
944
673
22 720
25 128
27 791
30.737
33.996
032
355
961
909
127
23.365
25.865
28.633
31.697
35 088
24.028
26.623
29.499
32.685
36 215
827
940
326
253
261
24.710
27.403
30.390
33.703
37.376
295
717
722
311
972
31
32
33
34
35
36.395
40.216
44.439
49.105
54.261
024
501
234
354
416
37.599
41.585
45.993
50.868
56.260
717
286
327
620
693
38.843
142
42 999 358
47.600 289
52.693 520
58.331
727
41.451062
45.969 228
50.979 874
56.536 680
62 699 178
36
37
38
39
40
59.958
66.254
73.211
80.898
89.392
864
545
272
456
794
62.224
68.820
76.115
84.183
93.106
327
105
036
230
653
64.573
71.482
79 131
87.598
96.971
222
557
190
228
238
67.008
74.245
82.263
91.148
100.992
543
466
976
486
522
69 533 388
77.112 528
85.517 793
94.839 232
105.176 709
41
42
43
44
45
102 975 958

113 891409
125.963
899
139.316 072
154.083 576
107.347
118 833
131 548
145.624
161 205
160
306
470
157
941
111.899
123.984
137.375
152.211
168.650
714
884
251
778
650
116.640
129.354
143.454
159.091
176.431
46
47
48
49
50
98.779 037
109.150 836
120 611674
133.275 900
147 269 869
NARROW-INTERVAL
TABLES
563
678
306
069
656
40.126 509
44 460 172
49.261 870
54.582
152
60.477 025
970
836
513
055
980
Year
133
RATE
11.0%-11.9%
COMPOUNDING
Year
11.0%
FACTOR FOR 1
11.1%
11.2%
11.3%
11.4%
1.110 000
1.111000
1.112 000
1.113 000
1.114 000
2
3
4
5
1.232
1.367
1.518
1.685
100
631
070
058
1.234 321
1.371331
1.523 548
1.692 662
1.236
1.375
1.529
1.700
544
037
041
294
1.238
1.378
1.534
1.707
/65
750
549
953
1.240
1.382
1.540
1.715
996
470
071
639
6
7
8
9
10
1.870
2.076
2.304
2.558
2.839
415
160
538
037
421
1.880
2.089
2.321
2.578
2.865
548
288
200
853
105
1.890
2.102
2.337
2.599
2.890
727
488
967
819
999
1.900
2.115
2.354
2.620
2.917
951
759
840
936
102
1.911
2.129
2.371
2.642
2.943
222
101
819
206
418
11
12
13
14
15
3.151757
3.498 451
3.883 280
4.310 441
4.784 589
3.183
3.536
3.929
4.365
4.849
132
460
007
126
655
3.214790
3.574 847
3.975 230
4.420 455
4.915 546
3.246735
3.613 616
4.021954
4.476 435
4.982 272
3.278967
3.652 770
4.069 185
4.533 073
5.049 843
16
17
18
19
20
5.310
5.895
6.543
7.263
8.062
5.387
5.986
6.650
7.388
8.208
967
032
481
684
828
5.466
6.078
6.759
7.516
8.357
088
290
058
072
873
5.545 269
6.171885
6.869 308
7.645 539
8.509 485
5.625 525
6.266 835
6.981254
7.777 117
8.663 708
894
093
553
344
312
21
22
23
24
25
8.949
166
9.933 574
11.026267
12.239
157
13.585
464
9.120 008
10.132
329
11.257018
12.506
547
13.894
774
9.293 954
10.334 877
11.492383
12.779
530
14.210 838
9.471 057
10.541286
11.732452
13.058
219
14.533
798
9.651 371
10.751627
11.977313
13.342
726
14.863
797
26
27
28
29
30
15.079
16.738
18.579
20.623
22.892
865
650
901
691
297
15.437
17.150
19.054
21.169
23.519
093
611
329
359
158
15.802
17.572
19.540
21.728
24.162
452
326
427
954
597
16.176
18.004
20.038
22.302
24.823
117
018
472
819
038
16.558
18.445
20.548
22.891
25.500
270
913
747
304
913
31
32
33
34
35
25.410
28.205
31.308
34.752
38.574
449
599
214
118
851
26.129
29.030
32.252
35.832
39.809
784
191
542
574
989
26.868
29.878
33.224
36.945
41.083
808
115
464
604
511
27.628
30.750
34.224
38.092
42.396
041
010
761
159
573
28.408
31.646
35.254
39.273
43.750
017
531
235
218
365
36
37
38
39
40
42.818
47.528
52.756
58.559
65.000
085
074
162
340
867
44.228
49.138
54.592
60.652
67.384
898
306
658
443
864
45.684
50.801
56.491
62.818
69.854
864
569
345
376
034
47.187
52.519
58.454
65.059
72.411
386
560
270
603
338
48.737
54.294
60.483
67.378
75.059
906
028
547
671
840
41
42
43
44
45
72.150
80.087
88.897
98.675
109.530
963
569
201
893
242
74.864
83.174
92.406
102.664
114.059
584
553
928
097
812
77.677
86.377
96.051
106.809
118.772
686
586
876
686
371
80.593
89.700
99.837
111.118
123.675
819
921
125
720
136
83.616
93.148
103.767
115.597
128.775
662
961
943
488
602
46
47
48
49
50
121.578
134.952
149.796
166.274
184.564
568
211
954
619
827
126.720
140.786
156.413
173.775
193.064
451
422
714
637
732
132.074
146.867
163.316
181.607
201.947
877
263
396
832
910
137.650
426
153.204
924
170.517
080
189.785
511
211.231273
143.456
159.810
178.028
198.323
220.932
020
007
347
579
467
134
NARROW-INTERVAL
TABLES
RATE
1 1 .0%-11.9%
COMPOUNDING
FACTOR
FOR
11.9%
11.7%
000
225
196
608
353
1.116 000
1.245 456
1.389 929
1.551 161
1.731095
1.117
1.247
1.393
1.556
1.738
000
689
669
728
865
1.118
1.249
1.397
1.562
1.746
000
924
415
310
663
1.119
1.252
1.401
1.567
1.754
000
161
168
907
488
1
2
3
4
5
1.921539
2.142 516
2.388 905
2.663 629
2.969 947
1.931902
2.156 003
2.406 099
2.685 207
2.996 691
1.942
2.169
2.423
2.706
3.023
312
563
402
940
651
1.952
2.183
2.440
2.728
3.050
769
195
813
828
830
1.963
2.196
2.458
2.750
3.078
272
902
333
875
229
6
7
8
9
10
3.311 491
3.692 312
4.116928
4.590 375
5.118 268
3.344
3.732
4.165
4.648
5.187
307
247
187
349
557
3.377 419
3.772 577
4.213968
4.707 002
5.257 722
3.410 828
3.813 306
4.263276
4.766 343
5.328 771
3.444
3.854
4.313
4.826
5.400
538
438
116
377
715
11
12
13
14
15
5.706
6.363
7.094
7.910
8.820
869
159
922
838
584
5.789
6.460
7.210
8.046
8.980
314
875
336
735
156
5.872
6.560
7.327
8.184
9.142
5.957
6.660
7.446
8.325
9.307
566
559
505
192
565
6.043
6.762
7.567
8.467
9.475
401
565
311
821
491
16
17
18
19
20
9.834
10.965
12.227
13.633
15.200
951
971
057
169
983
10.021854
389
11.184
12.481779
665
13.929
506
15.545
137
10.212
957
11.406
12.741571
14.232 335
15.897
518
10.405 858
749
11.633
13.006
531
14.541302
16.257
175
10.603
11.864
13.276
14.856
16.624
075
840
756
691
637
21
22
23
24
25
16.949
096
18.898
243
21.071540
768
23.494
26.196
666
785
17.348
19.361244
21.607
148
577
24.113
26.910
752
17.757
19.835
22.155
24.748
27.643
528
158
872
109
638
18.175
20.320
22.718
25.398
28.395
522
234
021
748
800
18.602
20.816
23.293
26.065
29.167
968
722
912
887
728
26
27
28
29
30
U
*
*
U
U
_
3
3
_
U
*
_
*
1.115
1.243
1.386
1.545
1.723
11.8%
Year
11.6%
11.5%
875
002
522
842
468
282
350
710
787
112
30.032
33.516
37.404
41.742
46.585
400
158
032
900
076
30.877
34.490
38.526
43.033
48.068
943
663
070
621
554
31.746
35.492
39.680
44.363
49.597
504
592
718
042
881
32.638
36.522
40.868
45.732
51.174
687
691
891
289
432
31
32
33
34
35
50.337
915
56.126
776
62.581355
69.778
211
705
77.802
51.988
58.019
64.749
72.260
80.643
945
663
944
937
206
53.692
575
606
59.974
66.991635
74.829
656
726
83.584
55.450
61.993
69.308
77.487
86.630
431
582
825
266
764
57.264
64.078
71.703
80.236
89.784
189
628
984
758
933
36
37
38
39
40
96.853
108.281870
121.059
135.344
151.314
194
131
109
713
100.469
112.425
125.803
140.774
157.526
340
191
789
440
598
41
42
43
44
45
169.169
189.131
211.449
236.400
265.295
850
892
455
491
749
176.272
197.248
220.721253
246.987
276.378
263
662
46
47
48
49
50
29.209
32.568
36.313
40.489
45.146
86.750
016
96.726
268
107.849
788
514
120.252
134.081553
149.500
166.693
185.863
207.237
231.069
932
539
296
575
896
NARROW-INTERVAL
818
89.997
100.437
565
112.088
322
567
125.090
139.601073
93.364
104.287
116.489
130.118
145.342
155.794
173.866
194.035
216.543
241.662
162.347
634
307
181.342
202.559
357
802
226.258
252.731081
798
994
566
691
759
TABLES
139
744
410
670
555
082
545
135
RATE
12.0%-12.9%
COMPOUNDING
Year
FOR
12.4%
12.3%
12.2%
12.1%
12.0%
FACTOR
1
2
3
4
5
1.120
1.254
1.404
1.573
1.762
000
400
928
519
342
1.121000
1.256 641
1.408 695
1.579 147
1.770 223
1.122
1.258
1.412
1.584
1.778
000
884
468
789
133
1.123
1.261
1.416
1.590
1.786
000
129
248
446
071
1.124
1.263
1.420
1.596
1.794
000
376
035
119
038
6
7
8
9
10
1.973
2.210
2.475
2.773
3.105
823
681
963
079
848
1.984
2.224
2.493
2.795
3.133
420
535
704
442
691
1.995 065
2.238 463
2.511 556
2.817 966
3.161758
2.005
2.252
2.529
2.840
3.190
758
466
520
651
051
2.016
2.266
2.547
2.863
3.218
498
544
596
497
571
11
12
13
14
15
3.478
3.895
4.363
4.887
5.473
550
976
493
112
566
3.512
3.937
4.414
4.948
5.547
867
924
413
557
332
3.547
3.980
4.465
5.010
5.622
492
286
881
718
026
3.582
4.023
4.517
5.073
5.697
427
065
902
604
658
3.617
4.066
4.570
5.137
5.774
674
266
482
222
238
16
17
18
19
20
6.130
6.866
7.689
8.612
9.646
394
041
966
762
293
6.218 560
6.971005
7.814 497
8.760 051
9.820 017
6.307
7.077
7.940
8.909
9.996
913
479
931
725
711
6.398 469
7.185 481
8.069 295
9.061819
10.176 422
6.490
7.295
8.199
9.216
10.359
243
034
618
370
200
21
22
23
24
25
10.803
12.100
13.552
15.178
17.000
848
310
347
629
064
11.008
12.340
13.833
15.507
17.383
239
236
405
247
624
11.216
12.584
14.120
15.842
17.775
310
700
033
677
484
11.428
12.833
14.412
16.185
18.175
11.643
13.087
14.710
16.534
18.584
741
565
423
515
795
26
27
28
29
30
19.040
21.324
23.883
26.749
29.959
072
881
866
930
922
19.487
21.844
24.488
27.451
30.772
042
974
216
290
897
19.944
22.377
25.107
28.170
31.607
093
272
299
389
177
441
20.411
22.922
048
25.741460
660
28.907
302
32.463
20.889
310
584
23.479
26.391053
29.663
543
823
33.341
31
32
33
34
35
33.555
113
37.581726
42.091533
517
47.142
52.799
620
417
34.496
38.670484
43.349
612
48.594
915
900
54.474
253
35.463
39.789769
121
44.644
50.090
704
56.201
770
288
36.456
40.940411
45.976
082
140
51.631
770
57.981
37.476
209
42.123259
47.346
543
53.217
514
486
59.816
36
37
38
39
40
574
59.135
843
66.231
74.179
664
83.081224
93.050
970
61.066
68.455
76.738
86.023
96.432
363
393
495
853
739
63.058
70.751
79.383
89.067
99.934
386
509
193
942
231
65.113
73.122
82.116
92.216
103.559
528
492
558
895
573
67.233
75.570
84.941
95.474
107.313
730
712
481
224
028
112.126
125.805
141.153
158.374
177.696
208
605
889
663
372
116.297
130.601
146.666
164.705
184.964
400
981
024
945
776
120.619
135.576
152.388
171.284
192.523
843
704
215
354
614
330
199.375
120
223.699
412
250.990
281.611243
315.967
814
207.715
233.264
261.955
294.176
330.360
444
443
970
554
271
216.396
243.229
273.390
307.290
345.394
542
713
198
582
615
41
42
43
44
45
104.217
116.723
130.729
146.417
163.987
087
137
914
503
604
101
108.101
121.181
334
275
135.844
152.281433
170.707
486
46
47
48
49
50
183.666
205.706
230.390
258.037
289.002
116
050
776
669
190
191.363
214.518
240.474
269.572
302.190
136
122
781
337
054
816
092
026
707
147
376
NARROW-INTERVAL
TABLES
RATE
12.0%-12.9%
COMPOUNDING
*
*
3
3
*
3
3
S
5
S
S
12.5%
12.6%
FACTOR FOR 1
12.7%
12.8%
12.9%
Year
1.125 000
1.265 625
1.423 828
1.601807
1.802 032
1.126
1.267
1.427
1.607
1.810
000
876
628
510
056
1.127 000
1.270 129
1.431435
1.613 228
1.818 108
1.128
1.272
1.435
1.618
1.826
000
384
249
961
188
1.129
1.274
1.439
1.624
1.834
000
641
070
710
297
1
2
3
4
5
2.027
2.280
2.565
2.886
3.247
287
697
785
508
321
2.038
2.294
2.584
2.909
3.276
123
926
087
682
302
2.049
2.309
2.602
2.933
3.305
2.059
2.323
2.621
2.956
3.334
940
612
035
527
963
2.070
2.338
2.639
2.980
3.364
922
070
682
200
646
6
7
8
9
10
3.653236
4.109 891
4.623 627
5.201 580
5.851778
3.689
4.153
4.677
5.266
5.930
116
944
341
686
289
3.725316
4.198 431
4.731631
5.332 549
6.009 782
3.761838
4.243 353
4.786 503
5.399 175
6.090 269
3.798686
4.288 716
4.841961
5.466 573
6.171761
11
12
13
14
15
6.583 250
7.406 156
8.331926
9.373 417
10.545094
6.677
7.518
8.466
9.532
10.734
505
871
249
996
154
6.773 025
7.633 199
8.602 615
9.695 147
10.926431
6.869 824
7.749 161
8.741054
9.859 909
11.121977
6.967 919
7.866 780
8.881595
10.027
321
11.320845
16
17
18
19
20
11.863
231
13.346
134
15.014 401
16.891201
19.002
602
12.086
13.609
15.324
17.255
19.429
657
576
382
255
417
12.314
13.877
15.640
17.626
19.865
088
977
480
821
427
12.545
590
14.151426
15.962
808
18.006
048
20.310
822
12.781234
14.430
013
16.291485
18.393
086
20.765
794
21
22
23
24
25
21.377
24.050
27.056
30.438
34.243
927
168
438
493
305
21.877
24.634
27.737
31.232
35.168
523
091
987
973
328
22.388
336
25.231655
28.436
075
32.047
456
36.117
483
22.910
607
25.843
164
29.151
089
32.882
429
37.091380
23.444
26.468
29.883
33.738
38.090
582
933
425
387
639
26
27
28
29
30
38.523
43.339
48.756
54.851
61.707
718
183
581
153
547
39.599
44.589
50.207
56.533
63.656
537
078
302
422
634
40.704
45.873
51.699
58.265
65.665
41.839
47.194
53.235
60.049
67.735
076
478
371
499
835
43.004
331
48.551890
54.815
084
61.886
230
69.869
553
31
32
33
34
35
007
231
504
021
515
404
863
844
724
471
991
69.420
78.098
615
87.860
942
559
98.843
111.199004
71.677
369
80.708
718
017
90.878
102.328
647
115.222056
74.004
985
83.403
619
93.995
878
105.933
355
119.386891
76.406
022
86.185
992
799
97.217
109.661678
123.698373
78.882
726
89.058
597
100.547
157
113.517
740
128.161528
36
37
38
39
40
5
5
5
125.098
140.736
158.328
178.119
200.384
880
240
270
303
216
129.740
146.087
164.494
185.220
208.558
035
280
277
556
346
134.549
151.636
170.894
192.598
217.058
026
752
620
236
212
139.531764
157.391830
177.537
984
200.262
846
225.896
491
144.694
163.359
184.433
208.225
235.086
365
938
370
275
336
41
42
43
44
45
5
5
225.432
253.611274
285.312
320.976
361.098
243
234.836
264.426
297.743
335.259
377.502
697
121
812
533
234
244.624
605
275.691930
310.704
805
350.164
316
394.635
184
254.811
241
287.427080
324.217
747
365.717
618
473
412.529
265.412
299.650682
338.305
381.947
431.218
473
46
47
48
49
50
*
_
683
768
864
NARROW-INTERVAL
TABLES
620
045
214
137
RATE
13.0%-13.9%
COMPOUNDING
FACTOR FOR 1
13.0%
13.1%
13.2%
13.3%
13.4%
1
2
3
4
5
1.130
1.276
1.442
1.630
1.842
000
900
897
474
435
1.131
1.279
1.446
1.636
1.850
000
161
731
253
602
1.132
1.281
1.450
1.642
1.858
000
424
572
047
798
1.133
1.283
1.454
1.647
1.867
000
689
420
857
022
1.134
1.285
1.458
1.653
1.875
000
956
274
683
276
6
7
8
9
10
2.081
2.352
2.658
3.004
3.394
952
605
444
042
567
2.093
2.367
2.677
3.028
3.424
031
218
323
053
728
2.104
2.381
2.696
3.052
3.455
159
908
320
234
129
2.115
2.396
2.715
3.076
3.485
336
676
434
587
773
2.126
2.411
2.734
3.101
3.516
563
523
667
112
661
11
12
13
14
15
3.835
4.334
4.898
5.534
6.254
861
523
011
753
270
3.873
4.380
4.954
5.603
6.337
367
778
660
721
808
3.911
4.427
5.011
5,673
6.422
206
485
913
486
386
3.949
4.474
5.069
5.744
6.508
381
648
777
057
017
3.987
4.522
5.128
5.815
6.594
894
272
256
442
712
16
17
18
19
20
7.067
7.986
9.024
10.197
11.523
326
078
268
423
088
7.168
8.107
9.169
10.370
11.728
061
077
104
256
760
7.270
8.229
9.316
10.545
11.937
141
800
133
863
917
7.373
8.354
9.465
10.724
12.150
583
269
387
284
613
7.478
8.480
9.616
10.905
12.366
403
509
897
562
907
21
22
23
24
25
13.021
14.713
16.626
18.788
21.230
089
831
629
091
542
13.265
15.002
16.968
19.191
21.705
228
972
362
217
267
13.513
15.297
17.316
19.602
22.190
721
533
807
626
172
13.766
15.597
17.672
20.022
22.685
645
609
090
479
468
14.024
15.903
18.034
20.450
23.191
072
298
340
942
368
26
27
28
29
30
23.990
27.109
30.633
34.615
39.115
513
279
486
839
898
24.548
27.764
31.401
35.515
40.167
656
530
684
305
809
25.119
28.435
32.188
36.437
41.247
275
019
442
316
042
25.702
29.121
32.994
37.382
42.354
635
086
190
418
279
26.299
29.823
33.819
38.351
43.490
011
079
371
167
223
31
32
33
34
35
44.200
49.947
56.440
63.777
72.068
965
090
212
439
506
45.429
51.381
58.112
65.724
74.334
792
095
019
693
628
46.691
52.854
59.831
67.729
76.669
651
949
802
600
908
47.987
54.369
61.600
69.793
79.076
398
722
895
815
392
49.317
55.926
63.420
71.919
81.556
913
513
666
036
186
36
37
38
39
40
81.437
92.024
103.987
117.505
132.781
412
276
432
798
552
84.072
95.085
107.542
121.630
137.563
464
957
217
248
810
86.790
98.246
111.215
125.895
142.513
335
660
219
628
850
89.593
101.509
115.010
130.306
147.637
552
494
257
621
402
92.484
104.877
118.931
134.868
152.940
715
667
275
065
386
41
42
43
44
45
150.043
169.548
191.590
216.496
244.641
153
763
103
816
402
155.584
175.966
199.017
225.089
254.575
670
261
842
179
861
161.325
182.620
206.726
234.014
264.904
679
668
597
507
422
167.273
189.520
214.726
243.285
275.642
177
509
737
393
350
173.434
196.674
223.029
252.914
286.805
398
607
005
891
487
46
47
48
49
50
276.444
312.382
352.992
398.881
450.735
784
606
345
350
925
287.925
325.643
368.302
416.550
471.118
299
513
813
482
595
299.871
339.454
384.262
434.985
492.403
806
884
929
636
740
312.302
353.839
400.899
454.219
514.630
783
053
647
300
466
325.237
368.819
418.241
474.285
537.839
422
236
014
310
541
Year
138
NARROW-INTERVAL
TABLES
RATE
13.0%-13.9%
COMPOUNDING
13.5%
*
*
*
*
*
S
5
S
S
*
*
5
*
S
S
5
_
1.135
1.288
1.462
1.659
1.883
13.6%
FACTOR FOR 1
13.7%
13.8%
13.9%
1.139
1.297
1.477
1.683
1.916
000
225
135
524
559
1.136 000
1.290 496
1.466 003
1.665 380
1.891872
1.137 000
1.292 769
1.469 878
1.671252
1.900 213
1.138
1.295
1.473
1.677
1.908
2.137 840
2.426 448
2.754 019
3.125811
3.547 796
2.149 166
2.441 453
2.773 490
3.150685
3.579
178
2.160 542
2.456 537
2.793 082
3.175734
3.610 810
4.026748
4.570 359
5.187 358
5.887 651
6.682 484
4.065946
4.618 915
5.247 088
5.960 691
6.771345
4.105491
4.667 943
5.307 452
6.034 572
6.861309
000
044
760
139
584
Year
000
321
649
042
985
1
2
3
4
5
2.171969
2.471 700
2.812 795
3.200961
3.642 693
2.183 445
2.486 944
2.832 630
3.226365
3.674 830
6
7
8
9
10
4.145385
4.717 448
5.368 456
6.109 303
6.952 387
4.185631
4.767 434
5.430 107
6.184 892
7.044 592
11
12
13
14
15
7.584
8.608
9.770
11.089
12.586
619
543
696
740
855
7.692
8.738
9.926
11.276
12.810
248
394
816
863
516
7.801
8.870
10.085
11.466
13.037
308
087
289
974
949
7.911
9.003
10.246
11.660
13.269
816
647
150
119
215
8.023
9.139
10.409
11.856
13.504
791
097
432
343
375
16
17
18
19
20
14.286
16.214
18.403
20.888
23.708
080
701
686
184
088
14.552
746
16.531920
18.780 261
21.334
376
24.235
852
14.824
16.855
19.164
21.789
24.774
149
057
200
695
883
15.100
17.184
19.555
22.254
25.325
367
218
640
318
414
15.381483
17.519
509
19.954 721
22.728
427
25.887
678
21
22
23
24
25
26.908
680
30.541352
34.664
435
39.344
133
44.655
591
27.531927
31.276
270
35.529
842
40.361901
45.851
119
28.169
32.028
36.416
41.405
47.077
042
201
065
065
559
28.820
32.797
37.323
42.474
48.335
321
525
584
238
683
29.486
33.584
38.252
43.570
49.626
066
629
892
044
280
26
27
28
29
30
50.684
096
57.526449
65.292
520
74.107
010
84.111457
52.086
871
59.170686
67.217
899
76.359
534
86.744
430
53.527
185
60.860409
69.198
286
78.678451
89.457
398
56.524
333
64.381215
73.330
204
83.523
103
95.132
814
31
32
33
34
35
55.006
008
62.596837
71.235
200
81.065
658
92.252
718
95.466
108.354
122.982
139.584
158.428
503
481
336
951
920
98.541673
111.943
340
127.167
634
144.462
433
164.109
323
101.713
115.647
131.491
149.505
169.988
062
752
493
828
127
104.983
119.471
135.958
154.720
176.072
593
329
373
628
075
108.356
123.417
140.572
160.112
182.368
275
797
871
500
138
36
37
38
39
40
179.816
204.092
231.644
262.916
298.410
824
095
528
539
272
186.428
211.782
240.584
273.304
310.473
191
425
835
373
768
193.276
219.755
249.861867
284.092
323.013
500
380
943
677
200.370
228.021
259.487
295.297
336.048
021
084
994
337
370
207.717
236.590
269.476
306.933
349.596
309
015
027
195
909
41
42
43
44
45
338.695
384.419
436.316
495.218
562.073
659
573
215
904
456
352.698
400.665
455.155
517.056
587.376
200
155
616
780
502
367.266
417.582
474.790
539.837
613.794
550
068
811
152
842
382.423
435.197
495.254
563.599
641.376
045
425
669
814
588
398.190
879
453.539
411
516.581389
588.386
202
670.171884
46
47
48
49
50
NARROW-INTERVAL
TABLES
139
U
S
RATE
14.0%- 14.9%
COMPOUNDING
Year
14.0%
14.1%
1.140
1.299
1.481
1.688
1.925
000
600
544
960
415
1.141
1.301
1.485
1.694
1.933
000
881
446
894
874
1.142
1.304
1.489
1.700
1.942
6
7
8
9
10
2.194 973
2.502 269
2.852 586
3.251949
3.707 221
2.206
2.517
2.872
3.277
3.739
11
12
13
14
15
4.226
4.817
5.492
6.261
7.137
232
905
411
349
938
16
17
18
19
20
8.137
9.276
10.575
12.055
13.743
249
464
169
693
490
21
22
23
24
25
15.667 578
17.861 039
20.361 585
23.212 207
26.461916
26
27
28
29
30
30.166
34.389
39.204
44.693
50.950
31
32
33
34
35
58.083
66.214
75.484
86.052
98.100
1
2
3
4
5
FACTOR FOR 1
14.2%
14.3%
14.4%
000
164
355
844
364
1.143
1.306
1.493
1.706
1.950
000
449
271
809
883
1.144
1.308
1.497
1.712
1.959
000
736
194
790
432
550
674
666
712
869
2.218 179
2.533 161
2.892 869
3.303 657
3.772 776
2.229
2.548
2.913
3.329
3.805
859
729
197
784
943
2.241
2.564
2.933
3.356
3.839
590
379
649
095
372
4.267
4.868
5.555
6.338
7.232
191
865
375
683
437
4.308
4.920
5.619
6.416
7.328
510
319
004
903
103
4.350
4.972
5.683
6.496
7.424
193
271
305
018
949
4.392
5.024
5.748
6.576
7.522
242
725
285
038
988
8.252
9.415
10.743
12.258
13.986
211
772
396
215
624
8.368
9.557
10.914
12.463
14.233
694
048
149
958
840
8.486
9.700
11.087
12.672
14.485
716
317
462
969
204
8.606
9.845
11.263
12.885
14.740
298
605
372
298
781
15.958 738
18.208 920
20.776 377
23.705 846
27.048 371
16.255 045
18.563 262
21.199 245
24.209 538
27.647 292
16.556
18.924
21.630
24.723
28.258
588
180
338
476
933
16.863
19.291
22.069
25.247
28.883
453
791
808
861
553
584
906
493
122
159
30.862
35.213
40.178
45.844
52.308
191
760
900
125
147
31.573
36.056
41.176
47.023
53.701
207
603
640
723
092
32.299
36.918
42.198
48.232
55.129
960
855
251
601
863
33.042
37.800
43.244
49.471
56.595
784
945
281
458
348
181
826
902
788
178
59.683
68.098
77.700
88.656
101.157
595
982
939
771
376
61.326
70.035
79.980
91.337
104.307
647
031
005
166
044
