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You are on page 1of 63

for Actuaries

Chapter 2

Annuities

Learning Objectives

6. Varying annuities

2

2.1 Annuity-Immediate

of every year for n years.

an ordinary annuity or an annuity in arrears).

of each payment.

amount $100 paid annually for 5 years at the rate of interest of 9%.

well as their total.

3

Table 2.1: Present value of annuity

2 100 100 (1.09)2 = 84.17

3 100 100 (1.09)3 = 77.22

4 100 100 (1.09)4 = 70.84

5 100 100 (1.09)5 = 64.99

Total 388.97

present value, and the accumulated value of the annuity at time n,

called the future value.

4

Suppose the rate of interest per period is i, and we assume the

compound-interest method applies.

Let anei denote the present value of the annuity, which is sometimes

denoted as ane when the rate of interest is understood.

the discount factor, the present value of the annuity is (see Appendix

A.5 for the sum of a geometric progression)

ane = v + v 2 + v 3 + + v n

1 vn

= v

1v

1 vn

=

i

1 (1 + i)n

= . (2.1)

i

5

The accumulated value of the annuity at time n is denoted by snei

or sne .

(1 + i)n 1

= . (2.2)

i

of the annuity are P ane and P sne , respectively.

amount $100 paid annually for 5 years at the rate of interest of 9% using

formula (2.1). Also calculate its future value at time 5.

6

Solution: From (2.1), the present value of the annuity is

" #

5

1 (1.09)

100 a5e = 100 = $388.97,

0.09

which agrees with the solution of Example 2.1. The future value of the

annuity is

" #

5

(1.09) 1

100 s5e = 100 = $598.47.

0.09

2

Example 2.3: Calculate the present value of an annuity-immediate of

amount $100 payable quarterly for 10 years at the annual rate of interest

7

of 8% convertible quarterly. Also calculate its future value at the end of

10 years.

Solution: Note that the rate of interest per payment period (quarter)

is (8/4)% = 2%, and there are 4 10 = 40 payments. Thus, from (2.1)

the present value of the annuity-immediate is

" #

40

1 (1.02)

100 a40e0.02 = 100 = $2,735.55,

0.02

and the future value of the annuity-immediate is

stallments required to pay back a loan. We may use (2.1) to calculate

the amount of level installments required.

8

Example 2.4: A man borrows a loan of $20,000 to purchase a car at

annual rate of interest of 6%. He will pay back the loan through monthly

installments over 5 years, with the first installment to be made one month

after the release of the loan. What is the monthly installment he needs to

pay?

Let P be the monthly installment. As there are 5 12 = 60 payments,

from (2.1) we have

20,000 = P a60e0.005

" #

60

1 (1.005)

= P

0.005

= P 51.7256,

9

so that

20,000

P = = $386.66.

51.7256

2

ment for a targeted future value.

Example 2.5: A man wants to save $100,000 to pay for his sons

education in 10 years time. An education fund requires the investors to

deposit equal installments annually at the end of each year. If interest of

7.5% is paid, how much does the man need to save each year in order to

meet his target?

(1.075)10 1

= 14.1471.

0.075

10

Then the required amount of installment is

100,000 100,000

P = = = $7,068.59.

s10e 14.1471

2

11

2.2 Annuity-Due

the beginning of the payment periods

The first payment is made at time 0, and the last payment is made

at time n 1.

ane ), and the future value of the annuity at time n by snei (or sne ).

ane = 1 + v + + v n1

1 vn

=

1v

1 vn

= . (2.3)

d

12

Also, we have

(1 + i)n 1

= . (2.4)

d

corresponding payment of an annuity-immediate, the present value

of each payment in an annuity-due is (1+i) times of the present value

of the corresponding payment in an annuity-immediate. Hence,

and, similarly,

sne = (1 + i) sne . (2.6)

13

As an annuity-due of n payments consists of a payment at time 0

and an annuity-immediate of n 1 payments, the first payment of

which is to be made at time 1, we have

at time 1, 2, , n + 1 as an annuity-due of n payments starting at

time 1 plus a final payment at time n + 1, we can conclude

employee who is aged 55 now. The plan will provide her with an annuity-

immediate of $7,000 every year for 15 years upon her retirement at the

14

age of 65. The company is funding this plan with an annuity-due of 10

years. If the rate of interest is 5%, what is the amount of installment the

company should pay?

This is equal to

" #

15

1 (1.05)

7,000 a15e = 7,000 = $72,657.61.

0.05

This amount should be equal to the future value of the companys install-

ments P , which is P s10e . Now from (2.4), we have

(