63.013
72.024
82.323
94.096
107.551
433
354
837
145
894
64.745
74.068
84.734
96.935
110.894
078
369
214
941
717
126.863556
145.131 908
166.030 903
189.939 353
217.290 620
36
37
38
39
40
111.834203
127.490 992
145.339 731
165.687 293
188.883 514
115.420566
131.694 866
150.263 842
171.451043
195.625 640
119.118644
136.033 491
155.350 247
177.409 982
202.602 200
122.931815
140.511 065
160.604 147
183.570 540
209.821 127
41
42
43
44
45
215.327
245.473
279.839
319.016
363.679
206
015
237
730
072
223.208 856
254.681 304
290.591368
331.564 751
378.315 381
231.371
264.226
301.746
344.594
393.527
712
495
658
683
128
239.825
274.120
313.319
358.124
409.336
548
602
848
586
402
248.580
284.376
325.326
372.173
425.766
469
056
208
182
121
46
47
48
49
50
414.594
472.637
538.806
614.239
700.232
142
322
547
464
988
431.657 850
492.521607
561.967 153
641.204 522
731.614 360
449.407 980
513.223 913
586.101709
669.328 152
764.372 749
467.871
534.777
611.250
698.659
798.567
507
133
263
051
295
487.076
557.215
637.454
729.247
834.259
442
450
475
919
619
140
NARROW-INTERVAL
TABLES
RATE
14.0%- 14.9%
COMPOUNDING
14.5%
5
*
*
*
*
*
*
5
_
3
5
*
*
S
I
*
_
*
14.6%
FACTOR FOR 1
14.7%
14.8%
14.9%
Year
1.145
1.311
1.501
1.718
1.968
000
025
124
787
011
1.146
1.313
1.505
1.724
1.976
000
316
060
799
620
1.147
1.315
1.509
1.730
1.985
000
609
004
827
259
1.148
1.317
1.512
1.736
1.993
000
904
954
871
928
1.149
1.320
1.516
1.742
2.002
000
201
911
931
627
1
2
3
4
5
2.253
2.580
2.954
3.382
3.873
372
111
227
590
066
2.265
2.595
2.974
3.409
3.907
206
926
931
271
025
2.277 092
2.611 824
2.995 762
3.436 139
3.941252
2.289
2.627
3.016
3.463
3.975
029
805
721
195
748
2.301
2.643
3.037
3.490
4.010
019
871
807
441
516
6
7
8
9
10
4.434
5.077
5.813
6.656
7.622
660
686
950
973
234
4.477
5.131
5.880
6.738
7.722
451
158
307
832
702
4.520
5.185
5.947
6.821
7.824
616
146
363
625
404
4.564
5.239
6.015
6.905
7.927
159
655
123
362
355
4.608
5.294
6.083
6.990
8.031
083
688
596
052
570
11
12
13
14
15
8.727 458
9.992 940
11.441916
13.100
994
15.000
638
8.850
10.142
11.623
13.320
15.264
216
348
131
108
843
8.974
10.293
11.807
13.542
15.533
591
856
053
690
466
9.100
10.447
11.993
13.768
15.806
604
493
722
793
574
9.228
10.603
12.183
13.998
16.084
274
286
176
469
241
16
17
18
19
20
17.175
731
19.666
212
22.517
812
25.782
895
29.521415
17.493
20.047
22.974
26.328
30.172
511
563
507
785
788
17.816
20.435
23.440
26.885
30.837
885
967
054
742
946
18.145
20.831
23.914
27.453
31.517
947
548
617
980
169
18.480
21.234
24.398
28.033
32.210
793
431
361
717
741
21
22
23
24
25
33.802
020
38.703
313
44.315
293
50.741011
58.098457
34.578
015
39.626
405
45.411
860
52.041992
59.640
123
35.371
40.570
46.534
53.375
61.221
124
680
570
151
299
36.181710
41.536
603
47.684
020
54.741255
62.842961
37.010
142
42.524
653
48.860
826
56.141089
64.506
111
26
27
28
29
30
66.522
76.168
87.212
99.858
114.338
734
530
967
847
380
68.347
78.326
89.761
102.867
117.885
581
328
971
219
833
70.220
80.543
92.383
105.963
121.540
829
291
155
479
110
72.143
82.820
95.078
109.150
125.304
720
990
497
114
331
74.117
522
85.161032
97.850
026
112.429
680
129.181
703
31
32
33
34
35
130.917
149.900
171.636
196.523
225.019
445
474
043
269
143
135.097
165
154.821351
177.425
268
203.329
357
233.015
443
139.406
159.899
183.404
210.364
241.288
507
263
455
910
551
143.849
165.139
189.579
217.637
249.847
372
079
663
453
796
148.429
170.545
195.957
225.154
258.702
776
813
139
753
811
36
37
38
39
40
257.646
919
295.005
722
337.781552
386.759
877
442.840
059
267.035
306.022
350.702
401.904
460.582
698
910
255
784
882
276.757
317.441390
364.105
417.628
479.020
968
286.825
329.275
378.008
433.953
498.178
270
410
170
379
479
297.249
341.539
392.429
450.901
518.085
530
710
126
066
325
41
42
43
44
45
507.051868
580.574
664.757
761.147
871.513
527.827
604.890
693.204
794.412
910.397
983
869
936
856
133
549.436
630.203
722.843
829.101073
950.978
141
254
132
571.908
894
656.551
411
753.721020
865.271
731
993.331947
595.280
683.976
785.889
902.986
1,037.531
039
764
302
808
843
46
47
48
49
50
389
675
538
931
274
749
176
931
.
NARROW-INTERVAL
TABLES
141
RATE
15.0%-15.9%
COMPOUNDING
Year
15.0%
15.1%
FACTOR FOR 1
15.2%
15.3%
15.4%
000
409
809
328
730
1
2
3
4
5
1.150
1.322
1.520
1.749
2.011
000
500
875
006
357
1.151
1.324
1.524
1.755
2.020
000
801
846
098
117
1.152 000
1.327 104
1.528 824
1.761205
2.028 908
1.153
1.329
1.532
1.767
2.037
6
7
8
9
10
2.313
2.660
3.059
3.517
4.045
061
020
023
876
558
2.325
2.676
3.080
3.545
4.080
155
254
368
503
874
2.337 302
2.692 572
3.101843
3.573 323
4.116 468
2.349 502
2.708 976
3.123 449
3.601337
4.152 342
2.361 755
2.725 465
3.145 187
3.629 546
4.188 496
11
12
13
14
15
4.652
5.350
6.152
7.075
8.137
391
250
788
706
062
4.697
5.406
6.222
7.162
8.243
087
347
705
333
846
4.742
5.462
6.293
7.249
8.351
4.787
5.520
6.364
7.338
8.461
4.833 524
5.577 887
6.436 882
7.428 161
8.572 098
172
982
355
945
937
1.154
1.331
1.536
1.773
2.046
650
160
745
551
349
000
716
800
468
582
16
17
18
19
20
9.357 621
10.761264
12.375 454
14.231 772
16.366 537
9.488 666
10.921455
12.570 595
14.468 755
16.653 536
9.621431
11.083 888
12.768 639
14.709 473
16.945 312
9.755 935
11.248 594
12.969 628
14.953 981
17.241941
9.892
11.415
13.173
15.202
17.543
21
22
23
24
25
18.821518
21.644 746
24.891 458
28.625 176
32.918953
19.168 220
22.062 622
25.394 078
29.228583
33.642099
19.521000
22.488 192
25.906 397
29.844 170
34.380483
19.879 958
22.921591
26.428 595
30.472 169
35.134411
20.245 196
23.362 956
26.960 851
31.112823
35.904 197
26
27
28
29
30
37.856
43.535
50.065
57.575
66.211
796
315
612
454
772
38.722
44.569
51.299
59.045
67.960
057
087
019
171
992
39.606 317
45.626 477
52.561 701
60.551080
69.754 844
40.509
46.708
53.854
62.094
71.594
976
003
327
039
427
41.433
47.814
55.177
53.674
73.480
444
194
580
927
866
31
32
33
34
35
76.143
87.565
100.699
115.804
133.175
538
068
829
803
523
78.223
90.034
103.630
119.278
137.289
102
790
043
180
185
375
276
552
857
078
84.796
97.855
112.925
130.315
150.384
919
645
414
928
581
36
37
38
39
40
153.151852
176.124 630
202.543 324
232.924 823
267.863 546
41
42
43
44
45
308.043
354.249
407.386
468.495
538.769
46
47
48
49
50
142
078
540
971
017
269
619.584 659
712.522 358
819.400 712
942.310 819
1,083.657442
201
600
603
337
497
80.357
92.571
106.642
122.852
141.526
580
933
866
582
175
82.548
95.178
109.740
126.530
145.890
158.019852
181.880 850
209.344 858
240.955 931
277.340 277
163.038
187.819
216.368
249.256
287.143
153
952
585
610
615
168.211259
193.947 582
223.621 562
257.835 661
297.284 517
173.543806
200.269 552
231.111 063
266.702 167
307.774 300
319.218
367.420
422.901
486.759
560.259
330.789
381.069
438.991
505.718
582.588
444
440
995
778
032
342.769
395.212
455.680
525.399
605.785
049
713
258
338
436
355.171543
409.867 960
472.987 626
545.827 721
629.885 189
698.470 608
805.336 611
928.553 113
1,070.621739
1,234.426865
726.887 509
838.828 185
968.007 725
1,117.080915
1,289.111376
659
676
199
280
931
644.859 180
742.232 917
854.310 087
983.310910
1,131.790858
671.141413
773.154 908
890.674 454
1,026.056971
1,182.017631
NARROW-INTERVAL
TABLES
S
RATE
115.0%-15.9%
*
*
COMPOUNDING
FACTOR
FOR
.
*
15.5%
1.155
1.334
1.540
1.779
2.055
000
025
799
623
464
1.156
1.336
1.544
1.785
2.064
000
336
804
794
378
1.157 000
1.338 649
1.548 817
1.791981
2.073 322
1.158
1.340
1.552
1.798
2.082
000
964
836
184
298
1.159
1.343
1.556
1.804
2.091
000
281
863
404
304
1
2
3
4
5
2.374
2.742
3.167
3.657
4.224
061
041
057
951
933
2.386
2.758
3.189
3.686
4.261
421
702
060
553
656
2.398
2.775
3.211
3.715
4.298
834
451
196
354
665
2.411
2.792
3.233
3.744
4.335
301
286
467
355
963
2.423
2.809
3.255
3.773
4.373
821
209
873
557
553
6
7
8
9
10
4.879
5.636
6.509
7.518
8.684
798
166
772
787
199
4.926
5.695
6.583
7.610
8.797
474
004
424
438
667
4.973
5.754
6.657
7.703
8.912
555
403
845
126
517
5.021045
5.814 371
6.733 041
7.796 862
9.028 766
5.068 948
5.874 910
6.809 021
7.891655
9.146 428
11
12
13
14
15
10.030
11.584
13.380
15.454
17.850
250
938
604
598
060
103
10.170
11.756
639
13.590
675
15.710
820
18.161708
10.311
782
11.930
732
13.803 857
15.971063
18.478
520
10.455
12.107
14.020
16.235
18.800
711
224
733
851
963
16
17
18
19
20
20.616
820
23.812427
27,503
353
31.766
372
36.690
160
20.994
934
24.270144
28.056
286
32.433
067
37.492
625
21.379
647
24.736252
28.619
844
33.113
159
38.311
925
21.771
069
25.210897
29.194
219
33.806
906
39.148
397
22.169
309
25.694229
29.779
611
34.514
570
40.002
386
21
22
23
24
25
42.377
135
48.945
591
56.532
157
65.294
642
75.415311
43.341
475
50.102
745
57.918
773
66.954
102
77.398942
44.326
897
51.286
220
59.338
157
68.654
247
79.432964
45.333
844
52.496
591
60.791053
70.396
039
81.518613
46.362
53.734
62.278
72.180
83.657
766
445
222
460
153
26
27
28
29
30
5
*
*
S
_
a
S
5
e
X
_
*
*
*
5
5
15.6%
15.7%
15.8%
15.9%
311
250
195
386
577
10.600
12.286
14.239
16.503
19.127
Year
87.104
100.605
116.199
134.210
155.013
684
910
826
800
474
89.473
103.430
119.566
138.218
159.780
177
992
227
558
653
91.903
106.332
123.027
142.342
164.690
939
858
117
374
127
94.398
109.313
126.585
146.585
169.746
554
525
062
502
012
640
96.958
112.375
064
130.242
699
150.951288
174.952
543
31
32
33
34
35
179.040
206.791849
238.844
275.865
318.624
562
586
496
648
184.706
213.520
246.829
285.335
329.847
435
639
859
317
627
190.546
476
220.462
273
255.074
850
295.121602
341.455
693
196.565
227.623
263.587
305.234
353.461
881
291
771
638
711
202.769
235.010
272.377
315.685
365.878
997
426
084
041
962
36
37
38
39
40
368.011469
246
425.053
490.936
500
567.031
657
654.921564
381.303
440.787
509.550
589.039
680.930
856
258
070
881
102
395.064
457.089
528.852
611.882
707.947
237
322
346
164
664
409.308
473.979
548.868
635.589
736.012
662
430
180
353
470
424.053
491.478
569.623
660.193
765.164
717
258
301
406
158
41
42
43
44
45
819.095
947.693
1,096.481
1,268.628
1,467.803597
447
432
301
865
852.302
986.966
1,142.906
1,323.486
1,532.596995
440
226
890
178
886.825
1,027.830
1,191.255
1,380.665
1,600.190907
259
475
521
148
46
47
48
49
50
756.434
873.681
1,009,102
1,165.513
1,346.167841
406
739
409
282
NARROW-INTERVAL
787.155
198
909.951409
1,051.903
829
1,216.000
827
1,405.696955
TABLES
143
RATE
16.0%-16.9%
COMPOUNDING
Year
16.1%
16.0%
U
U
.
5
FACTOR FOR 1
16.3%
16.2%
16.4%
1.160 000
1.345 600
1.560 896
1.810 639
2.100342
1.161 000
1.347 921
1.564 936
1.816 891
2.109410
1.162 000
1.350 244
1.568 984
1.823 159
2.118511
6
7
8
9
10
2.436
2.826
3.278
3.802
4.411
2.449
2.843
3.301
3.832
4.449
2.461
2.860
3.323
3.862
4.488
11
12
13
14
15
5.117 265
5.936027
6.885 791
7.987 518
9.265 521
5.166 000
5.997726
6.963 360
8.084 461
9.386 059
5.215 157
6.060013
7.041 735
8.182 496
9.508 060
5.264 739
6.122892
7.120 923
8.281633
9.631540
5.314 749
6.186368
7.200 933
8.381886
9.756 515
16
17
18
19
20
10.748004
12.467 685
514
14.462
517
16.776
19.460 759
10.897215
12.651667
14.688
585
17.053 447
19.799
052
11.048366
12.838
201
14.917 990
704
17.334
20.142
926
11.201481
13.027 322
15.150 776
17.620
352
20.492
469
11.356583
13.219
063
989
15.386
17.910
455
20.847
770
21
22
23
24
25
22.574
26.186
30.376
35.236
40.874
481
398
222
417
244
22.986
26.687
30.984
35.972
41.764
699
558
255
720
328
23.406
27.197
31.603
36.723
42.673
080
865
919
754
003
23.832
27.717
32.235
37.489
43.600
742
479
428
803
640
24.266
28.246
32.878
38.271
44.547
804
560
996
151
620
26
27
28
29
30
47.414
55.000
63.800
74.008
85.849
123
382
444
515
877
48.488
56.295
65.358
75.881
88.098
384
014
511
232
110
49.586
57.618
66.953
77.799
90.403
029
966
238
663
208
50.707
58.972
68.585
79.764
92.766
545
875
453
882
558
51.853
60.357
70.256
81.777
95.189
430
392
005
989
580
31
32
33
34
35
99.585
115.519
134.002
155.443
180.314
857
594
729
166
073
102.281
118.749
137.867
160.064
185.835
906
293
929
665
077
105.048
122.066
141.841
164.819
191.520
528
389
144
409
154
107.887
125.473
145.925
169.711
197.374
507
170
297
120
033
671
110.800
128.971981
386
150.123
621
174.743
203.401575
36
37
38
39
40
209.164
242.630
281.451
326.483
378.721
324
616
515
757
158
215.754
250.491002
290.820
337.642
392.002
524
419
939
967
665
475
229.546
266.961999
310.476
361.084
419.941
000
054
082
457
222.546
258.598
300.491
349.171
405.737
804
523
301
236.759
275.587
320.784
373.393
434.629
433
980
409
052
512
41
42
43
44
45
439.316
509.607
591.144
685.727
795.443
544
191
341
436
826
455.114
528.388
613.458
712.225
826.894
853
344
868
746
091
471.466
547.844
636.595
739.723
859.559
946
591
415
872
140
488.391
567.999
660.583
768.258
893.484
733
585
518
631
788
505.908
588.877
685.453
797.868
928.718
752
788
745
159
537
46
47
48
49
50
922.714
1,070.349
1,241.605
1,440.261
1,670.703
838
212
086
900
804
960.024
1,114.587
1,294.036
1,502.376
1,744.259
039
909
563
449
058
998.807
1,160.614
1,348.634
1,567.112
1,820.985
720
571
131
861
144
808
826
298
401
844
1,081.028
1,258.317
1,464.681
1,704.888
1,984.490
377
031
024
712
461
1
2
3
4
5
144
396
220
415
961
435
026
319
093
569
613
709
506
908
381
087
1.163 000
1.352 569
1.573 038
1.829 443
2.127642
1.164 000
1.354 896
1.577 099
1.835 743
2.136805
2.474
2.877
3.346
3.892
4.526
2.487
2.895
3.369
3.922
4.565
1,039.122
1,208.499
1,405.485
1,634.579
1,901.015
448
783
861
400
861
NARROW-INTERVAL
241
149
953
625
936
TABLES
.
RATE
16.0%-16.9%
COMPOUNDING
FACTOR FOR 1
16.5%
1.165
1.357
1.581
1.842
2.146
000
225
167
060
000
1.166
1.359
1.585
1.848
2.155
000
556
242
393
226
1.167 000
1.361889
1.589 324
1.854 742
2.164 484
1.168
1.364
1.593
1.861
2.173
000
224
414
107
773
1.169
1.366
1.597
1.867
2.183
000
561
510
489
095
1
2
3
4
5
2.500
2.912
3.393
3.953
4.605
089
604
184
059
314
2.512
2.930
3.416
3.983
4.644
993
150
555
703
998
2.525
2.947
3.440
4.014
4.684
952
786
067
558
989
2.538
2.965
3.463
4.045
4.725
967
513
720
625
290
2.552
2.983
3.487
4.076
4.765
038
332
515
905
902
6
7
8
9
10
5.365 191
6.250 447
7.281771
8.483 263
9.883 002
5.416
6.315
7.363
8.585
10.011
067
135
447
779
018
5.467
6.380
7.445
8.689
10.140
382
435
967
444
581
5.519 138
6.446 353
7.529 341
8.794 270
10.271707
5.571339
6.512 896
7.613 575
8.900 269
10.404 415
11
12
13
14
15
11.672
13.610
15.869
18.504
21.576
847
540
890
291
004
11.834
13.810
16.116
18.808
21.949
058
346
674
158
120
11.997
14.012
16.367
19.116
22.328
12.162
14.218
16.621
19.430
22.713
761
268
155
130
822
16
17
18
19
20
26.552
458
31.039824
36.285
554
42.417
812
49.586
423
21
22
23
24
25
_
*
*
*
e
3
S
*
_
*
*
3t
*
*
*
3
*
11.513
13.413
15.626
18.205
21.208
16.6%
697
457
678
080
918
24.708
389
28.785273
33.534
843
39.068
093
45.514
328
16.7%
25.157
620
29.333785
34.203
194
39.880
924
46.501
157
16.8%
25.614
624
29.892266
34.884
274
40.709
948
47.508
509
16.9%
354
910
079
748
362
26.079
526
30.460887
35.578
316
41.555
473
48.536
792
Year
53.024
61.773
71.965
83.840
97.673
192
184
759
109
727
54.220
63.220
73.715
85.952
100.220
349
927
601
391
488
55.442
430
64.701316
75.506
436
88.116
010
102.831384
56.690
66.215
77.339
90.332
105.507
973
057
186
169
974
57.966
528
67.762
872
79.214
797
92.602
097
108.251852
26
27
28
29
30
113.789
132.565
154.438
179.920
209.607
892
224
487
837
775
116.857
136.255
158.873
185.246
215.997
089
366
756
800
769
120.004
140.044
163.432
190.725
222.576
225
931
434
651
835
123.233
143.936
168.117
196.361
229.350
314
510
844
642
398
126.546
147.932
172.933
202.159
236.324
415
759
395
139
034
31
32
33
34
35
244.193
284.484
331.424
386.110
449.818
058
912
923
035
191
251.853
293.661
342.408
399.248
465.523
398
062
799
659
937
259.747
303.124
353.746
412.822
481.763
166
943
808
525
887
267.881264
312.885
365.450
426.845
498.555
317
050
658
729
276.262
322.951
377.529
441.332
515.917
795
208
962
525
722
36
37
38
39
40
524.038
610.504
711.237
828.591
965.309
192
494
736
962
636
542.800
632.905
737.968
860.470
1,003.309
910
861
234
961
141
562.218
656.108
765.679
893.547
1,042.769
456
938
130
545
985
582.313
680.141
794.405
927.865
1,083.747
091
691
495
618
042
603.107
705.033
824.183
963.470
1,126.297
817
038
622
654
194
41
42
43
44
45
1,124.585
1,310.142
1,526.315
1,778.157978
2,071.554
725
370
861
1,169.858
1,364.054
1,590.488
1,854.509
2,162.357
458
962
086
109
621
1,216.912
1,420.136
1,657.299
1,934.068921
2,257.058
573
972
847
1,265.816
1,478.473
1,726.857
2,016.969338
2,355.820
545
724
310
1,316.641
1,539.153
1,799.270
2,103.347
2,458.813
420
820
816
584
325
46
47
48
49
50
045
431
186
.
*
NARROW-INTERVAL
TABLES
145
RATE
17.0%-17.9%
COMPOUNDING
Year
1
2
3
4
5
17.0%
17.1%
FACTOR FOR 1
17.2%
17.3%
17.4%
1.170 000
1.368 900
1.601613
1.873 887
2.192 448
1.171 000
1.371241
1.605 723
1.880 302
2.201834
1.172 000
1.373 584
1.609 840
1.886 733
2.211251
1.173
1.375
1.613
1.893
2.220
000
929
965
181
701
1.174000
1.378 276
1.618 096
1.899 645
2.230 183
6
7
8
9
10
2.565
3.001
3.511
4.108
4.806
164
242
453
400
828
2.578
3.019
3.535
4.140
4.848
347
244
535
112
071
2.591
3.037
3.559
4.172
4.889
586
339
761
040
631
2.604
3.055
3.584
4.204
4.931
882
527
133
188
512
2.618
3.073
3.608
4.236
4.973
235
808
650
555
716
11
12
13
14
15
5.623
6.580
7.698
9.007
10.538
989
067
679
454
721
5.677
6.647
7.784
9.115
10.674
091
873
660
837
645
5.730
6.716
7.871
9.225
10.812
648
319
526
429
203
5.784 664
6.785 411
7.959 287
9.336 243
10.951414
5.839
6.855
8.047
9.448
11.092
142
153
950
293
296
16
17
18
19
20
12.330
14.426
16.878
19.748
23.105
304
456
953
375
599
12.500
009
14.637
510
17.140
525
20.071554
23.503
790
12.671
14.851
17.405
20.399
23.908
901
469
921
740
495
12.846
15.068
17.675
20.733
24.319
13.022
15.288
17.948
21.071
24.737
356
245
400
422
849
21
22
23
24
25
27.033
31.629
37.006
43.297
50.657
551
255
228
287
826
27.522
938
32.229
361
37.740
581
44.194
221
51.751433
28.020
32.840
38.488
45.108
52.867
756
326
862
946
685
141
28.527
33.462
337
39.251321
46.041800
54.007
031
29.042
34.095
40.028
46.993
55.169
235
584
215
125
929
26
27
28
29
30
59.269
69.345
81.134
94.927
111.064
656
497
232
051
650
60.600
70.963
83.098
97.308
113.948
928
686
477
316
038
61.960
72.618
85.108
99.747
116.903
927
206
537
206
725
63.350
74.309
87.165
102.245
119.933
247
840
443
064
460
64.769
76.039
89.270
104.803
123.039
496
389
242
264
032
31
32
33
34
35
129.945
152.036
177.882
208.122
243.503
641
399
587
627
474
133.433
156.250
182.969
214.256
250.894
153
222
010
710
608
137.011
160.577
188.196
220.566
258.503
166
086
345
117
489
140.681
165.019
193.568
227.055
266.336
949
926
373
702
338
144.447
169.581
199.088
233.730
274.399
824
746
969
450
548
36
37
38
39
40
284.899
333.331
389.998
456.298
533.868
064
905
329
045
713
293.797
344.036
402.867
471.757
552.428
586
973
295
603
153
302.966
355.076
416.149
487.727
571.616
089
256
372
064
119
312.412
366.459
429.857
504.222
591.453
524
891
452
792
335
322.145
070
378.198
312
444.004
818
521.261656
611.961
184
41
42
43
44
45
624.626
730.812
855.051
1,000.409
1,170.479411
394
881
071
753
646.893
757.512
887.046
1,038.731
1,216.354814
367
133
707
694
669.934
785.162
920.210
1,078.486
1,263.986763
092
756
750
999
693.774
813.797
954.584
1,119.727
1,313.440928
761
795
814
986
718.442
430
843.451413
990.211
959
1,162.508
840
1,364.785378
46
47
48
49
50
1,369.460
1,602.269
1,874.655
2,193.346
2,566.215
910
265
040
397
284
1,424.351
1,667.915
1,953.129
2,287.114
2,678.210
487
591
157
243
779
1,481.392
1,736.191
2,034.817
2,384.805
2,794.992
486
993
016
543
096
1,540.666
1,807.201
2,119.847
2,486.580
2,916.759
209
463
316
901
397
1,602.258
1,881.050
2,208.353
2,592.607
3,043.721
146
008
3681
195
004
814
NARROW-INTERVAL
034
932
794
354
034
TABLES
RATE
17.0%-17.9%
COMPOUNDING
17.5%
1.175
1.380
1.622
1.906
2.239
000
625
234
125
697
1.176
1.382
1.626
1.912
2.249
000
976
380
623
244
1.177
1.385
1.630
1.919
2.258
2.631
3.092
3.633
4.269
5.016
644
182
314
144
244
2.645
3.110
3.658
4.301
5.059
111
651
125
955
099
2.658635
3.129 214
3.683 085
4.334 991
5.102 284
2.672217
3.147 872
3.708
193
4.368 251
5.145 800
5.894
6.925
8.137
9.561
11.234
087
552
524
590
869
5.949 501
6.996 613
8.228017
9.676 148
11.379
150
6.005 388
7.068 342
8.319439
9.791 979
11.525
159
6.061752
7.140 744
8.411797
9.909 097
11.672
916
6.118
7.213
8.505
10.027
11.822
597
826
101
514
439
11
12
13
14
15
13.200
971
15.511
141
18.225
590
21.415068
25.162
705
13.381881
15.737
091
18.506
820
21.764020
25.594
487
13.565
113
15.966
138
18.792
144
22.118353
26.033
302
13.750
695
16.198
319
19.081619
22.478
148
26.479
258
13.938
655
16.433
675
19.375
302
22.843482
26.932
465
16
17
18
19
20
29.566
34.740
40.819
47.963
56.356
30.099
35.396
41.626
48.952
57.568
30.641
36.064
42.448
49.961
58.804
31.192
36.744
43.285
50.990
60.066
31.753
37.437
44.138
52.039
61.354
376
230
495
285
317
21
22
23
24
25
*
*
*
*
_
*
3
3
3
*
e
S
17.6%
FACTOR FOR 1
179
260
806
272
844
5
3
*
117
562
357
595
252
17.8%
000
329
532
136
824
196
688
138
459
637
1.178
1.387
1.634
1.925
2.268
17.9%
000
684
692
667
436
566
842
424
230
491
1.179
1.390
1.638
1.932
2.278
Year
000
041
858
214
080
1
2
3
4
5
2.685857
3.166 625
3.733 451
4.401 739
5.189 650
6
7
8
9
10
66.219
292
77.807
668
91.424
010
107.423211
126.222273
67.700
264
79.615
511
93.627
841
110.106341
129.485057
69.213
057
81.463
769
95.882
856
112.854
121
132.829300
70.758
326
83.353
308
98.190
197
115.668052
136.256966
72.336
740
85.285
016
100.551034
118.549670
139.770060
26
27
28
29
30
148.311
174.265
204.762
240.595
282.699
152.274
179.074
210.591878
247.656
291.243
427
726
048
513
156.340
184.012
216.582
254.917
300.037
087
282
456
550
957
160.510
706
189.081611
222.738
138
262.385
527
309.090
150
164.788
194.286
229.063
270.065
318.407
901
115
329
665
419
31
32
33
34
35
342.502
402.782
473.672
557.038
655.077
371
789
559
930
782
353.144
415.651283
489.221
575.813
677.732
675
364.108
428.919
505.267
595.204
701.151097
375.402
442.599
521.824
615.231267
725.357
347
367
654
171
626
111
480
689
332.172
135
390.302
259
458.605
154
538.861056
633.161741
*
17.7%
664
36
37
38
39
40
743.965
874.158
1,027.136
1,206.885
1,418.090
045
928
740
670
662
770.371471
905.956
850
1,065.405
256
1,252.916
581
1,473.429
899
797.691522
938.882
922
1,105.065
199
1,300.661
739
1,530.878
867
825.955
972.976
1,146.165
1,350.183
1,590.516
993
159
916
449
103
855.196
1,008.276
1,188.758
1,401.546
1,652.422
685
892
456
219
992
41
42
43
44
45
1,666.256
1,957.851
2,300.475
2,703.058
3,176.093
528
421
419
618
876
1,732.753
2,037.718
2,396.356
2,818.115
3,314.103
1,801.844
2,120.770
2,496.147
2,937.965
3,457.985
1,873.627
2,207.133
2,600.003
3,062.804
3,607.983
969
747
554
187
332
1,948.206
2,296.935
2,708.087
3,192.834
3,764.352
708
709
201
810
241
46
47
48
49
50
NARROW-INTERVAL
TABLES
561
188
589
348
650
560
776
814
427
890
338
417
295
197
456
119
667
147
RATE
18.0%- 18.9%
COMPOUNDING
Year
1
2
3
4
5
18.0%
18.1%
FACTOR FOR 1
18.2%
18.3%
18.4%
1.180000
1.392400
1.643032
1.938778
2.287758
1.181000
1.394761
1.647213
1.945358
2.297468
1.182 000
1.397124
1.651401
1.951955
2.307211
1.183000
1.399489
1.655595
1.958569
2.316988
1.184 000
1.401856
1.659798
1.965200
2.326797
6
7
8
9
10
2.699554
3.185474
3.758859
4.435454
5.233 836
2.713310
3.204419
3.784419
4.469398
5.278360
2.727 124
3.223460
3.810130
4.503574
5.323224
2.740996
3.242 599
3.835994
4.537981
5.368432
2.754928
3.261834
3.862 012
4.572622
5.413985
11
12
13
14
15
6.175926
7.287 593
8.599359
10.147244
11.973 748
6.233743
7.362 050
8.694581
10.268300
12.126863
6.292051
7.437204
8.790776
10.390697
12.281804
6.350855
7.513061
8.887 952
10.514447
12.438590
6.410158
7.589627
8.986118
10.639564
12.597244
16
17
18
19
20
14.129023
16.672247
19.673251
23.214436
27.393035
14.321825
16.914075
19.975523
23.591093
27.861080
14.517092
17.159203
20.282 177
23.973 534
28.336717
14.714853
17.407671
20.593274
24.361843
28.820061
14.915137
17.659522
20.908874
24.756107
29.311230
21
22
23
24
25
32.323 781
38.142 061
45.007 632
53.109006
62.668 627
32.903 936
38.859548
45.893 126
54.199782
64.009 943
33.493 999
39.589907
46.795 270
55.312010
65.378 795
34.094 132
40.333358
47.714363
56.446091
66.775 726
34.704 497
41.090 124
48.650707
57.602437
68.201 285
26
27
28
29
30
73.948980
87.259797
102.966 560
121.500 541
143.370638
75.595743
89.278572
105.437994
124.522 270
147.060801
77.277736
91.342284
107.966580
127.616497
150.842700
78.995683
93.451893
110.553590
130.784897
154.718533
80.750322
95.608381
113.200323
134.029183
158.690552
31
32
33
34
35
169.177353
199.629277
235.562547
277.963805
327.997 290
173.678 806
205.114 670
242.240426
286.085943
337.867499
178.296 071
210.745956
249.101720
294.438233
348.025991
183.032 025
216.526885
256.151305
303.026994
358.480934
187.889614
222.461303
263.394 183
311.858712
369.240715
36
37
38
39
40
387.036802
456.703427
538.910 044
635.913 852
750.378345
399.021 516
471.244410
556.539648
657.273325
776.239797
411.366722
486.235465
574.730320
679.331238
802.969 523
424.082944
501.690 123
593.499416
702.109 809
830.595904
437.181007
517.622312
612.864818
725.631944
859.148 222
41
42
43
44
45
885.446447
1,044.826807
1,232.895633
1,454.816847
1,716.683879
916.739200
1,082.668995
1,278.632
083
1,510.064490
1,783.386163
949.109976
1,121.847992
1,326.024326
1,567.360754
1,852.620411
982.594954
1,162.409831
1,375.130830
1,626.779772
1,924.480470
1,017.231494
1,204.402089
1,426.012074
1,688.398295
1,999.063582
46
47
48
49
50
2,025.686 977
2,390.310633
2,820.566
547
3,328.268
525
3,927.356860
2,106.179058
2,487.397468
2,937.616
409
3,469.324
979
4,097.272801
2,189.797 326
2,588.340439
3,059.418
399
3,616.232
548
4,274.386871
2,276.660397
2,693.289249
3,186.161
182
3,769.228
678
4,458.997526
2,366.891
281
2,802.399276
3,318.040
743
3,928.560
240
4,651.415324
148
NARROW-INTERVAL
TABLES
RATE
18.0%-18.9%
COMPOUNDING
FACTOR FOR 1
.
*
*
*
*
5
*
0
_
*
_
*
*1
3
3
3
3
*
5
*
*
*
*
18.5%
18.6%
18.7%
18.8%
18.9%
Year
1.185 000
1.404 225
1.664 007
1.971848
2.336 640
1.186
1.406
1.668
1.978
2.346
000
596
223
512
516
1.187
1.408
1.672
1.985
2.356
000
969
446
194
425
1.188
1.411
1.676
1.991
2.366
000
344
677
892
368
1.189
1.413
1.680
1.998
2.376
000
721
914
607
344
1
2
3
4
5
2.768
3.281
3.888
4.607
5.459
918
168
184
498
885
2.782
3.300
3.914
4.642
5.506
967
599
511
610
135
2.797
3.320
3.940
4.677
5.552
076
130
994
960
738
2.811
3.339
3.967
4.713
5.599
245
759
633
548
695
2.825
3.359
3.994
4.749
5.647
473
487
430
378
010
6
7
8
9
10
964
907
285
063
784
6.530
7.744
9.185
10.893
12.920
277
908
461
957
233
6.591
7.823
9.286
11.023
13.084
100
636
656
260
610
6.652
7.903
9.388
11.153
13.250
438
097
879
988
938
6.714
7.983
9.492
11.286
13.419
295
296
139
154
237
11
12
13
14
15
6.469
7.666
9.085
10.766
12.757
15.117
974
17.914800
21.229
038
25.156
410
29.810
345
15.323
396
18.173548
21.553
827
25.562
839
30.317
528
15.531432
18.435810
21.883
306
25.975
485
30.832
900
15.742
114
18.701631
22.217
538
26.394
435
31.356
589
15.955
18.971
22.556
26.819
31.888
473
057
587
782
720
16
17
18
19
20
35.325
259
41.860
432
49.604
612
58.781465
69.656
036
35.956
42.644
50.576
59.983
71.140
588
513
392
601
551
36.598
43.442
51.566
61.209
72.655
653
601
367
278
413
37.251628
44.254
934
52.574
861
62.458
935
74.201215
37.915
45.081
53.602
63.733
75.778
689
754
205
022
563
21
22
23
24
25
82.542403
97.812
748
115.908
106
137.351
106
162.761060
84.372694
100.066
015
293
118.678
140.752
456
166.932
413
86.241
102.369
121.512
144.235
171.207
975
224
269
063
020
88.151
104.723
124.411
147.800
175.587
043
439
446
798
348
90.100711
107.129
746
127.377
268
151.451
571
180.075
918
26
27
28
29
30
192.871
228.553
270.835
320.940
380.313
197.981
234.806
278.480
330.277
391.709
842
464
467
833
510
203.222
241.225
286.334
339.879
403.436
733
384
531
088
478
208.597
247.814
294.403
349.751014
415.504
769
150
210
214.110
254.577
302.692
359.901003
427.922
267
108
181
31
32
33
34
35
464.567
550.977
653.458
775.002
919.152475
479
030
758
087
478.879
568.429
674.725
800.899
950.667743
099
490
805
531
493.618
586.419
696.666
827.639
983.235671
995
366
206
453
508.799
604.962
719.300
855.248
1,016.890488
606
731
688
518
36
37
38
39
40
856
150
483
047
956
450.672
037
534.046
364
632.844
942
749.921256
888.656688
204
293
1,053.058
1,247.873
1,478.730
1,752.295
2,076.470
176
938
617
781
500
1,090.114
1,292.876
1,533.351
1,818.554
2,156.805
836
195
168
485
619
1,128.442
1,339.461
1,589.940
1,887.259
2,240.177
611
379
657
560
098
1,168.083
1,387.683
1,648.568
1,958.499
2,326.696
977
764
312
154
996
1,209.082
1,437.599
1,709.305
2,032.364
2,416.481
790
437
730
514
407
41
42
43
44
45
2,460.617
2,915.831
3,455.260
4,094.483
4,851.963
543
788
669
893
413
2,557.971
3,033.754
3,598.032
4,267.266
5,060.978
464
156
429
461
023
2,659.090
3,156.340
3,746.575
4,447.185
5,278.808
215
085
681
334
991
2,764.116
3,283.769
3,901.118
4,634.528
5,505.820
031
844
575
867
294
2,873.196
3,416.230
4,061.898
4,829.596
5,742.390
392
511
077
814
611
46
47
48
49
50
NARROW-INTERVAL
TABLES
149
RATE
19.0%-19.9%
COMPOUNDING
Year
1
2
3
4
5
6
7
8
9
10
19.0%
19.1%
0
.
FACTOR FOR 1
19.2%
19.3%
19.4%
1.190000
1.416 100
1.685 159
2.005 339
2.386 354
1.191000
1.418 481
1.689 411
2.012 088
2.396 397
1.192000
1.420 864
1.693 670
2.018 855
2.406 475
1.193000
1.423 249
1.697 936
2.025 638
2.416 586
1.194
1.425
1.702
2.032
2.426
000
636
209
438
731
2.839
3.379
4.021
4.785
5.694
2.854
3.399
4.048
4.821
5.742
109
244
500
763
720
2.868
3.419
4.075
4.858
5.791
518
273
774
322
120
2.882
3.439
4.103
4.895
5.839
2.897
3.459
4.130
4.932
5.889
517
635
804
180
023
015
394
245
428
183
761
315
385
449
684
11
12
13
14
15
6.776 674
8.064 242
9.596 448
11.419773
13.589 530
6.839 579
8.145 939
9.701 813
11.554859
13.761837
6.903
8.228
9.808
11.691
13.936
16
17
18
19
20
16.171
19.244
22.900
27.251
32.429
540
133
518
616
423
16.390
19.520
23.249
27.690
32.978
348
905
398
033
829
21
22
23
24
25
38.591
45.923
54.648
65.031
77.388
014
307
735
994
073
39.277
46.779
55.714
66.356
79.030
26
27
28
29
30
92.091807
109.589 251
130.411 208
155.189 338
184.675 312
31
32
33
34
35
219.763
261.518
311.207
370.336
440.700
36
37
38
39
40
987
403
208
127
887
6.966 985
8.311 613
9.915 755
11.829495
14.112 588
7.031 494
8.395 604
10.024 351
11.969075
14.291 075
16.611 930
19.801 420
23.603 293
28.135 125
33.537 069
16.836
20.085
23.962
28.586
34.104
317
726
272
990
279
17.063
20.373
24.326
29.045
34.680
544
871
402
724
595
785
842
792
317
374
39.976
47.651
56.800
67.706
80.706
187
614
724
463
104
40.686
48.538
57.906
69.082
82.415
405
881
885
914
916
41.408
49.441
59.033
70.486
84.160
630
904
634
159
473
94.125
112.103
133.514
159.016
189.388
175
084
773
095
169
96.201
114.672
136.689
162.933
194.217
676
398
499
883
188
98.322
117.298
139.936
166.944
199.165
188
371
956
789
133
100.487
119.982
143.258
171.050
204.234
605
201
748
945
828
621
710
264
645
607
225.561
268.643
319.954
381.065
453.849
309
519
431
727
281
231.506
275.956
328.939
392.096
467.378
888
211
803
245
725
237.604
283.461
338.169
403.436
481.299
003
576
660
405
631
243.856
291.164
347.650
415.094
495.622
385
523
441
626
984
524.433
624.076
742.650
883.754
1,051.667
722
130
594
207
507
540.534
643.776
766.737
913.184
1,087.603
494
582
909
850
156
557.115
664.081
791.585
943.569
1,124.735
440
604
272
644
016
574.190
685.009
817.215
974.938
1,163.101
459
218
997
685
851
591.773
706.577
843.654
1,007.322
1,202.743
842
968
094
988
647
41
42
43
44
45
1,251.484
1,489.266
1,772.226
2,108.950
2,509.650
333
356
964
087
603
1,295.335
1,542.744
1,837.408
2,188.353
2,606.329
359
413
596
638
182
1,340.684
1,598.095
1,904.929
2,270.676
2,706.646
139
494
829
356
216
1,387.580
1,655.383
1,974.872
2,356.022
2,810.735
508
546
570
977
411
1,436.075
1,714.674
2,047.321
2,444.501
2,918.735
915
642
523
899
267
46
47
48
49
50
2,986.484
3,553.916
4,229.160
5,032.700
5,988.913
218
219
301
758
902
3,104.138
3,697.028
4,403.160
5,244.164
6,245.800
056
425
854
577
011
3,226.322
3,845.776
4,584.165
5,464.324
6,513.475
290
170
194
911
294
3,353.207
4,000.376
4,772.449
5,693.531
6,792.383
345
363
001
658
268
3,484.969
4,161.054
4,968.298
5,932.148
7,082.985
909
071
561
482
287
150
NARROW-INTERVAL
TABLES
RATE
19.0%-19.9%
*
*
COMPOUNDING
FACTOR FOR 1
.
1.195
1.428
1.706
2.039
2.436
000
025
490
255
910
1.196
1.430
1.710
2.046
2.447
000
416
778
090
124
1.197
1.432
1.715
2.052
2.457
000
809
072
942
371
1.198
1.435
1.719
2.059
2.467
000
204
374
811
653
1.199
1.437
1.723
2.066
2.477
000
601
684
697
969
1
2
3
4
5
2.912
3.479
4.158
4.969
5.938
108
969
563
482
531
2.926 760
3.500 405
4.186484
5.007 035
5.988 414
2.941
3.520
4.214
5.044
6.038
473
943
569
839
673
2.956
3.541
4.242
5.082
6.089
248
585
819
898
311
2.971 085
3.562 331
4.271235
5.121 211
6.140 332
6
7
8
9
10
_
_
_
*
*
_
_
*
*
5
*
*
*
7.096
8.480
10.134
12.110
14.471
545
371
044
182
668
7.162
8.565
10.244
12.252
14.654
143
923
844
833
388
7.228
8.652
10.356
12.397
14.839
291
265
761
043
260
7.294
8.739
10.469
12.542
15.026
995
404
806
828
307
7.362
8.827
10.583
12.690
15.215
258
347
989
203
553
11
12
13
14
15
17.293
20.665
24.695
29.511
35.266
643
903
754
426
154
17.526
20.961
25.070
29.984
35.861
648
871
398
196
099
17.762
21.261
25.450
30.464
36.465
595
826
406
135
570
18.001516
817
21.565
25.835
848
30.951346
713
37.079
18.243
21.873
26.226
31.445
37.703
448
894
799
933
673
16
17
18
19
20
42.143
50.360
60.181
71.916
85.940
055
950
336
696
452
42.889
51.296
61.350
73.375
87.756
874
290
362
033
540
43.649
287
197
52.248
092
62.541
74.861687
89.609
439
44.421
53.216
63.753
76.377
91.499
496
952
909
182
865
45.206
54.202
64.989
77,922
93.428
704
838
203
054
543
21
22
23
24
25
102.698
122.725
146.656
175.254
209.429
840
114
511
530
164
104.956
125.528
150.131
179.557
214.751
822
359
917
773
096
107.262
128.393
153.686
183.962
220.203
499
211
674
949
649
109.616
131.320
157.322
188.472
225.789
838
972
524
384
916
112.020
823
134.312
967
161.041248
193.088
456
231.513
059
26
27
28
29
30
250.267
299.070
357.388
427.079
510.360
851
082
747
553
066
256.842
307.183
367.391
439.400
525.522
311
404
351
056
467
263.583
315.509
377.665
452.065
541.122
768
771
196
239
091
270.496
324.054
388.217
465.084
557.171
319
590
399
444
164
277.584
332.823
399.055
478.467
573.682
157
405
262
260
244
31
32
33
34
35
609.880
728.806
870.924
1,040.754
1,243.701
279
933
285
521
652
628.524
751.715
899.052
1,075.266
1,286.018
871
746
032
230
411
647.723
775.324
928.063
1,110.892
1.329.737
143
602
549
068
805
667.491
799.654
957.985
1,147.667
1,374.905
055
284
832
026
098
687.845
824.726
988.846
1,185.627
1,421.566
011
168
675
164
969
36
37
38
39
40
1,486.223
1,776.037
2,122.364
2,536.225
3,030.789
475
052
277
312
247
1,538.078
1,839.541
2,200.091
2,631.309
3,147.045
019
311
408
324
952
1,591.696
1,905.260
2,280.596
2,729.874
3,267.659
153
295
573
098
296
1,647.136
1,973.269
2,363.976
2,832.043
3,392.788
307
296
616
986
695
1,704.458
2,043.646
2,450.331
2,937.947
3,522.599
796
097
670
673
259
41
42
43
44
45
3,621.793
4,328.042
5,172,011
6,180.553
7,385.761
151
815
164
341
242
3,763.866
4,501.584
5,383.895
6,439.139
7,701.210
959
882
519
041
293
3,911.388
4,681.931
5,604.272
6,708.313
8,029.851
177
648
183
803
622
4,064.560
4,869.343
5,833.474
6,988.501
8,372.225
857
907
000
852
219
4,223.596
5,064.092
6,071.846
7,280.144
8,728.892
512
218
569
036
700
46
47
48
49
50
NARROW-INTERVAL
.
.
Year
19.6%
19.9%
19.5%
19.8%
19.7%
TABLES
151
RATE
20.0%-20.9%
COMPOUNDING
Year
20.0%
20.1%
S
.
FACTOR FOR 1
20.2%
20.3%
20.4%
1
2
3
4
5
1.200
1.440
1.728
2.073
2.488
000
000
000
600
320
1.201000
1.442 401
1.732 324
2.080 521
2.498 705
1.202
1.444
1.736
2.087
2.509
000
804
654
459
125
1.203
1.447
1.740
2.094
2.519
000
209
992
414
580
1.204
1.449
1.745
2.101
2.530
000
616
338
387
069
6
7
8
9
10
2.985
3.583
4.299
5.159
6.191
984
181
817
780
736
3.000
3.604
4.328
5.198
6.243
3.015
3.625
4.357
5.237
6.295
969
194
483
695
709
3.031
3.646
4.386
5.277
6.348
055
359
570
043
283
3.046
3.667
4.415
5.316
6.401
204
629
825
654
251
945
135
566
608
528
11
12
13
14
15
7.430 084
8.916 100
10.699321
12.839
185
15.407
022
7.498 477
9.005 671
10.815811
12.989
789
15.600
737
7.567 443
9.096 066
10.933472
13.142 033
15.796 723
7.636 984
9.187 292
11.052312
13.295
932
15.995
006
7.707
106
9.279356
11.172345
13.451
503
16.195
610
16
17
18
19
20
18.488
22.186
26.623
31.948
38.337
426
111
333
000
600
18.736
22.502
27.025
32.457
38.981
485
518
525
655
644
18.987
22.823
27.433
32.975
39.635
662
169
449
006
957
19.241992
23.148
117
27.847
184
33.500
163
40.300
696
19.499
23.477
28.266
34.033
40.976
514
415
808
236
017
21
22
23
24
25
46.005
55.206
66.247
79.496
95.396
120
144
373
847
217
46.816
56.227
67.528
81.102
97.403
954
162
821
115
640
47.642
57.266
68.833
82.738
99.451
421
190
960
420
581
48.481737
58.323
530
70.163
207
84.406
338
101.540
824
49.335
59.399
71.516
86.106
103.672
124
489
985
450
166
26
27
28
29
30
114.475
137.370
164.844
197.813
237.376
460
552
662
595
314
116.981771
140.495
107
168.734
624
202.650
283
243.382
990
119.540
800
143.688
042
172.713
027
207.601058
249.536
472
122.153
611
146.950
794
176.781806
212.668
512
255.840
220
124.821288
150.284
831
180.942
936
217.855
295
262.297
776
31
32
33
34
35
284.851577
341.821892
410.186
270
492.223
524
590.668
229
292.302
351.055
421.618
506.363
608.142
971
868
098
335
366
299.942
360.531292
433.358
520.897
626.118
613
053
258
307.775
370.254
445.415
535.835
644.609
785
269
886
311
879
315.806
380.231052
457.798
551.189
663.631
839
522
187
017
577
36
37
38
39
40
708.801875
850.562
1,020.674
1,224.809
1,469.771
250
700
640
568
730.378
877.185
1,053.499
1,265.252
1,519.568
981
156
373
747
549
752.594
904.618
1,087.351
1,306.995
1,571.009
146
164
033
941
122
775.465
932.885
1,122.260
1,350.079
1,624.146
684
218
917
884
100
799.012
962.010
1,158.261
1,394.546
1,679.033
418
952
186
468
947
41
42
43
44
45
1,763.725
2,116.471
2,539.765
3,047.718
3,657.261
882
058
269
323
988
1,825.001
2,191.827
2,632.384
3,161.493
3,796.953
827
194
460
736
977
1,888.352
2,269.800263
2,728.299
3,279.416
3,941.858
964
758
060
151
883
2,021.556
2,433.954474
2,930.481
3,528.299
4,248.072
872
916
499
632
1,953.847
2,350.478853
2,827.626
3,401.634
4,092.165
46
47
48
49
50
4,388.714
5,266.457
6,319.748
7,583.698
9,100.438
386
263
715
458
150
4,560.141
5,476.730
6,577.552
7,899.641
9,487.469
727
214
987
138
006
4,738.114
5,695.213
6,845.646
8,228.466
9,890.616
076
119
169
695
968
4,922.875
5,922.219
7,124.429
8,570.689
10,310.538
557
296
813
065
94
5,114.679
6,158.073
7,414.320
8,926.842
10,747.918
189
744
787
228
04
152
NARROW-INTERVAL
187
349
416
TABLES
RATE
20.0%-20.9%
COMPOUNDING
20.5%
*
*
*
_
_
*
*
a
=
i
*
*
*
20.6%
_
*
*
*
20.8%
20.9%
Year
1.206
1.454
1.754
2.115
2.551
000
436
050
384
153
1.207 000
1.456 849
1.758 417
2.122 409
2.561748
1.208
1.459
1.762
2.129
2.572
000
264
791
451
377
1.209 000
1.461681
1.767 172
2.136 511
2.583 042
1
2
3
4
5
3.061416
3.689 006
4.445 252
5.356 529
6.454 617
3.076691
3.710 489
4.474 850
5.396 669
6.508 383
3.092029
3.732 080
4.504 620
5.437 076
6.562 551
3.107432
3.753 778
4.534 563
5.477 753
6.617 125
3.122898
3.775 584
4.564 681
5.518 699
6.672 107
6
7
8
9
10
999
646
700
418
600
7.993 487
9.656 132
11.664 608
14.090 846
17.021742
8.066 577
9.752 492
11.790 763
14.255 033
17.234 334
11
12
13
14
15
20.291601
24.491 963
29.561 799
35.681 092
43.067078
20.562 265
24.839216
30.005 773
36.246 974
43.786344
20.836 310
25.191 099
30.456 039
36.821 351
44.517013
16
17
18
19
20
53.821069
65.069 672
78.669 234
95.111 104
114.989 324
21
22
23
24
25
7.777 813
9.372 265
11.293 579
13.608 763
16.398 560
7.849
9.466
11.416
13.767
16.603
19.760 264
23.811 119
28.692 398
34.574 339
41.662079
20.024 281
24.149283
29.124 035
35.123 586
42.359045
109
026
027
729
881
7.920
9.560
11.539
13.928
16.811
50.202
60.494
72.895
87.839
105.846
805
380
728
353
420
51.085
61.608
74.299
89.605
108.064
008
519
874
649
412
51.981
62.742
75.729
91.405
110.326
963
229
870
953
986
52.893
63.895
77.186
93.240
112.634
127.544
153.691
185.198
223.164
268.912
936
648
435
115
758
130.325
157.172
189.550
228.597
275.688
681
771
362
737
871
133.164
160.729
194.000
234.158
282.629
672
759
819
988
899
136.063 078
164.364 198
198.551952
239.850 757
289.739 715
139.022
168.077
203.205
245.675
297.022
093
710
952
996
279
26
27
28
29
30
341.134 288
411.749 085
496.981 146
599.856 243
724.026486
350.005 576
422.806 735
510.750 536
616.986 648
745.319871
359.099 935
434.151822
524.889 552
634.591 469
767.221086
31
32
33
34
35
332.480 778
400.971818
483.572 013
583.187 847
703.324544
904
836
169
893
998
823.253 695
992.020 703
1,195.384 947
1,440.438861
1,735.728 828
848.209
1,022.940
1,233.666
1,487.801
1,794.288
400
536
287
542
659
873.899 968
1,054.797 262
1,273.140 295
1,536.680336
1,854.773
165
900.346 404
1,087.618 456
1,313.843 095
1,587.122458
1,917.243 930
927.570 293
1,121.432 484
1,355.811 873
1,639.176554
1,981.764 454
36
37
38
39
40
2,091.553
2,520.321
3,036.987
3,659.570
4,409.781
2,163.912
2,609.678
3,147.271
3,795.609
4,577.505
123
020
692
661
251
2,238.711
2,702.124
3,261.464
3,936.587
4,751.460
2,316.030
2,797.765
3,379.700
4,082.677
4,931.874
2,395.953
2,896.707
3,502.119
4,234.062
5,118.981
225
449
306
241
249
41
42
43
44
45
6,188.848
330
7,482.317
631
9,046.122016
10,936.761
52
13,222.544
67
46
47
48
49
50
237
651
589
045
904
5,313.787
195
6,403.113
570
7,715.751
851
9,297.480
981
11,203.464
58
20.7%
1.205 000
1.452 025
1.749 690
2.108377
2.540 594
324.039 874
390.468 048
470.513 998
566.969 367
683.198087
FACTOR FOR 1
5,520.471
333
6,657.688428
8,029.172
244
9,683.181
726
11,677.917
16
210
431
188
275
841
5,735.013
235
6,922.160
975
8,355.048
296
10,084.543
29
12,172.043
76
667
046
175
812
797
5,957.704
754
7,196.907 343
8,693.864 071
10,502.187
80
12,686.642
86
.
@
.
.
~~NARROW-INrTERVAL
TABLES
153
a
a
0
a
a
S
a
S
a
a
S
a
S
a
a
S
S
a
S
a
a
S
S
S
S
a
a
a
a
a
a
a
S
S
a
a
a
a
S
a
a
S
*a
*
*
S
S
a
S
S
S
S
S
a
S
a
S
S
S
S
S
a
a
a
S
a
a
a
S
S
S
S
S
a
a
Using These Tables:

A Guide
to Their Applications
TABLES IN THIS BOOK can be used for most purposes of project analysis.
Common applications of the factors in the tables are illustrated below. Examples of how to use the factors to compute discounted measures of project
worth follow the descriptions of applications and of the uses of calculators
to facilitate computation.
THE
S
.
The Tables in This Book

There are three sets of tables in this book, each with different uses and
applications.
The three sets are described in the following subsections, as
are further sources and the time and rounding conventions used.
.
5
.
Compounding and discounting tables

The most basic tables are the compounding and discounting tables in the
first part of the book. In general, factors in these tables are computed to six
decimal places. Where the factor is greater than ten thousand, however, it
is carried to ten significant places, and the decimal point is "floated." That
is, the decimal point is placed in its proper position in the ten-digit sequence.
These tables give the compounding factor for 1, the compounding factor for
1 per annum, the sinking fund factor, the discount factor, the present worth
of an annuity factor, and the capital recovery factor for each whole percentage
point from 1 percent through 50 percent for fifty years.
5
0
U
Summary tables
For most project purposes only the discount factor, the present worth of
an annuity factor, and the capital recovery factor are needed, and three
decimal places are sufficient. Hence, for convenience, summary three-decimal tables with these three factors have been provided in the second part of
the book. The intervals for these tables have been selected to include the
most common discount rates for calculating net present worth, benefit-cost
ratio, and net benefit-investment
ratio and to give convenient intervals from
which to interpolate when calculating the internal rate of return. Threedecimal present worth factors will permit estimating the internal rate of
return to the nearest whole percentage point, and the benefit-cost ratio and
the net benefit-investment
ratio to the nearest hundredth of a unit of ratio
value. These estimates are as precise as is justifiable in project analysis.
5
S
6
S
S
Narrow-interval compounding tables

In project evaluation there is sometimes need to estimate growth rates
using smaller percentage intervals than the whole percentage points included
in the tables in the first two parts of the book. To meet this need, narrowinterval compounding tables have been included in the third part that give
the compounding factor for 1 for each tenth of a percentage point from 0.0
percent through 20.9 percent for fifty years.
156
USING
THESE
TABLES
S
5
.
.
.
Factors for fractional interest rates

Some project purposes may call for factors for fractional interest rates.
Methods for using simple electronic calculators to compute these factors are
outlined in a later section of this part of the book.
0
*
More detailed tables

For some commercial and legal purposes, more than six decimal places or
more than fifty time periods may be needed. Citations of works containing
more detailed tables may be found in the annotated bibliography.
Time notation
The factors in the tables in this book have all been computed assuming
that they apply to the last day of the year for which the factors are stated.
In project preparation it is often convenient to think of project years rather
than calendar years. The point in time at which all values are to be compared
through compounding and discounting may then be termed t,. Often to is
established as being the present, but to can be any point in time and may be
chosen simply on the basis of convenience. Those values which arise before
to are increased to their equivalent value at to through compounding by the
appropriate interest rate. Those values which arise after to are brought back
to their equivalent value at to (often called the present worth) through
discounting at the appropriate interest rate.
In project analysis all values are usually brought back by discounting to
t,o which is established as being just before the beginning of a project (and
may be thought of as the "zeroth" year). The first project year is then designated ti, the second t2 , and so forth. The examples of compounding
and
discounting in this section make this assumption.
It is sufficiently accurate and quite convenient in most project analyses to
assume that all values fall at the end of the project year in which they occur.
Thus, in the examples included in the next section, both costs and returns are
assumed to fall at the end of the project year. Often costs are assumed to occur
at the beginning of the project-that
is, at the end of to. Other costs and returns,
including those arising in the first year, are assumed to fall at the end of the
project year and are discounted to the beginning of the project (to).
Some project analysts prefer not to discount the first project year. In that
case they apply the factor for year 1 in the tables in this book to values arising
in the second year of the project, the factor for year 2 to values arising in the
third year of the project, and so on. Whether one begins discounting in project
year 1 or project year 2 will not affect the values of common measures of
project worth that are ratios: internal rate of return, benefit-cost ratio, and
net benefit-investment
ratio. Leaving the first-year values undiscounted and
beginning discounting with the second year will increase the value of the net
present worth by the proportion of the discount rate. That is, a net present
worth calculated at 12 percent for which the discounting begins the first year
will be 12 percent less than the net present worth of that same series of values
a
3
*
=
3
*
3
*
U
S
*
S
*
*
*
3
*
3
.
@
.
.
~~USING
THESE
TABLES
157
calculated by leaving the first year undiscounted and beginning the discounting process in project year 2.
Because the tables in this book are intended primarily for use in project
analysis, for convenience the intervals are referred to as years. The tables
can, of course, be used for intervals other than years simply by considering
the year column as a "period" column.
Rounding
The rounding convention used in this book is explained below, and a
cautionary note is made about the approximate nature of most values used
in project analysis.
ROUNDING
CONVENTION
USED.
The following rounding convention
applies
throughout this book. When a value of less than 5 is to be dropped, the digit
to the left remains unchanged. When a value of more than 5 is to be dropped,
the digit to the left is increased by 1. When a value of exactly 5 is to be
dropped, the digit to the left remains unchanged if it is even. If it is odd, the
digit to the left is raised by 1. The effect of this convention is that all numbers
that have been rounded by dropping a value of exactly 5 will be reported as
even numbers.
ROUNDING
TO AVOID SPURIOUS
ACCURACY.
Project
analyses
rest on many
assumptions that by their very nature are only approximate. The final results
of project computations, therefore, should be rounded with this limitation
in mind and should be presented appropriately, with only significant digits
included (say, in millions or thousands of currency units, thousands or hundreds
of tons or hectares, and the like). The tables in the first part of this book
present factors carried to six decimal places (except where the factor would
exceed ten digits), but this should not be taken to suggest that all six decimals
should be used in a project analysis or that the results should be reported
in values of six or more digits. Such reporting is misleading and yields only
spurious accuracy. In most examples in the section that follows, the factors
are rounded to three decimal places, although there are some exceptions
where financial calculations are illustrated. In all examples the result of the
computation is rounded to the nearest whole unit-rupee, ton, or whatever.
In the illustrative computations in the following section, results are sometimes presented first in more digits than the data would realistically support
so that the reader may follow the computation easily. The final result is then
rounded to a larger aggregate. Again, computations using the factors in this
book should be reported only to that level of accuracy justified by the underlying project information.
S
5
U
S
S
5
.
Applications of the Tables
Examples of typical applications of each of the factors contained in the
tables in this book are given in the following section.
158
USING
THESE
TABLES
Compounding factor for I
*
*
The compounding factor for 1 is what an initial amount of 1 becomes when

growing at compound interest. It is also called the compound interest factor
and the amount of 1.
The National Bank of Costa Rica has paid 6 percent compound interest on
passbook accounts. If 2,046 colones (), is deposited and left for eight years,
how much will the balance be at the end of the eighth year?
et2,046
Original amount
deposited (to)
1.594
6% compounding
factor for 1 for eight
years (see first part
of book, table for 6%,
first column)
Qt3,261
Balance at end of
eighth year (t8 )
In preparation for upgrading the 97-kilometer Independencia-Valdivia road in

Mexico, the Ministry of Human Settlements and Public Works had survey data
showing that 110 vehicles a day were using the road. The ministry estimated
that traffic would grow by 7 percent a year. What would be the ministry's
estimate of the number of vehicles a day that would use the road after six
years?
*
*
1I10
*>
Vehicles a day at
time of survey (to)
1.501
7% compounding
factor for 1 for six
first column)
6
"
165
Vehicles a day in
sixth year (t6)
At the time the Eighth Sri Lanka Diesel Power Project was being prepared, the
Ceylon Electricity Board projected future demand for domestic use for ten
years in two periods of five years each. At the beginning of the second fiveyear period, the board estimated that demand would be 335 million kilowatt
hours (or 335 gigawatt hours, GWh) and that it would grow by 11.4 percent
a year for the five-year period. What would be the board's estimate of sales for
domestic use at the end of the second five-year period?
For this, the narrow-interval

book may be consulted:
compounding
335 GWh
1.716
Sales for domestic

use at beginning of
period (to)
tables in the third part of the
11.4% compounding
factor for 1 for five
years (see third part
of book, table for
11.0%-11.9%,
column for 11.4%)
575 GWh
Sales for domestic
use at end of period
(t0)
The Food and Agriculture Organization of the United Nations (FAo) reports
USING
THESE
TABLES
159
that in Brazil the number of cattle rose from 58.4 million to 89.9 million over
a fourteen-year period. What is the average annual increase of cattle during
the period?
To determine this, an approximation from the narrow-interval compounding tables in the third part of the book may be used. First, the percentage of
total increase during the fourteen years is calculated:
89.9 million
Number of
cattle at end of
period (t1 4 )
58.4 million
1.539
Number of
cattle at
beginning of
period (to)
Proportionate
increase in
cattle in
fourteen years
(tl-t
14
54%
Total
percentage
increase in
cattle
Compounding factor for 1 per annum

The compounding factor for 1 per annum shows the growth of equal (or
"level") year-end deposits of 1 that are all growing at compound interest. It
is also called the compound interest factor for 1 per annum and the amount
of 1 per annum. The factor permits calculating the value to which a constant
amount deposited at the end of each year will grow by the end of a stated
year at a stated interest rate.
The National Bank of Honduras has paid 8 percent for demand deposits. If
the amount of 783 lempiras (L) is deposited on December 31 of each year for
nine years, what will be the balance at the end of the ninth year?
160
S
S
5
Without allowance for the influence of compounding, the average rate of

growth may be estimated as somewhere in the vicinity of 3.9 percent a year
(54 + 14 = 3.9). This, of course, overestimates the true compound rate. To
find a more accurate estimate that allows for compounding, the narrowinterval compounding tables may be consulted for the factor in the row
opposite year 14 that is closest to 1.539. Flipping through the tables in the
third part of the book, one finds that the factors for 3.0 percent to 3.9 percent
for fourteen years range from 1.512 590 to 1.708 511 (see the narrow-interval
table for 3.0%-3.9%, the row opposite year 14). As expected, the factor for
3.9 percent, 1.708 511, is greater than 1.539. Proceeding leftward along the
row, one locates the figure 1.533 279, which is the factor for 3.1 percent. This
is closer to 1.539 than either the factor for 3.0 percent (1.512 590) or the
factor for 3.2 percent (1.554 232). Hence, the average annual growth in the
number of cattle over the fourteen years may be reported, to the nearest
tenth of a decimal point, as 3.1 percent.
L783
Amount deposited
at end of each year
from first to ninth
year (t1 -tg)
S
S
12.488
=
L9,778
8% compounding
Amount on deposit
factor for 1 per
at end of ninth year
annum for nine years
(tg) including ninth
(see first part of
year deposit
book, table for 8%,
second column)
5
S
U
S
5
S
S
S
5
S
S
5
.
USING
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Sinking fund factor

The sinking fund factor shows the equal-or level-deposit required each
year to reach 1 by a given year. The factor permits calculating the annual
payment that must be set aside each year, to be invested at compound interest, so that a predetermined sum will be obtained at a given time. The sinking
fund factor is used primarily to determine how much must periodically be
put into a fund so that the amount of an investment will have been recovered
at the end of its useful life.
*
*
*
In the El Dikheila Reinforcing Bar Project in Egypt, the rod rolling mill was
expected to cost 47.2 million U.S. dollars (USs). If the mill must be substantially renovated after twelve years of operation-at a cost equal to 70 percent
of the original investment-how much would have to be set aside each year
in a sinking fund at 9 percent interest (with no allowance made for inflation)
so that replacement funds would be available at the end of the twelfth year?
*
*
First, the total amount needed must be determined:
US$47.2 million
Original investment
0.70
Proportion of original
investment that
renovation is
expected to cost
*
3
US$33.0 million
Amount needed for
renovation after
twelve years
Then the annual amount that must be set aside annually at 9 percent interest
may be calculated:
3
3
US$33.0 million
Amount needed for

renovation after
twelve years
0.050
9% sinking fund
factor for twelve
third column)
US$1.6 million
Amount to be set
aside each year in a
sinking fund and
invested at 9%
interest
Note that the US$1.6 million to be set aside annually is only a starting
point, given the quality of the underlying assumptions. To this amount would
usually be added an allowance for inflation and for other factors related to
the specific kind of investment. Thus, in practice, a less mechanical means
of estimating depreciation reserves than relying solely on the sinking fund
factor would be used. In usual accounting practice, depreciation funds are
commingled with other funds generated by the enterprise and are not deposited in a segregated account.
e
*
*
*
3
Discount factor
The discount factor is how much 1 at a future date is worth today. It is
also called the present worth of 1, the present worth factor, and the present
value factor. The discount factor permits determining the value today of an
amount to be received or paid out in the future. The process of finding the
present worth in project preparation is generally referred to as discounting.
.
"
.
.
~~USING
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161
Note that the discount factor is the reciprocal of the compounding factor
for 1. (Hence, it is common to hear expressions such as "discounted at an
interest rate of 14 percent.")
The most common use of discounting in project evaluations is to find the
present worth of future costs or future benefits (see the last section of this
part, "Calculating Discounted Measures of Project Worth").
The incremental net benefit of the Hounslow Irrigation Scheme in Jamaica
in the fourteenth year of the project (t,4 ) was estimated to be 173,831 Jamaican
dollars (J$). Discounted at an interest rate of 21 percent, what 's the present
worth at the beginning of the project (to)?
J$173,831
Value in fourteenth
year (t,4 )
0.069
21% discount factor

for fourteen years
(see first part of
book, table for 21%,
fourth column)
Present worth at
beginning of
project (to)
In the Mufindi Pulp and Paper Project in Tanzania, sales were expected to be
518.9 million Tanzanian shillings (TSh) by the sixth year of the project (t6 ).
Discounted at 12 percent, what was the present worth of the sales at the
beginning of the project (to)?
Value of sales in
sixth year (t 6 )
0.507
12% discount factor
for six years (see first
part of book, table
for 12%, fourth
column)
S
6
J$11,994
In practice, this amount would be rounded in a project report, perhaps to

J$12,000.
TSh518.9 million
TSh263.1 million
Present worth of
sixth year (t6 ) sales
at beginning of
project (to)
S
S
a
S
3
Present worth of an annuity factor
The present worth of an annuity factor is how much an amount of 1 received
or paid annually is worth today. It is also called the present worth of 1 per
annum and the discount factor for a stream of income. The present worth of
an annuity factor enables determining the present worth of a constant amount
each year for some length of time in the future. It is a great time-saver in
the computations necessary for project evaluation. Its use is direct and simple
if it is used for a constant stream of money that begins in the first year and
continues to some future year-say, the eleventh year of the project (t1 to
t, ,). It may also be used to determine the present worth today (to)of a constant
stream of money that begins some time other than the first year of the
project-say, a stream that begins in the seventh year and continues through
the fifteenth year (t7 to t, 5 )-although this determination takes some additional manipulation, as illustrated below.
S
5
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5
.
162
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TABLES
Note that the present worth of an annuity factor for any given number of
years is the total of the discount factors for all those years, including the last
one. That is, in the compounding and discounting table for each percentage
point in the first part of the book, the fifth column is the running subtotal
of the fourth column.
In the Second Agricultural Credit Project in Turkey, a farmer who borrowed

1,374 Turkish liras (TL) from the Agricultural Bank of Turkey for a sheepfattening enterprise was expected to increase his income by TL522 a year for
the twenty-yearlife of the investment. Once his initial investment was complete,
what was the present worth of the farmer's stream of income discounted at
22 percent?
TL522
x
4.460
=
TL2,328
*
*
a
Annual amount
received each year
from first through
twentieth year
22% present worth of

an annuity factor for
twenty years (see
first part of book,
(t 1-t
table for 22%, fifth
20
Present worth of
the stream of
income at present
(to)
column)
The example of the Mufindi Pulp and Paper Project in Tanzania (discussed
above in the subsection on the discount factor) may be used to illustrate how
the factor for the present worth of an annuity is applied when the stream of
future values begins at some time other than the first year.
S
3
Once the Mufindi Pulp and Paper Project reaches full production, expected to
be in the eleventh year of the project (t, ,), the annual sales revenue is expected
to be TSh727.2 million over the economic life of the project, which is taken
to be twenty-four years. Assuming a 12 percent discount rate, what is the
present worth at the beginning of the project (to) of the sales from the eleventh
through the twenty-fourth years (t1, through t24 )?
To proceed, the analyst first must calculate the factor by which to multiply
the annual value of pulp and paper production. This involves finding that
part of the present worth of an annuity factor for twenty-four years that
arises from the eleventh through the twenty-fourth years (t,, through t24).
The procedure is to subtract the value of the factor for ten years (not the
factor for eleven years) from the value of the factor for twenty-four years:
*
*
*
Value
Present worth of an annuity factor for 12% for twenty-four
years (t,-t 2 4 ) (see first part of book, table for 12%, fifth
column)
Less present worth of an annuity factor for 12% for ten

years (t,-tlo) (see same table)
7.784
-5.650
Equals the present worth of an annuity factor for 12% for

2.134
the eleventh through twenty-fourth years (tlI-t 2 4 )
The factor for the present worth of an annuity factor for the eleventh
.
"
~~USING
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163
through the twenty-fourth years (t,I through t24) as computed can then be
applied to determine the present worth at to of the future stream of income
from t,1 through t2 4.
TSh727.2 million
2.134
TShl,551.8 million
Annual sales for

eleventh through
twenty-fourth years
Present worth of an
annuity factor for
12% for eleventh
Present worth at
beginning of
project (to) of future
(tl -t
through twenty-
stream of income
fourth years
(computed above)
from eleventh
through twentyfourth years (t,,-
24
Note that the value of 2.134 for the fourteen years from the eleventh through
the twenty-fourth years is not the same as the value of the factor for the first
fourteen years (t1 through t14), which is 6.628 (see the first part of the book,
the table for 12 percent, fifth column, the factor opposite year 14). The reason
is that the fourteen years from the eleventh through the twenty-fourth years
(t1 , through t 24 ) lie farther off in the future than the first fourteen years (t,
through tl4).
As mentioned earlier,-the present worth of an annuity factor for any period
in the future is the sum of the discount factors for those future years. Adding
the 12 percent discount factors for the eleventh through the twenty-fourth
years (see the first part of the book, the table for 12 percent, fourth column,
the factors opposite years 11 through 24) obtains the same total (allowing
for rounding errors) as calculated above:
Discount
Discount
Factor
factor
Year
12%
Year
12%
Total
0.287
0.257
0.229
0.205
0.183
0.163
0.146
18
19
20
21
22
23
24
5
S
t2 4 )
11
12
13
14
15
16
17
0.130
0.116
0.104
0.093
0.083
0.074
0.066
2.136
5
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5
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S
5
S
5
S
5
5
Capital recovery factor

The capital recovery factor is the annual payment that will repay a loan
of 1 in a given number of years with compound interest on the unpaid balance.
It is also called the partial payment factor. The factor permits calculating
what equal-or level-annual payments would be necessary to repay a loan
over a given period of time at a stated interest rate. The equal annual payments
are a varying combination of both interest and principal, although the total
amount of each payment remains the same.
S
5
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.
.
Note that the capital recovery factor is the reciprocal of the present worth
of an annuity factor.
The Agricultural Bank of Pakistan has lent to farmers at 8 percent interest to

finance tubewells. If a farmer borrows 8,790 rupees (Rs) to be repaid in ten
years, what is the amount of his annual payment of combined interest and
principal?
Rs8,790
Amount initially
borrowed at
beginning of first
year (to)
*
*
X
0.149 029
Capital recovery
factor for 8% for ten
last column)
Annual payment
from end of first
year through end of
tenth year (t1 -t1 o)
Under the terms of the Egyptian Fish Farming Development Project, an individual fish farmer with a holding of 10 feddans (approximately 4.2 hectares)
could borrow from the Principal Bank for Development and Agricultural Credit
to improve his farm by deepening the ponds and intalling a pump and other
water control facilities. The pattern (or model) farm budget assumes a loan of
15,904 Egyptian pounds (E) at 6 percent interest received at the end of the
first project year (t1 ). The loan is repayable over ten years, from the second
through the eleventh years (t2 through t,,), including a two-year grace period
(t 2 through t3 ) during which interest only is payable and eight annual payments
of combined principal and interest payable from the fourth through the eleventh years (t4 through t,,). What would be the interest due each year during
the grace period and the amount of the annual installment needed to repay
the principal with interest?
*
3
3
i
e
3
The interest payable each year during the grace period (t2 through t3) can
be calculated quite simply:
e
*
E15,904
Amount of loan
received at end of
first year (t,)
0.060
Interest rate
expressed in
decimal form
E954
Interest payment
due at end of
second and third
years (t 2 -t 3 )
The eight equal annual payments needed to repay the loan with interest
in the fourth through the eleventh years (t4 through t11) can be calculated by
using the capital recovery factor for the number of years during which equal
payments are to be made (in this case, eight):
E15,904
Amount of loan
received at end of
first year (tJ) and
outstanding at end
of third year (t3 )
*
*
.
@
Rsl,310
~USING
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TABLES
0.161 036
Capital recovery
factor for 6% for
eight years (see first
part of book, table
for 6%, last column)
E2,561
Annual payment of
principal and
interest from fourth
through eleventh
years (t 4 -t I)
165
The capital recovery factor also can be used to help make the choice of
whether to buy or to lease (that is, to rent) a capital item. The procedure is
to multiply the present worth of the purchase cost by the capital recovery
factor for the appropriate interest rate and number of years to derive the
annual equivalent of the purchase alternative. This can then be compared
with the annual cost of leasing.
In Zambia a farner with 5 acres had two alternatives for doing his plowing.
He could purchase a moldboard plow for 90 Zambian kwacha (K) and a pair
of oxen for K300 each, for a total of K690. Oxen are kept for a working life of
ten years. They are grazed on communal land for which the farmer pays no
charge. The farmer could borrow the full amount needed to purchase the oxen
and implements from the Agricultural Finance Corporation at 12 percent interest. An alternative way for the farmer to do his plowing would be to rent a
moldboard plow and a pair of oxen at the rental rate of K20 an acre, for a
total of K100. Would it be less expensive for the farmer to purchase oxen and
equipment or to rent (lease) them?
Since the oxen and equipment would be purchased now at the end of to
(that is, at the beginning of t1 ), they would not be discounted, and their present
worth is their cost. Then this present worth is multiplied by the capital
recovery factor for 12 percent for ten years to obtain the annual equivalent:
K690
Present worth of
purchase at to
0.177
Capital recovery
of book, table for
12%, last column)
Present worth of
purchase at to
166
0.142
Capital recovery
last column)
U
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0
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5
5
S
K122
Annual equivalent
of purchase cost at
12% interest
Thus, the annual equivalent of the purchase alternative at 12 percent interest is K122. (If there were any annual maintenance
costs, they would be
added to this annual equivalent of the capital expenditure.) The annual equivalent plus any annual maintenance cost is then compared with the lease (that
is, rent) alternative, which would cost K100 annually. Hence, it would be
less expensive for the farmer to lease oxen and implements than to buy them,
assuming that the price relationships would remain unchanged.
The choice between whether to buy or to lease is, of course, influenced by
the interest rate. In the example above, if the interest rate were 7 percent,
then the purchase option would be less expensive, as shown below:
K690
S
S
S
5
S
K98
Annual equivalent
of purchase cost at
7% interest
.
USIN-G THESE
TABLES
.
*
*
*
*
*
*
*
*
a
e
*3
*
*
*
*
*
3
*
*
*
When the purchase of equipment is spread over more than one year or
when the annual maintenance or lease streams vary significantly from year
to year, then the purchase and maintenance cost stream or the lease stream
may be discounted to obtain the present worth at to, and the result multiplied
by the appropriate capital recovery factor to determine the annual equivalent. This may then be compared with the annual cost of the alternative.
TTheGovernorate of Alexandria in Egypt offered either to sell or to lease a land
plot of 280 feddans (approximately 118 hectares) to the Alexandria National
Steel Company. The Governorate offered to sell the land for an initial payment
of E2,800 thousand at the beginning of the project (to)and an annual payment
of E915 thousand from the first through the twentieth years (tl-t 2 0 ). It is
estimated the land will have a residual value of LE10,551 thousand at the end
of the twentieth year. Alternatively, the Governorate offered to lease the land.
No payment would be required for the first three years (t,-t 3 ). In the fourth
year (t4 ), the lease would cost E2,000 thousand and would increase by 6
percent a year during the next three years (t 5 -t 7 ), reaching E2,382 thousand
in the seventh year. From the seventh through the twentieth years (t 7 -t 2 0 ) the
payment would remain the same. For capital cost calculations, the Steel Company
used an interest rate of 10 percent. Would it be cheaper for the Steel Company
to buy or to lease the land?
A quick check may be done by comparing the annual equivalent of the
purchase option with the annual equivalent of the lease option. First, the
annual equivalent of the initial payment may be determined and then the
annual payment of E915 thousand added to it. (The analysis omits for the
moment all consideration of the residual value of the land in the twentieth
year; also, taxes and inflation are not considered for either alternative.)
E2,800 thousand
Present worth of
purchase at to
0.117
=
E328 thousand
Capital recovery
Annual equivalent
factor for 10% for
of purchase cost at
twenty years (see
10% interest
first part of book,
table for 10%, last
column)
Thus, the annual equivalent of the initial payment is E328 thousand.
Adding this amount to the annual payment of E915 thousand gives a total
annual equivalent for the purchase alternative of E1,243 thousand (328 +
915 = 1,243).
Since the amount of the lease option varies over the life of the project, it
is not possible to compare the annual equivalent of the purchase alternative
directly with the lease cost without further computations. However, the annual
equivalent of the lease option may easily be determined by finding the present
worth of the stream of lease payments and then multiplying that present
worth by the capital recovery factor. The present worth of the stream of lease
payments at a rate of 10 percent is calculated in the top part of table 1.
.
USING
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167
Table 1. Annual Equivalents of Present Worth of Cost Streams, Land

Lease and Purchase Alternatives, Alexandria National Steel Company,
Egypt
(thousands of E)
Project
year
Discount
factor
10%
Present
worth
10%
Lease alternative
0
2.487
2,000
0.683
2,120
0.621
0
1,366
1,317
2,247
2,382a
0.564
4.159b
1,267
9,907
39,715
8.514
13,857
Annual
cost
t,-t,
t4
t,
t6
t7-t2O
Total
t,-t,9
t2O
Total
S
S
Purchase alternative
2,800
8.365
915 d
(9,636)0.149
10,549
8,514
to
2,800c
7,654
(1,436)
9,018
LE Egyptian pounds. - Not applicable.

a. Annual amount for years 7 through 20 inclusive. To reach column total, this amount must
be included fourteen times.
b. Present worth of an annuity factor for years 7 through 20 inclusive. See the text subsection
on "Present worth of an annuity factor" for method of computation.
c. Because this value falls at the end of to (that is, at the beginning of t,), it is not discounted.
d. Annual amount for years 1 through 19 inclusive. To reach column total, this amount must
be included nineteen times.
e. Because the residual value of the land of E10,551 thousand is greater than the payment
of E915 thousand in the final year of the analysis, this is a "negative cost" (hence the parentheses)-that is, a benefit. The benefit is fE9,636 thousand (10,551 - 915 = 9,636), so this
amount is subtracted from the cost stream.
The annual equivalent of the present worth of the stream of lease payments
at 10 percent interest, E13,857 thousand, may be determined by multiplying
the present worth by the capital recovery factor for 10 percent for twenty
years:
E13,857 thousand
Present worth of
the stream of lease
payments at to
0.117
Capital recovery
factor for 10% for
twenty years (see
first part of book,
table for 10%, last
column)
5
E
*
6
S
EE,621 thousand
Annual equivalent
of the present
worth of the stream
of lease payments
at 10% interest
Thus, the annual equivalent of the lease alternative is E1,621 thousand.

Since this exceeds the annual equivalent of the purchase cost plus the annual
payments of E1,243 as calculated earlier, it would be cheaper to purchase
the land than to lease it.
168
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.
.
*
*
*
*
5
S
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*
0
*
*
3
S
3
5
*
*
*
3
Because taking account of the residual value of the land in the twentieth
year would tend to reduce the annual equivalent of the purchase alternative
still further, there is no need to carry out additional analysis to make the
choice between the lease and purchase alternatives. However, a more precise
estimate of the comparison between the two alternatives will serve as an
illustration of how to deal with the choice between lease and purchase when
the cost streams of both alternatives vary from year to year. The principle
is simply to calculate the present worths at the appropriate discount rate
and to choose the alternative with the lower present worth. The present worth
of the lease alternative was calculated in the top part of table 1. The present
worth of the purchase alternative, adjusted for the residual value of the land,
is calculated in the bottom part of table 1.
The present worth of the purchase alternative, including the allowance for
the residual value of the land, is thus found to be E9,018 thousand. Because
this value is less than the present worth of the lease alternative (E13,857)
calculated earlier, it confirms the choice of the purchase alternative made
on the basis of the quick check using the capital recovery factor.
Deciding whether to buy or to lease by using the capital recovery factor
or by comparing present worths is only a starting point for making buy-lease
decisions. Many other factors not encompassed by computations such as
those just illustrated should be considered before making that choice. These
factors include risk; whether capital can be borrowed or otherwise raised to
take advantage of the purchase alternative; the fact that alternatives may
have slightly different specifications that influence the choice between them;
and considerations of maintenance, technological obsolescence, and the like.
The Zambian farmer in the example cited earlier might decide that oxen
and a plow could be unavailable for lease at the peak of the plowing season
when needed. Even though it would be cheaper to lease the oxen and implements, because of the perceived risk he might choose to buy them anyway.
Alternatively, even if the interest were such that it were preferable to buy
rather than to lease the oxen, the risk of something happening to the oxen
might outweigh the saving he could realize from the purchase. In the case
of the Alexandria National Steel Company, if it were impossible for the
company to borrow enough or to find sufficient equity capital to make the
down payment for the land and to pay the purchase installment during the
first three years while the company was becoming established, the management might choose the lease alternative-even though the calculations clearly
show that leasing the land is more expensive. An example of alternatives that
have slightly different specifications might be the case of a farmer's choice
between obtaining tractor plowing for a fee compared with his owning draft
animals. Examples of other considerations might include that maintenance
for a complex piece of equipment could be too expensive for an individual
firm to undertake itself, or that a computer installation could become outdated
well before its physical life would be exhausted.
.
USING
.
.
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TABLES
169
Using Calculators to Compute Compounding

Discounting Factors
and
.
Inexpensive,
simple electronic calculators
that are readily available
throughout the world may easily be used to calculate compounding
and
discounting factors. The results are sufficiently accurate for virtually all
applications in project analysis. Using a simple electronic calculator to derive
the factors is helpful when it is inconvenient to consult a set of tables-for
example, when only one factor is needed to complete a computation.
An
electronic calculator is especially convenient when factors are needed for a
fractional interest rate for which standard tables are unavailable.
The illustrations in this section show how to use a simple calculator to

compute the six factors included in the compounding and discounting tables
in the first part of this book. When factors for a great number of years are
needed, however, it is often faster to consult the tables than to perform the
repeated manipulations
that using a simple calculator requires. If a calculator is used to compute the factors, quick reference to the tables in this book
can serve as a check that no error in concept or manipulation has occurred.
The illustrations in this section rely on a
widely sold, inexpensive electronic calculator. Virtually all simple calculators have the
same capabilities, although there are minor
variations among calculators in the details
of manipulation.
a
a
a
The calculator used for these illustrations
--- - - -- =
can perform the four arithmetic functions of
co
0
M
addition FT, subtraction W, multiplication
-a----XX _
s, and division 1]. It has one fully address=__ -__ =_ . =able memory; that is, one may add to the
_
--i-~~-=~
--- _
U
* *
"
memory 7M+, subtract from the memory [MY-1,

recall the memory to the display 7IRCMI.
TheJ calculator can perform chain computa-
~and
tions. The reciprocal of a number on the

display (that is, 1 divided by the number in
the display) may be obtained by pressing W

and then i. The calculator can multiply or divide repeatedly by a constant;
that is, after entering a number once, the calculator will multiply or divide
repeatedly by that same number without the necessity of entering the number
again. For multiplication,
the first number entered is the constant; for divi-
170
Factors for whole percentage points
ILA
USING
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TABLES
sion, the second number entered is the constant. The constant feature is
activated after multiplication and division simply by entering another number
to be multiplied or to be divided by the constant and by pressing the [-iI
again. If a new number is not entered, the value shown in the display will
be multiplied by itself when i and then i are pressed. This may be repeated
as often as desired and is a simple and convenient way to raise a number to
a power (for instance, to square a number). If a number greater than 1 is
entered in the display, followed by pressing i and then [, the calculator
will first display the reciprocal of the number (which will be a number less
than 1) and then will divide repeatedly by the original entry each time F1
is pressed. If a positive fraction is entered in the display, followed by pressing
WE
and then iEl, the calculator will first display the reciprocal (which will
be greater than 1) and then will multiply the result repeatedly by the reciprocal each time [i is pressed. (In some calculators the constant feature is
activated in a different manner, but most do have the constant feature.)
In the illustrations that follow, numbers reproduced in ordinary roman
type are pressed and entered in the calculator as indicated. Numbers printed
in italictype will be displayed automatically and do not need to be entered.
An arithmetic sign or functional notation surrounded by a [box indicates
that that key on the calculator is to be pressed in the order shown. Thus, a
4 indicates a number to be entered and a Wlindicates that the "plus" key is
to be pressed. Other notations, as mentioned above, include: FMi_ifor "add
to memory"; FM- for "subtract from memory"; IR-M1for "recall memory"
when pressed once and "clear memory" when pushed a second time; and
ION/CI
for turning the machine on and clearing the display. Although small
calculators generally are quite accurate, the last two places when the display
is full after multiplication or division cannot be accepted with confidence.
For most applications in project analysis this is of no importance. Because
all the digits in these illustrations have been verified with more elaborate
equipment, the reader may find that the final digit or two do not agree with
those in the illustrations when the computations given here are reproduced
on the reader's calculator. If it is important to have a factor correct to six
decimal places, the tables in this book may be consulted, or a more expensive
calculator carrying more places and "guard digits" may be used. All the
factors given in these illustrations have been rounded to six digits. Final
results have been rounded to the nearest whole unit, almost always a degree
of precision sufficient for project analysis.
*
*
*
*
*
E
3
i
*
*
*
*
*
*
.
COMPOUNDING FACTOR FOR 1. The compounding factor for 1 may easily be
calculated by taking advantage of the constant feature of the calculator. First,
1 plus the interest rate, stated in decimal form, is entered (for example, 1.06).
*
*
.
@
~~USING
THESE
TABLES
171
This becomes the constant. Then i 1 is entered, and then i is pressed as

many times as the number of years for which the factor is desired. The
procedure may be illustrated by recalling the first example of the use of the
compounding factor for 1, given earlier in this part of the book.
The National Bank of Costa Rica has paid 6 percent compound interest on
passbook accounts. IfC2,046 is deposited and left for eight years, how much
will the balance be at the end of the eighth year?
S
5
S
a
First, the compounding factor for 1 at 6 percent for eight years must be
calculated:
1.06x1
3Fi
:1 W
:11.593
848.
Then (without first clearing the calculator) the resulting compounding factor
for 1 may be multiplied by the initial deposit to obtain the balance at the
end of the eighth year:
i
2,046 i
3,261.
Thus, a total ofC3,261 will be on deposit at the end of eight years, exactly
the same result as was obtained earlier by using the factor taken from this
book (first part, the table for 6 percent, first column, the factor opposite year
8).
(Following the order of manipulation suggested here avoids computational
errors because the i key is pressed the same number of times as there are
years. An alternative is to enter 1.06 and press I1 and then [3 one time fewer
than the number of years desired-in this case, seven times.)
The compounding factor for 1 per
annum may be calculated by taking advantage of both the constant and the
memory features of the calculator. Before using the calculator, IR-MI is
pressed twice to be sure the memory is clear. Since the first year-end deposit
takes place at the end of the first year (t,), that amount will not increase at
the end of the first year. Hence, a value of 1 is entered in the memory by
using the NIVd key. Then 1 plus the interest rate in decimal form is entered
and multiplied by 1, the result is added to the memory by pressing [M--+l,
and the operation is repeated for one time fewer than the number of years
desired. The compounding factor for 1 per annum is then displayed by pressing IR-M1.The resulting factor may then be multiplied by the amount of
the constant deposit made at the end of each year to obtain the value at the
COMPOUNDING
FACTOR FOR
PER ANNUM.
S
3
5
S
5
.
172
USING
THESE
TABLES
.
*
*
end of the final year, including the deposit made at the end of the final year.
The procedure may be illustrated by recalling the example of the use of the
compounding factor for 1 per annum given earlier in this part of the book.
The National Bank of Honduras has paid 8 percent for demand deposits. If
the amount of L783 is deposited on December 31 of each year for nine years,
what will be the balance at the end of the ninth year?
*
a
First the compounding factor for 1 per annum at 8 percent for nine years
must be calculated (recall that the iEl IMi+1sequence is entered one time fewer
than the number of years):
*
*
*
*
IR-MIRCI
1.08L 1i
11i
IFLM+EM+1[EM+1[
E MiIM
+1 EM4
+1 FM+1
Then (without first clearing the calculator) the resulting compounding factor
for 1 may be multiplied by the amount deposited at the end of each year to
obtain the amount at the end of the ninth year:
[
5
*
*
1i]
WEifl+1IR
MI 12.487558.
783 [] 9,778.
Thus, if L783 is deposited at the end of each year for nine years at 8 percent
interest, the balance at the end of the ninth year will be L9,778.
SINKING
FUND FACTOR.
The sinking
fund factor is the reciprocal
of the
compounding factor for 1 (that is, one divided by the compounding factor
for 1). Thus, the sinking fund factor is calculated by first calculating the
compounding factor for 1 following the pattern in the previous section and
then taking the reciprocal by pressing the F7 i keys in that order. The
procedure may be illustrated by recalling the example of the use of the sinking
fund factor given earlier in this part of the book.
In the El Dikheila Reinforcing Bar Project in Egypt, the rod rolling mill was
expected to cost US$47.2 million. If the mill must be substantially renovated
after twelve years of operation-at a cost equal to 70 percent of the original
investment-how much would have to be set aside each year in a sinking
fund at 9 percent interest (with no allowance made for inflation) so that
replacement funds would be available at the end of the twelfth year?
First, the total amount needed must be determined:
47.2 53 0.70 51 33.0.

The amount of US$33.0 million will be needed.
.
USING
.
.
THESE
TABLES
173
Next, the compounding

years may be calculated:
factor for 1 per annum for 9 percent
for twelve
1.09 EkI1~i1EM+IE3IfM+I
LJfMi1 FEi~I1+
EEEIMIIEiMi
7=7M-T
-:IF-+
[iM4
W1
53IM+1
m+iI:
M_+I IRE-CMI2 0.140 720.i
Then (without clearing the calculator) the sinking fund factor may be determined by taking the reciprocal of the compounding factor for 1 per annum
just calculated:
i
FE 0.049 651.
The resulting sinking factor is then multiplied

needed (again, without clearing the calculator):
by the amount
that will be
X 33.0 LE1.638 472.

Thus, some US$1.6 million must be deposited annually so that the amount
needed for renovation will be available after twelve years. (Recall the comment
made earlier in connection with the sinking fund factor, that the amount
calculated using the factor should be used only as a starting point in making
estimates of depreciation allowances.)
S
5
DISCOUNT FACTOR. The discount factor for any given year may be calculated
by entering 1 plus the discount rate stated in decimal form, pressing i, and
then pressing iE repeatedly until the number of repetitions equals the year
for which the factor is desired. The procedure may be illustrated by recalling
the example of the use of the discount factor given earlier in this part of the
book.
The incremental net benefit of the Hounslow Irrigation Scheme in Jamaica

in the fourteenth year of the project (t, 4 ) was estimated to be J$173,831.
Discounted at an interest rate of 21 percent, what is the present worth at the
beginning of the project (to)?
First, the discount
lated:
factor for 21 percent for fourteen years may be calcu-
1.2 1 F+
[II I I
W
II[
=7iLEL00.069343.
Then (without clearing the calculator) the discount factor thus calculated
may be multiplied by the future value expected at the end of the fourteenth
year (t14) to obtain the present worth today (to):
[53 173,831
iE
12,054.
The present worth of J$173,831, at the end of the fourteenth
174
USING
project year
THESE
TABLES
5
S
w
and discounted at 21 percent, is
probably be reported as J$12,000.
obtained earlier when the discount
part of the book and then rounded
*
*
*
J$12,054. This figure in practice would

(Note this result varies slightly from that
factor was read from the table in the first
to three decimal places.)
PRESENT WORTH OF AN ANNUITY FACTOR. The present worth of an annuity

factor may be calculated by using the calculator's memory and its capability
to divide by a constant-and
by keeping in mind that the present worth of
an annuity factor for a given year is the sum of the discount factors for all
the previous years. First, the discount factor for the first year may be calculated by entering 1 plus the discount rate stated in decimal form, pressing
*
E3,
and then pressing E1.
This value is then put in the memory by pressing
LM-+-. The sequence is repeated until the number of repetitions equals the
year for which the factor is desired. The present worth of an annuity factor
is then retrieved from the memory and displayed by pressing IR-CMIkey.
The procedure may be illustrated by recalling the first example of the use
of the present worth of an annuity factor given earlier in this part of the
*
*
6
*
*
book.
In the Second Agricultural Credit Project in Turkey, a farmer who borrowed
TL1,374 from the Agricultural Bank of Turkey for a sheep-fattening enterprise
was expected to increase his income by TL522 a year for the twenty-year life
of the investment. Once his initial investment was complete, what was the
present worth of the farmer's stream of income discounted at 22 percent?
IR-CMl
IR-CMI 1.22 W-i IMT . . . [the
iEIM
+I sequence
is entered twenty times]
LR-C~iMII
4.460 266.
e
a
Then (without clearing the calculator) the present worth of an annuity

factor just calculated is multiplied by the annual value of the incremental
income to obtain the present worth of the stream of income:
_L 522 [i 2,328.
Thus, the present worth of a stream of income of TL522 for twenty years,
discounted at 22 percent, is TL2,328.
CAPITAL RECOVERY FACTOR. The capital recovery factor may be calculated
by taking advantage of the fact that the factor is the reciprocal of the present
worth of an annuity factor (which may be calculated as shown above). The
procedure may be illustrated by recalling the first example of the use of the
capital recovery factor given earlier in this part of the book.
*
*
*
The Agricultural Bank of Pakistan has lent to farmers at 8 percent interest to

finance tubewells. If a farmer borrows Rs8,790 to be repaid in ten years, what
is the amount of his annual payment of combined interest and principal?
.
@
~~USING
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TABLES
175
First, the present worth of an annuity factor is calculated and its reciprocal
taken to obtain the capital recovery factor at 8 percent for ten years:
IR-CMIIR-CiMI
1.08 -W FM
1F ... [the [37M +I sequence is entered
ten times] IR-MI6.710 081
i
0.149 029.
S
i
Then the capital recovery factor just calculated is multiplied by the initial
amount of the loan to determine the amount of the annual payment of combined
interest and principal necessary to repay the loan with interest at 8 percent:
E38,790
1,310.
A loan of Rs8,790 at 8 percent interest for ten years thus will be repaid with
ten equal annual payments of Rsl,310.
Factors for fractional interest rates
The most important advantage in using simple calculators to compute

compounding and discounting factors occurs when fractional interest rates
must be used. Except for the narrow-interval compounding tables, all factors
in this book are for whole percentage points. More detailed sets of financial
only a few
tables provide factors for selected fractional interest rates-but
fractions are available, and these more detailed tables usually do not include
factors for interest rates in excess of 10 percent.
To obtain a factor for a fractional interest rate, linear (that is, straightline) interpolation between two factors, each for a whole percentage point,
will yield a value suitable for most purposes of project evaluation. Linear
interpolation, however, introduces a slight error. A more accurate factor may
easily be calculated with a simple calculator by following exactly the same
computational
procedures outlined earlier.
The procedures may be illustrated by recalling the example using a fractional rate that was given earlier in this part of the book.
At the time the Eighth Sri Lanka Diesel Power Project was being prepared, the
Ceylon Electricity Board projected future demand for domestic use for ten
years in two periods of five years each. At the beginning of the second fiveyear period, the board estimated that demand would be 335 gigawatt hours
(GWh) and that it would grow by 11.4 percent a year for the five-year period.
What would be the board's estimate of sales for domestic use at the end of the
second five-year period?
First, the compounding
computed:
factor for 1 for 11.4 percent for five years may be
R CMIIR CMi1.114 i
1 -i
ii1
S
5
S
S
5
6
a
i 1.715 639.
.
176
.
USING
THESE
TABLES
Thus, the compounding

factor for 1 for 11.4 percent for five years is
1.715 639, and the value for the base period may be multiplied by this factor
to determine the future value:
)3 335 :3 575.
s
*
*
*
*
*
The estimate of sales for domestic use at the end of the second five-year
period would be 575 GWh. (Laying out the computation as illustrated avoids
calculation errors because 5i is pressed the same number of times as the
number of years for which the factor is desired.)
One of the most useful applications of simple calculators in computing
factors for fractional interest rates is to calculate the amount of the equal
annual installments
that will repay a loan with interest. To do this, the
discount factors year by year are calculated and summed to obtain the present
worth of an annuity factor for the desired number of years. The reciprocal
of the present worth of an annuity factor is the capital recovery factor for
the period. This factor may then be multiplied by the amount of the principal
to determine the annual installment.
In the North China Plain Project, the Agricultural Bank of China has lent to
production teams to install tubewells. The average well costs 4,650 yuan (Y),
for which the Agricultural Bank of China lends the full amount. Production
teams have been repaying equal amounts of principal each year for five years,
with interest at 4.32 percent on the remaining outstanding balance. Consideration has been given to changing the repayments to equal installments, and
the capital recovery factor must be calculated because no standard tables
contain the capital recovery factor for 4.32 percent. What would be the amount
of the equal annual installments?
First, the capital
recovery
factor for 4.32 percent
for five years must be
calculated:
IR-CMIIRII~I-MI
1.0432
ECHM
+7FIMM+l
LEMI~I=IIM~
+1 CMI4.412 084
W
ESE0.226 650.
*
*
Then the amount of the loan is multiplied by the capital

to obtain the amount of the annual installment:
recovery factor
HE 4,650 ES 1,054.
*
*
Thus, the capital recovery factor at 4.32 percent for five years is 0.226 650,
and the production teams would pay an annual installment of Y1,054.
To check that no substantial error in concept or manipulation
has been
made in computing the 4.32 percent capital recovery factor for five years,
the value computed using the calculator may be compared with the capital
*
*
.
@
.
.
~~USING
THESE
TABLES
177
recovery factor for 4 percent for five years and with the capital recovery
factor for 5 percent for five years as given in the compounding and discounting tables in the first part of the book. The capital recovery factor for 4 percent
for five years is 0.224 627 (see the table for 4 percent, last column, the factor
opposite year 5). The 5 percent factor is 0.230 975 (see the table for 5 percent,
last column, the factor opposite year 5). The capital recovery factor for 4.32
percent for five years, as computed with a simple calculator in the example
above, is 0.226 650. This value lies between the factors for 4 percent and 5
percent, so it is unlikely that any substantial error in concept or manipulation
has occurred.
Linear interpolation between the capital recovery factors for 4 percent and
the 5 percent for five years gives an even more accurate check. This is done
by determining 0.32 of the difference between the factors for 4 percent and
5 percent and by adding that value to the capital recovery factor for 4 percent
for five years. A value of 0.226 658 is obtained [0.32(0.230 975 - 0.224 627)
+ 0.224 627 = 0.226 658]. This is within 0.004 percent of the value of 0.226
650 that was computed with the calculator, so that one may be sure that no
major error occurred in the computation. Indeed, using the interpolated value
in this case would obtain the same value for the annual installment, Y1,054,
that the slightly more accurate method gives.
Another example of calculating the capital recovery factor for a fractional
interest rate to determine the equal annual installment needed to repay a
loan comes from India.
The Haryana State Dairy Development Corporation in India set up a milk
plant with a bank loan component of Rs3O,003,000. A consortium of banks
provided loans to the Dairy Development Corporation of Rsl 4,775,000 at the
beginning of the project (to), Rsl 2,022,000 at the end of the first year (t,), and
Rs3,206,000 at the end of the second year (t2 ). It was agreed (1) to pay 12.5
percent interest; (2) to capitalize interest accrued during the first four years
(t1 through t4 )-that is, during the gestation period of the project; (3) to collect
only interest accrued for the fifth year (t,); and (4) to recover the principal
along with interest in ten annual installments from the sixth year, when the
plant starts functioning at full capacity, through the fifteenth year (t 6 through
t 1 5 ). What is the annual amount the State Dairy Developmnent Corporation is
to pay during the last ten years (t6 through t,,)?
By agreeing to "capitalize" the interest during the first four years of the
loan, the consortium of banks has, in effect, agreed not to collect the interest
that would otherwise be due but rather to add the interest due to the principal
of the loan (hence, to capitalize) and to charge 12.5 percent interest on the
new total. The calculation, by project year, of the amount due at the end of
S
S
S
5
.
178
USING THESE TABLES
.
.
the fourth year (t4 ) is shown in tabular form below.
a
*
*
t1
t2
t4
*
*
*
*
*
*
*
Amount of loan
drawdown
(Rs)
to
14,775,000
12,022,000
3,206,000
Amount due at end

of fourth year
(Rs)
23,666,698
17,117,260
1.265 625
4,057,594
Total principal and interest due at the end of t4
1.125 i
1 [Liiji
1 1.601 807.
This factor is then multiplied by the amount of the loan drawdown at the
beginning of project (to) of Rsl4,775,000 to obtain the amount due at the end
of the fourth year (t4 ):
Ex14,775,000
a
S
a
44,841,552
If the drawdown of the loan at the beginning of the project (to)is taken as
an example of capitalization, it may be considered that the banks will disburse
their loan at the end of the "zeroth" year (to; that is, at the beginning of the
project) and permit the Dairy Development Board to continue to add the
interest due to the original capital through the end of the fourth year (t 4 ).
Thus, the amount due at the end of the fourth year (t4) will be the original
principal disbursed at the beginning of the project (that is, the end of the
"zeroth" year, to)with interest compounded for four years. The compounding
factor for 1 is used to determine the amount due at the end of the fourth year
(t4). Of course, the 12.5 percent compounding factor for 1 for four years is
needed, since interest will be paid from the first through the fourth years (t,
through t4). The compounding factor for 1 at 12.5 percent for four years may
be obtained by consulting the narrow-interval table for 12.0 percent-12.9
percent in the third part of the book, sixth column, the value opposite year
4. It is also easy to calculate this factor directly on a simple calculator:
*
*
Compound interest
factor to end of fourth
year at 12.5%
1.601 807
1.423 828
23,666,698.
For the drawdown at the end of the first year (tl) of Rsl2,022,000, the
capitalization process applies only to the second, third, and fourth years (t2
through t4). Therefore, the compounding factor for 12.5 percent for three
years is used (it may be obtained from the narrow-interval table for 12.0
percent through 12.9 percent or may be computed directly by calculator as
described above). The amount due at the end of the fourth year (t4 ) for the
drawdown at the end of the first year is Rsl7,117,260. For the drawdown at
the end of the second year (t2 ), Rs3,206,000, interest is due only for the third
and fourth years (t3 and t 4 )-so the compounding factor for 1 at 12.5 percent
for two years is used. Thus, the total amount of Rs4,057,594 would be due
.
*
.
.
USING
THESE
TABLES
179
.
for the drawdown at the end of the second year. The total interest and principal due at the end of the fourth year is therefore Rs44,841,552. (Note that
there is a slight error in the last two digits because all digit places in the
calculator are in use and because the compounding factors for 1 were rounded.
The precise value is Rs44,841,549.)
During the fifth year, the Dairy Development Board will pay interest on
the outstanding amount due, so that the outstanding amount will not change
at the end of the fifth year. The amount of the interest payment may be
calculated directly:
Rs44,841,552
Amount of
principal and
capitalized interest
due at end of fourth
year (t 4 )
0.125
12.5% interest rate

expressed in decimal
form
5
5
Rs5,605,194
Interest payment
due at end of fifth
year (t0)
Thus, the total amount outstanding at the end of the fifth year is Rs44,841,552,
and this amount is to be repaid with interest in ten equal installments from
the sixth through the fifteenth years of the project (t6 through t,5 ). To calculate
the amount of this annual installment, the capital recovery factor for 12.5
percent for ten years is needed. Capital recovery factors for fractional interest
rates are not included in this book (and would be available in few other
books), but the capital recovery factor for 12.5 percent can be easily computed
by calculator as shown earlier:
1.125
5E
IR-CM RMI1
~I
5
HE
U
5
X
MI. ... [theL1 Mb+i sequence is entered

5.536 431
ten times] IRiP-CMl
W3i
0.180 622.
This result may be checked by comparing it with the capital recovery factor
for 12 percent for ten years which is 0.176 984 (see the first part of the book,
the table for 12 percent, last column, the value opposite year 10), and with
the capital recovery factor for 13 percent for ten years, which is 0.184 290
(see the first part of the book, the table for 13 percent, last column, the value
opposite year 10). Because the capital recovery factor for 12.5 percent just
illustrated is approximately halfway between these two values, it may be
assumed that no serious error in manipulation has occurred.
Now the capital recovery factor for 12.5 percent for ten years may be
multiplied by the outstanding balance of principal and capitalized interest
due at the end of the fifth year, Rs44,841,552, to determine the annual payment
necessary to repay the balance with interest over ten years (from the sixth
through the fifteenth years, t6 through t 15 ):
)
180
44,841,552 2i 8,099,371.
USING
THESE
TABLES
U
5
5
S
S
S
Thus, the Haryana State Dairy Development Board would have to make
an annual payment of Rs8,099,371 each year for ten years to repay the loan
of Rs33,003,000 plus capitalized interest at 12.5 percent interest. (Again, a
slight error is introduced by using the simple calculator and by rounding
the capital recovery factors; the precise value is Rs8,099,360.) In a project
document, this amount would be rounded to avoid the appearance of spurious
accuracy, perhaps to an annual payment of Rs8.1 million.
When a calculator that can compute powers is available, the factors used
in project evaluation may easily be computed directly. Raising a number to
a power is usually done by using an xy key or a key designated by some
similar notation. The formulas for compounding and discounting are given
in the mathematical appendix, which follows this part of the book.
Computation of factors with a calculator that can compute powers directly
may be illustrated by recalling the North China Plain Project example used
earlier to illustrate calculation of the capital recovery factor for 4.32 percent
for five years. In the earlier illustration using a simple calculator, the factor
was computed by taking advantage of the ability of the calculator to perform
multiplication and division by a constant. With a calculator able to compute
powers, the computation may be done directly from the formula for the
capital recovery factor (from the mathematical appendix):
*
*
5
*
5
*
S
*
*
3
i(1 + i)n
(1 + i)n - 1
where i is the interest rate stated in decimal form (in this instance, 0.0432)
and n is the number of years for which the factor is needed (in this instance,
five).
The calculation begins by clearing the memory and calculating the numerator. First, enter i and store it in the memory. Then enter 1 plus i and raise
the result to the power of n. Next, multiply the result by i stored in the
memory (pressing the IR-CMIkey twice in the process to clear the memory).
Finally, store the whole result in the memory:
a
X
IR-CMIf[RiM10.0432 1MiII0.0432
b3 1 F:
[i1 5 [i 1.235 486
1.0432
3 IR-CMIIR-CMI5i~~~~
[M+10.053 373.
Then the denominator may be calculated. Enter 1 plus i and raise the result
to the power of n. Then subtract 1:
1 +3 0.0432 i 1.0432
E 5 [ 1.235 486
5 1 3 0.235 486.
.
@
~~~USING
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TABLES
181
S
Now the numerator is divided by the denominator to obtain the capital
recovery factor. In most calculators able to compute powers, the memory
and the display may be exchanged by using a special "exchange" key, often
marked with a horizontal double-headed arrow 1 or marked fEi. If this
feature is available, the numerator can be divided by the denominator simply
by pressing the exchange key and then dividing the display by the memory:
1G1
0.053 373
FIR-MI
i 0.226 650.
If there is no exchange key, the numerator can be divided by the denominator by first calculating the reciprocal of the denominator and then multiplying the reciprocal by the numerator stored in the memory (recall that
multiplying a numerator by the reciprocal of the denominator is the same
as dividing by the denominator):
i
7= 4.246 537
FR-CM1
i 0.226 650.
Z3
Discounted
Measures
S
5
This, of course, is exactly the same factor as that calculated earlier using
the much simpler calculator without the 1E key. (Laying out the calculation
as illustrated here permits going through the formula using each element in
order. An alternative would be to calculate the denominator first and to store
it in the memory. Next, the numerator would be calculated and then divided
by the denominator by pressing i I-CZMIR liE.)
More elaborate, financial calculators permit computation of compounding
and discounting factors very simply by using manipulation procedures specific
to the calculator. Most financial calculators will also calculate directly such
things as the equal annual installment necessary to repay a loan with interest
without the necessity of first calculating a capital recovery factor. Even with
one of these calculators, however, it is sometimes convenient to verify the
calculations by using the tables in this book to be sure that no serious conceptual or methodological error has occurred.
Calculating
S
5
a
S
of Project Worth
In project preparation, the discount factor and the present worth of an

annuity factor are frequently used to compare the income-earning potential
of alternative projects and to determine the most efficient alternative design
to realize project benefits.
S
5
.
Opportunity cost of capital
Comparisons among alternative projects or designs based on discounting

must be related to the opportunity cost of capital. For private firms the
182
3
.
USINIG
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TABLES
opportunity cost of capital will be a weighted average of the borrowing rate

for funds and an acceptable return to equity capital. For the society as a
whole, the opportunity cost of capital is tne return on the last (that is, marginal)
investment that could be made were all the available capital fully invested
in the most remunerative manner. Determining the opportunity cost of capital for a society is difficult, but economists generally consider it to be between
8 and 15 percent in most developing countries.
/
*
Benefit-cost comparisons
Four discounted measures of project worth may be used that are comparisons of benefits in relation to costs:
Present worth
of benefits
*
Internal rate of
return
0
*
S
5
U
S
5
5
@
*
*
~~~~Benefit-cost
ratio
Benefit-cost ratio ~
Net benefitinvestment ratio
Present worth
of costs
= That discount rate such that

Present worth
Present worth
of benefits
of costs
=
Present worth of gross benefits

Present worth of gross costs
Present worth of net benefits
Present worth of investment
These four measures are essentially the same. For any project of an investment type, there exists an interest rate which is the internal rate of return
and at which the net present worth is zero and the benefit-cost ratio and the
net benefit-investment ratio equal 1.
The net present worth is frequently used to evaluate private sector or public
sector investments. It is especially useful in comparing investments for which
the alternatives are mutually exclusive. (It is also used in cost-effectiveness
comparisons to choose the least expensive alternative project or design option,
as will be discussed below.) The internal rate of return is commonly used to
evaluate both public and private investment projects for which it is possible
to value the benefits. Its use is prevalent in large corporations and among
international lending agencies. The benefit-cost ratio is commonly used as a
tool to evaluate public sector projects, most often those to develop water
resources. Only rarely is it used for private sector projects or for public sector
investments contemplated by government corporations. The net benefitinvestment ratio is infrequently used in project analysis, but this may change
because of its usefulness as a rank indicator.
In the World Bank, the internal rate of return is the most frequently used
discounted measure of project worth, although both the net present worth
and the benefit-cost ratio are occasionally applied. The net present worth is
used to choose among project design alternatives.
USING
THESE
TABLES
183
Table 2. Net Present Worth, Internal

Project, Uruguay
(millions of Ur$)
Project
year
1
2
3
4
5
6-11
12
Total
Aggregate of
ranchers'
incremental
net cash
balances
(1)
Taxes,
(2)
-438
-1,269
+710
+1,133
+1,270
+ 1,230
+3,884
+12,670
-120
+ 55
+114
+214
+286
+ 286c
+286
+2,551
Rate of Return, and Net Benefit-Investment
IncreTechDF
Subnical On-ranch
mental
sidies" services investment net benefit 12%
(6)
(7)
(3)
(4)
(5)
-299
- 80
-80
-80
-80
-619
-315
-40
-40
-40
-40
-40c
-40
-755
-2,271
-2,271
-3,443
-1,334
+704
+1,227
+1,436
+ 1,476c
+4,130
+11,576
0.893
0.797
0.712
0.636
0.567
2 .333 d
0.257
6.195
Ratio, Livestock Development
PW
12%
(8)
DF
20%
(9)
PW
20%
(10)
DF
25%
(11)
PW
25%
(12)
-3,075
-1,063
+501
+780
+814
+ 3,444
+1,061
+2,462
0.833
0.694
0.579
0.482
0.402
1.336"
0.112
4.438
-2.868
- 926
+408
+591
+577
+ 1,972
+463
+217
0.800
0.640
0.512
0.410
0.328
0 .967
0.069
3.726
-2,754
- 854
+360
+503
+471
+ 1,427
+285
-562
Net presentworth at 12 percent= Ur$2,462 million.

Internalrate of return(economicrate of return) = 20 + 5[217 . (217 + 562)] = 21.39 = 21 percent
Net benefit-investmentratio at 12 percent = (501 + 780 + 814 + 3,444 + 1,061) - (3,075 + 1,063) = 1.59
z
c)
H
tr
Ur$ Uruguayan pesos. DF Discount factor. PW Present worth. -Not applicable.

Source: Adapted from World Bank, "Uruguay: Third Livestock Development Project," PA-38a (Washington, D.C., 1970; restricted circulation),
annex 9, p. 1.
a. Export and other taxes. The negative tax entry for year I is the amount of tax revenue forgone as a result of the investment program.
b. Fertilizer subsidy estirmated at 33 percent of total cost in project year I and 10 percent of total cost in project years 2 through 5. There is no
subsidy for the balance of the project.
c. Annual amount for years 6 through 11 inclusive. To reach column total, this amount must be included six times.
d. Present worth of an annuity factor for years 6 through 11 inclusive. See text and subsection on "Present worth of an annuity factor" for method
of computation.
3
*
*
5
*
3
3
3
*
i
*
3
PRECISION OF DISCOUNTED MEASURES OF PROJECT WORTH. It is misleading to

carry out computations of discounted measures of project worth very far.
The underlying estimates of the data are such that carrying the computations
to many decimal places achieves only spurious accuracy.
For net present worth, it is customary to report the result in the nearest
thousand or million currency units, although in smaller projects the result
may sometimes be given to the nearest unit.
The internal rate of return is best rounded to the nearest whole percentage
point. Since extremely high internal rates of return are difficult to interpret
on theoretical grounds, it is generally better to report them simply as being
very high. As a practical limit, internal rates of return greater than 50 percent
should not be reported; instead, the rate of return may be reported as "over
50 percent."
In general, benefit-cost and net benefit-investment ratios are best rounded
to the nearest hundredth of a ratio value. Thus, a benefit-cost or a net benefitinvestment ratio for which the computation results in a value of 1.434 would
be reported as 1.43.
To determine discounted measures of project worth at these levels of precision, and considering the uncertainty in estimates of future value, discount
factors of three decimal places are sufficient. This being so, the summary
three-place discounting tables in the second part of the book may be conveniently used to determine discounted measures of project worth.
Although it is common practice to rank projects by the internal

rate of return or the benefit-cost ratio, inherent limitations of these measures
mean that they cannot be relied upon with confidence to rank alternative
projects except in a broad sense. Net present worth, because it is an absolute
measure and not a ratio, is dependent upon the size of the project and cannot
be used for ranking. Only the net benefit-investment ratio can be used to
rank projects.
RANKING.
When used in a benefit-cost comparison, net present

worth (often referred to as net present value) is the present worth of the
incremental net benefit stream (or cash flow) of a project, generally discounted
at the opportunity cost of capital.
Computation of the net present worth is illustrated in the Uruguayan livestock project in table 2, columns 6, 7, and 8. The incremental net benefit
stream is discounted assuming an opportunity cost of capital of 12 percent
to find a net present worth of 2,462 million Uruguayan pesos (Ur$).
A present worth of an annuity factor was computed for the sixth through
the eleventh years to save computation (as discussed in the subsection on
the present worth of an annuity factor). The factor in column 7, for example,
was derived as follows:
NET PRESENT WORTH.
Value
Present worth of an annuity factor for 12 percent for eleven

years
USING
THESE
TABLES
5.938
185
.
Value
Less present worth of an annuity factor for 12 percent for five
years
- 3.605
Equals present worth of an annuity factor for 12 percent from
sixth through eleventh years
2.333
B
/
The decision rule for net present worth is to accept all projects with a net
present worth of zero or greater, discounted at the opportunity cost of capital.
INTERNAL RATE OF RETURN. The internal rate of return is that discount rate
that just makes the present worth of the incremental net benefit stream, or
cash flow, equal zero. It must be determined by trial and error (that is, by
iteration). The measure represents the weighted average return over the life
of the project to the resources engaged in the project. (Contrary to what is
often stated, no assumption of reinvestment need be made.) To compute the
internal rate of return, the cash flow is discounted to determine its present
worth. By trial and error, one discount rate is found that is too low and that
leaves a positive present worth. Then another discount rate is found that is
too high and that leaves a negative present worth. These two discount rates
bracket the true internal rate of return, which may then be estimated by
interpolation. (To avoid significant interpolation error, the two discount rates
between which the interpolation
is done should be no more than about 5
percentage points apart.) The interpolation rule is:
Internal
rate of
return
Lower
= discount
rate
Difference
between
+ the two
discount
rates
S
5
S
present worth of incremental

net benefit stream
(cash flow) at
sum of the present worths
of the incremental net benefit streams (cash flows)
at the two discount rates,
signs ignored
This procedure is followed at the bottom of table 2. The interpolation gives

an internal rate of return of 21 percent. If it were exactly 21 percent, the
present worth of the cash flow at the 21 percent discount rate would be
exactly zero. When the internal rate of return is somewhat above or below
a whole percentage point, for purposes of project analysis it should be rounded
to the nearest whole percentage point (in this case 21 percent) because the
underlying data do not justify greater precision. The interpolation may be
checked by discounting at the estimated internal rate of return. The result
should be closer to zero at that rate than at any other whole percentage point.
(Note that the sum of the discount factors for all twelve years is the same
as the present worth of an annuity factor for twelve years, allowing for
rounding errors. This provides a quick internal check that the present worth
of an annuity factor for a future period has been calculated correctly.)
186
USING
THESE
TABLES
S
5
S
S
5
*
*
*
S
*
S
S
S
*
*
*
=
i
i
S
_
*
*
*
*
The decision rule for the internal rate of return is to accept all projects
that have an internal rate of return equal to or greater than the opportunity
cost of capital.
BENEFIT-COST RATIO. The benefit-cost ratio is the present worth of the gross
benefits divided by the present worth of the gross costs. Among project analysts,
"cost-benefit ratio" and "benefit-cost ratio" are used interchangeably.
In all
instances, however, the computation
is the same. Both the benefit stream
and the cost stream are discounted at an interest rate considered to be close
to the opportunity cost of capital to determine their present worths at to.
Then the ratio of the present worth of the benefits and the present worth of
the costs is determined.
Table 3 illustrates computation
of a benefit-cost ratio for a population
project in Trinidad and Tobago that was financed in part by a World Bank
loan.
The decision rule is to accept all projects with a benefit-cost ratio of 1 or
greater, discounted at the opportunity cost of capital.
NET BENEFIT-INVESTMENT
RATIO. The net benefit-investment
ratio is the
present worth of the net benefit divided by the present worth of the investment. It is, thus, a form of the benefit-cost ratio. The net benefit-investment
ratio is easily calculated when an incremental net benefit stream, or cash
flow, has been derived for a project. The net benefit may be taken to be the
net present worth at to of the incremental net benefit stream, or cash flow,
discounted at the opportunity cost of capital in those years after the stream
has turned positive. The investment may be taken to be the present worth
at to of the incremental net benefit stream discounted at the opportunity cost
of capital in those early years of the project when the stream is negative.
Then, to calculate the measure, the sum of the present worths after the net
benefit stream has turned positive is divided by the sum of the present worths
of the negative incremental net benefits in the early years of the project. (The
negative sign that is a result is ignored.) The procedure is illustrated at the
bottom of table 2 using the present worths discounted at the 12 percent
opportunity cost of capital in column (8).
The decision rule for the net benefit-investment
ratio is to accept first the
project with the highest net benefit-investment
ratio, then the one with the
next highest ratio, and so on until all investment funds have been exhausted
or implementation
capability has been reached. (Although in general an
estimate of the opportunity cost of capital is used to calculate the net benefitinvestment ratio, any discount rate may be used so long as it is low enough
to provide a group of acceptable projects that will exhaust the available
investment resources.)
The net benefit-investment
ratio is not widely used in project analysis, but
its use will likely become more frequent because it is easily calculated and
is the only discounted measure of project worth that can be used to rank
alternative projects with a high degree of confidence.
USING
THESE
TABLES
187
Table 3. Benefit-Cost Ratio, Population

(thousands of TT$)
Project, Trinidad
and Tobago
Discount
factor
Present
worth
Gross
Discount
factor
Present
worth
costsa
10%
10%
benefitsb
10%
10%
0.909
0.826
0.751
0.683
0.621
2,914
4,318
3,040
2,479
1,446
0
179
534
1,042
1,729
0.909
0.826
0.751
0.683
0.621
0
148
401
712
1,074
2,168
2,168
2,168
2,168
2,168
2,486
3,729
5,428
7,525
10,093
0.564
0.513
0.467
0.424
0.386
1,402
1,913
2,535
3,191
3,896
5
5
ti2
t13
t,4
t15
2,168
2,168
2,168
2,168
2,168
12,857
15,727
17,912
20,618
22,692
0.350
0.319
0.290
0.263
0.239
4,500
5,017
5,194
5,423
5,423
S
5
t16
t17
2,168
2,168
24,465
26,145
0.218
0.198
5,333
5,177
118
2,168
27,817
0.180
5,007
t19
t2O
2,168
2,168
29,456
31,044
0.164
0.149
4,831
4,626
t2 1
t22
t23
t24
t25
2,168
2,168
2,168
2,168
2,168
32,585
34,066
35,472
33,426
34,156
0.135
0.123
0.112
0.102
0.092
4,399
4,190
3,973
3,409
3,142
t26
t27
2,168
2,168
34,603
34,724
0.084
0.076
2,907
2,639
500,510
9.238
90,462
year
t,
t2
t,
t4
t,
t6
t7
t,
t,
tio
t,,
Total
3,206
5,228
4,048
3,630
2,328
5.446c
66,136
9.236
11,807
26,004
Benefit-costratio = 90,462
S
5
5
5
5
S
5
5
26,004 = 3.48
TT$ Trinidad and Tobago dollars.

Source: Analysis prepared by Ms. I. Z. Husain, Population, Health, and Nutrition Department,
World Bank.
a. Costs include capital and recurring costs for operating the project.
b. Benefits are in saving because of births averted, including food and clothing, education,
and health costs saved.
c. Present worth of an annuity factor for years 6 through 27 inclusive. See subsection on
"Present worth of an annuity factor" for method of computation.
Depreciation allowances
In the examples of discounted measures of project worth above, depreciation is not deducted as a cost. Discounted measures of project worth automatically take care of depreciation. If the undiscounted net present worth is
at least zero, if the internal rate of return is at least zero, or if the undiscounted
benefit-cost ratio or net benefit-investment ratio is at least 1, then the resources
invested have been recovered.
188
Gross
Project
USING
THESE
TABLES
a
5
5
S
S
5
If the net
the internal
investment
in addition
present worth at some positive discount rate is at least zero, if

rate of return is positive, or if the benefit-cost ratio or net benefitratio at some positive discount rate is at least equal to 1, then
to the return of capital there is also a return to capital.
Cost-effectiveness comparisons
3
3
S
3
S
*
3
3
In many project applications the benefits may be difficult or impossible

to value, or it may be only the cost comparison that is of interest. Benefits
may be difficult to value, for example, in projects to improve health or education. The cost comparison between alternatives may be of interest in project
design because what is needed is to determine the least expensive alternative
to accomplish the same function. Valuing the benefit is not the issue, but
rather how to provide the function at least cost. For such projects, instead
of using a benefit-cost comparison to determine project acceptability or to
choose among alternatives, the analyst applies a cost-effectiveness comparison to determine which among alternative projects or project designs that
would produce much the same benefit is the least expensive, considering
both absolute costs and the present worth of the costs. Such an analysis may
also be called least-cost combination or a minimum-cost test.
COST-EFFECTIVENESS
S
3
3
*
@
ANALYSIS.
Cost-effectiveness
analysis
is characteris-
tically used to determine the least expensive among alternatives-some

of
which involve heavy investment early in the project but lower investment
and operating expenses later, some of which involve lower initial expenditures but higher investment and operating expenses later. As noted, costeffectiveness analysis may be used to determine the least expensive alternative among projects with different time profiles when the benefits are
difficult or impossible to value. Cost-effectiveness calculations for project
design are most frequently used in the public utilities and transport sectors.
When used in project design, the test consists in calculating the present worth
of the cost streams associated with alternative project technology, design
standards, or phasing, either at the opportunity cost of capital or for a range
of discount rates. Some examples are comparisons between hydroelectric
and thermal cost streams to carry out a power program; a comparison of
different water resources, pipe sizes, pumping arrangements, and expansion
phasing in water systems; or alternative road design standards, maintenance
costs, and future upgrading work to satisfy an expected pattern of traffic
growth.
Cost-effectiveness analysis is used in two forms. The first is the "constant
effects" method, which uses the least-cost alternative for meeting a stated
level of benefits, including intangible benefits. The preferred project alternative is the one which minimizes the present worth of the cost. The second
form of cost-effectiveness analysis is the "constant cost" method, which determines the alternative that will provide the greatest benefit for the same cost.
This method requires some means of quantifying the benefit, but not neces-
USING
THESE
TABLES
189
Table 4. Crossover Discount Rate, Soyapango

(thousands of )
Gas Turbine Project, El Salvador
Postponed investment
Project
year
Cost
streama
Present
Present
worth 10% worth 15%
Early investment
Cost
streama
Present
Present
worth 10% worth 15%
Crossover discount rate

Differences
between
cost
Present
Present
streams worth 10% worth 15%
1
2
3
4
5
770
4,075
206
210
216
700
3,366
155
143
134
670
3,081
136
120
107
2,100
5,000
360
360
360
1,909
4,130
270
246
224
1,827
3,780
237
206
179
- 1,330
-925
-154
- 150
- 144
-1,209
-764
-116
- 102
-89
-1,157
--699
-101
-86
-72
6
7
8
2,390
5,332
360
1,348
2,735
168
1,032
2,005
118
1,105
2,010
360
623
1,031
168
477
756
118
+ 1,285
+ 3,322
0
+ 725
+ 1,704
0
+ 555
+ 1,249
0
13,559
8,749
7,269
11,655
8,601
7,580
+ 1,904
+ 149
Total
-311
Crossoverdiscountrate = 10 + 5[149 - (149 + 311)] = 11.6 percent
z
v)
to
n El Salvador colones.
Source: Adapted from World Bank, "El Salvador: Appraisal of the Soyapango Gas Turbinie Project (Fifth Power Project)," PU-55a (Washington,
D.C., 1970; restricted circulation), anniex 11, pp. 5 , 6 .
a. Capital plus operating and maintenance cost.
5
*
*
a
S
3
a
3
S
*
*
S
*
*
sarily of valuing it. A quantified benefit might be the number of children

attending elementary school or the number of acceptors of contraception in
a population project. The preferred project alternative is the one which maximizes the units of output for the same present worth of cost.
In all situations in which the benefits are not being valued and a costeffectiveness analysis is used to choose among alternatives, the procedure is
the same. A stream of costs, including both the initial investment and the
subsequent operating expense, is discounted, generally at the opportunity
cost of capital, and the present worth is determined. The alternative with
the lowest present worth (or the alternative with the greatest output if the
present worths are the same) is then preferred. The application of cost-effectiveness analysis may be illustrated by an example from a power project in
El Salvador.
In the Soyapango Gas Turbine Project in El Salvador, two alternatives exist
for expanding the capacity of a transmission line. One alternative, which
would postpone the heavy investment as long as possible but would have the
larger undiscounted cost, is to convert an existing 69-kilovolt (kV) line to 115
kV in years I and 2 and to add a parallel 115-kV line in years 6 and 7. The
other alternative, involving the greater immediate expenditure but the smaller
total undiscounted cost, is to construct a parallel line in years 1 and 2 and to
convert the 69-kV line to 115 kV in years 6 and 7. If the opportunity cost of
capital in El Salvador is taken to be 15 percent, which alternative is preferable?
The computations are laid out in table 4. At an opportunity cost of capital

of 15 percent, the postponed investment alternative has the lower present
worth and is preferable, even though it has the higher undiscounted cost.
Note, however, that if the opportunity cost of capital were 10 percent, the
early investment alternative would have the lower present worth and would
be preferred.
CROSSOVER DISCOUNT RATE. When the preference ranking of the alternatives (indicated by the cost stream with the lowest present worth) changes
between lower and higher discount rates, as it did in the El Salvador example
above, the discount rate at which the preference change occurs is known as
the crossover discount rate.
The crossover discount rate may be found either graphically or by computation. The graphic method is illustrated in figure 1. The present worths of
the postponed investment are plotted at 10 percent and at 15 percent, and
the two points are joined by a straight line. Similarly, the present worths of
the early investment alternative at 10 percent and 15 percent are plotted,
and the points are joined by a line. Where the two lines cross is the crossover
discount rate (which, in this case, may be read from the graph to be some
11.6 percent).
The crossover discount rate may be computed by finding that discount
rate which equalizes the present worths of the cost streams of the two alter-
USING
THESE
TABLES
191
Figure 1. Graphic Derivation of Crossover Discount Rate,

Soyapango Gas Turbine Project, El Salvador
9,000
Crossover
discount rate
8,749
8,601
Ear/y
o
~~~~~~~~~~~Early
investment
3X:
8,000
7,580
Postponed investment
7,269
S
7,000
11
10
12
13
14
15
Discount rate (percent)
El Salvador colones.
Same as table 4.
Source:
native technologies. In practice, this is found by subtracting the undiscounted

cost stream year by year of the cheaper alternative from that of the more
expensive alternative and then by finding through trial and error the discount
rate that will exactly make the present worth of the stream of differences
equal zero. The procedure is illustrated in table 4. The first step is to find
the present worth of the stream of differences at 10 percent (chosen to be
low enough to give a positive present worth) and at 15 percent (chosen to be
high enough to give a negative present worth). The crossover discount rate
is found by linear interpolation between the positive and the negative values
to determine the rate that makes the present worth of the differences between
was discussed in more detail earlier in
the costs equal zero. (Interpolation
connection with the internal rate of return. The error introduced by using
linear interpolation is in most cases insignificant and may be ignored.) At a
discount rate below 11.6 percent the early investment alternative is preferred;
at a discount rate above 11.6 percent the postponed investment is preferred.
At 11.6 percent the decisionmaker is indifferent between alternative technologies.
Since the data from which crossover discount rates are computed are at
it is better to state the crossover discount rate in some
best approximations,
192
USING
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TABLES
S
S
5
S
form such as this: "At discount rates of 11 percent or below the early investment alternative is preferred; at discount rates of 12 percent or above the
postponed investment alternative is preferred."
The crossover discount rate itself has limited significance. The more important test is to determine the present worths of alternatives discounted at the
opportunity cost of capital. This determination
allows one to identify the
least-cost alternative given the cost of capital to the firm or country concerned.
Sensitivity
S
*
*
*
*
*
3
X
*
_
*
*
*
S
*
tests and switching value
When the discounted measure of project worth for the most probable outcome
has been determined, a project should be tested for its sensitivity to different
assumptions about its various elements.
SENSITIVITY ANALYSIS. The most common test of sensitivity is simply to
change an assumption and to recalculate the measure of project worth. This
sensitivity analysis has been done in table 5 for a grain storage project in
Pakistan.
In part A of the table, the internal rate of return of 23 percent has been
calculated for the most probable outcome. (The narrow interval used for the
interpolation avoids an interpolation error when the result is rounded to the
nearest whole percentage point.) In part B of the table, a sensitivity analysis
has been carried out to determine what the effect would be if the investment
in the grain storage facilities cost 50 percent more than the estimate used
for the most probable outcome. As expected, if the investment is half again
higher than initially assumed, the internal rate of return would be reducedin this case from 23 percent to 15 percent. A decision may then be made
about whether the project would still be acceptable at the new rate of return
and about whether the assumption used in the sensitivity test is likely enough
to mean that the project should be modified or perhaps not undertaken at
all.
SWITCHING VALUE. A variant of sensitivity analysis is the switching value.
Instead of making an assumption about a changed value for some element
of the project and then recalculating the measure of project worth, the analyst
turns the question upside down. By how much can the value of an element
change before the project becomes unacceptable?
Then a decision can be
made about how likely it is that the element might, in fact, change by that
amount and about whether the project should be modified or not undertaken.
Calculation of a switching value is illustrated for the Pakistan grain storage
project in part C of table 5. Instead of assuming that the investment costs
might increase by 50 percent and determining what effect that would have
on the internal rate of return, as was done in the sensitivity analysis, the
analyst determines the proportionate
increase that would drive the internal
rate of return down to the opportunity cost of capital-in
this case, taken
to be 10 percent. It may be seen in part C of table 5 that the investment cost
USING
THESE
TABLES
193
Table 5. Most Probable Outcome, Sensitivity Analysis, and Switching

Value, Wheat Complex with Capacity of 3,300 Metric Tons, Grain Storage
Project, Pakistan
(thousands of Rs)
Part A. Most Probable Outcome

Project Investment
year
cost
t,
t2 - 25
Total
1,851
0
1,851
Saving in
operating
cost
Reduction
in grain
loss
Incremental
net benefit
DF
22%
PW
22%
DF
24%
PW
24%
0
89
2,136
0
347
8,328
-1,851
+436
8,613
0.820
3.694
4.514
-1,518
+1,611
+93
0.806
3.341
4.147
-1,492
+1,457
-35
Internal rate of return = 22 + 2[93 . (93 + 35)] = 23%
Part B. Sensitivity Analysis Assuming Cost Overrun of 50% of Investment

Project Investment
year
cost
t,
2,776
t2 - 25
Total
2,776
Saving in
operating
cost
Reduction
in grain
loss
Incremental
net benefit
DF
15%
PW
15%
DF
20%
PW
20%
0
89
2,136
0
347
8,328
-2,776
+436
7,688
0.870
5.594
6.464
-2,415
+2,439
+24
0.833
4.115
4.948
-2,312
+ 1,794
-518
Internal rate of return = 15 + 5[24 - (24 + 518)] = 15%
Part C. Switching Value Assuming Cost Overrun of 2.1 Times Investment

Project Investment
year
cost
t,
t2
3,887
- 25
Total
3,887
Saving in
operating
cost
Reduction
in grain
loss
Incremental
net benefit
DF
10%
PW
10%
DF
15%
PW
15%
0
89
2,136
0
347
8,328
-3,887
+436
6,577
0.909
8.168
9.077
-3,533
+3,561
+28
0.870
5.594
6.464
-3,382
+2,439
-943
U
5
Internal rate of return = 10 + 5[28 - (28 + 943)] = lOpercent

Rs Pakistan rupees. DF Discount factor. PW Present worth.
Source: Adapted from World Bank, "Pakistan: Grain Storage Project Staff Appraisal Report,"
3360-PAK (Washington, D.C., 1981; restricted circulation), annex 10, table 6.
would have to increase 2.1 times before the internal rate of return would fall
to 10 percent. This finding would then be reported in a project document by
a statement such as this: "Investment costs would have to more than double
before the internal rate of return would fall below the opportunity cost of
capital."
Determination of switching values is tedious when done with a small calculator, and normally a computer is used. Almost all the advantage of testing
a project for sensitivity can be obtained by using a straightforward sensitivity
analysis, however, and this is recommended when computer facilities are
not readily available.
U
e
.
194
USING THESE TABLES
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Mathematical
Appendix
were computed under the direction of the World

Bank's Information Resources Management Department using the standard
formulas below. Each formula assumes an interest rate of i per period and
a term of n periods. P is the present worth, or the amount at the present
time, to. F is the future worth, or the amount in the future at the end of the
nth period. A is the annuity-the
equal periodic, or level, payment-to
be
made at the end of each of n periods.
THE TABLES IN THIS BOOK
3
3
.
Compounding
Factor
for I
The factor is:
(1 + i)p.
It is used to calculate the future worth (F) of a present amount (P) at the end
of the nth period at the interest rate of i. The formula is:
F = P(l
Compounding
Factor
+ ij)f.
for 1 per Annum
The factor is:

(1
i)n
-1
i_
It is used to calculate the future accumulated value (F) at the end of the nth
period at the interest rate of i if a sequence of equal payments (the amount
of each payment being A) will be made at the end of each of the n periods.
U
U
The formula is:

F
Sinking
A (1+)n
-1
i~~~~
Fund Factor
The factor is:

(1
i)
-1
It is used to calculate the amount of each equal payment (A) to be made at

the end of each of n periods to accumulate to a given future worth (F) at the
end of the nth period at the interest rate of i. The formula is:
A = F
+ i1
(1 +)f -1
Note that the sinking fund factor is the reciprocal

for 1 per annum.
196
5
of the compounding
MATHEMATICAL
factor
APPENDIX
Discount Factor
The factor is:
(1 + if'
It is used to calculate the present worth (P) of a future value (F) at the end
of the nth period at the interest rate of i. The formula is:
1
P = F (1+
j)n'
Present Worth of an Annuity Factor

The factor is:
(1 +~j)n -l1
3
*
if1(
i)
It is used to calculate the present worth (P) of a sequence of level payments

(the amount of each payment being A) to be made at the end of each of n
periods at the interest rate of i. The formula is:
P - A (1 + i)n - 1
P=A
i(1
i)n
Capital Recovery Factor
The factor is:

i(l +i)
(1
j)n
It is used to calculate the amount of each level payment (A) to be made at
the end of each of n periods to recover the present amount
the nth period at the interest rate of i. The formula is:

A = P (1+
(P) at the end of
i))
Note that the capital recovery factor is the reciprocal

of an annuity factor.
of the present worth
.
.
@
~MATHEMATICAL
APPENDIX
197
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Bibliography
Cissell, Robert, Helen Cissell, and David C. Flaspohler. Mathematics of Finance.

5th ed. Boston: Houghton Mifflin, 1978.
Contains a detailed discussion of many applications of the factors included
in this book.
Estes, Jack C. Interest Amortization Tables. New York: McGraw-Hill, 1976.
Includes tables to amortize a loan and to compute the remaining balance
on a loan by quarter-percent
intervals to 25 percent for 40 years.
Financial Publishing Company Staff. Financial Compound Interest and Annuity Tables. 6th ed. Boston: Financial Publishing, 1970.
Contains detailed, ten-place tables, mostly for rates under 20 percent, with
many eighth-of-a-percent
rates for extended periods. Long a standard set
of tables.
Lavely, Joe, and Paul E. Ruckman. Simultaneous Compounding and Discounting Tables and Uses. Lexington, Mass.: Lexington Books, 1979.
Contains tables for whole percentage points that permit estimating future
values or present worth allowing for a constant rate of inflation.
Merrett, A. J., and Allen Sykes. The Finance and Analysis of Capital Projects.
2d ed. New York: Wiley, 1973.
An excellent text on investment
sures of project worth.
analysis, including
computation
S
a
of mea-
Michels, J. J. M., and A. J. van Reeken, eds. Six Interest Tables. Tilberg,
Netherlands: Tilberg University Press, 1972.
Contains compounding and discounting tables rising by one-eighth of a
percentage point from 0.125 percent to 15 percent, by one-fourth of a
percentage point from 15.25 percent to 25 percent, and by whole percentage
points from 26 percent to 50 percent.
Thorndike, David. Thorndike Encyclopedia of Banking and Financial Tables.
Boston: Warren, Gorham, and Lamont, 1980.
Contains many compounding tables for fractional rates and for compounding periods of less than one year.
200
BIBLIOGRAPHY
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6
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*
*
*
*
S
3
3
.
J. PRICE GITTINGER is Adviser, Institutional Development, in the Economic

Development Institute (EDI) of the World Bank.
The full range of World Bank publications is described in the Catalog of

Publications; the continuing research program of the Bank is outlined in
Abstracts of Current Studies. The most recent edition of each is available from
the Publications Sales Unit, Department B, World Bank, 1818 H Street, N.W.,
Washington, D.C. 20433, U.S.A. Training materials and publications of the
EDI are described in the EDI Catalogue of Training Materials; the most recent
edition is available from the EDI, World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. All three booklets are available without charge
and are updated annually.
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The World Bank
MEconomic
Development Institute
The preparation and analysis of development projects require much

computation-of internalratesof return,benefit-costratios,netpresentworth,
andratesof growth.Fortheseandmanyothercalculations,
projectplannersand
analystswill find this booka convenientandtime-savingreference.
Six-decimal
tablesfor 1 percentthrough50 percentshowthe compounding
factorfor 1 andfor 1 perannum,thesinkingfundfactor,thediscountfactor,the
presentworthof an annuityfactor,and the capitalrecoveryfactor.Summary
presentworthtablesgiveprojectanalystsata glancethediscountfactorsmost
usedto calculatemeasuresof projectworth. Narrow-interval
compounding
tables give the compoundingfactor for 1 at fractionalinterest rates from
0.0through20.9percent.All tablesgivevaluesfor projectyears1through50.
Usesof thetablesin projectanalysisaredocumented
byclearexamplesadapted
from WorldBankandother projectsin developing
countries.
Thefirst edition, Compoundingand DiscountingTablesfor ProjectEvaluation,
underwent
sevenprintingsin tenyearsandwastranslatedintoArabic,Chinese,
French,and Spanish.This new edition-with narrow-intervalcompounding
tablesaddedfor higherinterestrates, ipdatedprojectexamples,
a guideto using
simpleelectroniccalculatorsto performthe computationsdiscussed,and an
annotatedbibliography-increasesthe provenusefulnessof its predecessor,
bothin the classroomandat the projectsite.
Of relatedinterest
from theWoridBank
andJohnsHopkins
U
U
U
U
EconomicAnalysis of Agricultural Projects
Secondedition,completelyrevisedandexpanded
J. Price Gittinger
After its publicationin 1972,thefirst editionbecameastandardreferenceand

text andtheWorldBank'sbest-sellingbook.Thisneweditionsetsoutthesame
careful and practicalmethodologyfor analyzingagriculturalinvestmentsbut
addsa wealthof recentprojectdata,expandedtreatmentof farmbudgetsand
efficiencyprices,appendixes
on presentingprojectpreparationreportsandon
usingdiscountingtables,an expandedandcompletelyannotatedbibliography,
and a detailedglossaryof technicalterms. It is an indispensable
guide for
studentsandpractitionersof economicdevelopment
by projectinvestment.
.
U
TheJohnsHopkinsUniversityPress
Baltimore and London
ISBN 0-8018-2409-5
Cover design: GeorgeParakamannil

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1witha Guide to Their Applications

The Johns Hopkins University Press

H STREET, N.W., WASHINGTON,

ALL RIGHTS RESERVED

The Johns Hopkins University Press

The views and interpretations

Catherine Ann Kocak

FOR NEARLY THIRTY YEARS, the

Economic Development Institute (EDI) of the

audience of officials. A major part of this effort is to ensure that relevant

~~trainingmaterials are readily available.

and Discounting Tables

~Mathematical Appendix 195

Compounding Factor for I per Annum

projects in developing countries and of students studying the techniques of

of the capital recovery factor

The most extensive addition to this section is a discussion of how simple

much 1 at a future date is worth today.

much 1 at a future date is worth today.

PRESENT WORTH OF AN ANNUITY

102 975 958

Using These Tables:

The Tables in This Book

Compounding and discounting tables

Narrow-interval compounding tables

Factors for fractional interest rates

More detailed tables

The following rounding convention

Compounding factor for I

The compounding factor for 1 is what an initial amount of 1 becomes when

In preparation for upgrading the 97-kilometer Independencia-Valdivia road in

For this, the narrow-interval

Sales for domestic

tables in the third part of the

Compounding factor for 1 per annum

Without allowance for the influence of compounding, the average rate of

Sinking fund factor

First, the total amount needed must be determined:

Amount needed for

21% discount factor

In practice, this amount would be rounded in a project report, perhaps to

In the Second Agricultural Credit Project in Turkey, a farmer who borrowed

22% present worth of

table for 22%, fifth

Less present worth of an annuity factor for 12% for ten

Equals the present worth of an annuity factor for 12% for

Annual sales for

Capital recovery factor

The Agricultural Bank of Pakistan has lent to farmers at 8 percent interest to

Table 1. Annual Equivalents of Present Worth of Cost Streams, Land

LE Egyptian pounds. - Not applicable.

Thus, the annual equivalent of the lease alternative is E1,621 thousand.

Using Calculators to Compute Compounding

The illustrations in this section show how to use a simple calculator to

memory 7M+, subtract from the memory [MY-1,

tions. The reciprocal of a number on the

the display) may be obtained by pressing W

Factors for whole percentage points

This becomes the constant. Then i 1 is entered, and then i is pressed as

fund factor is the reciprocal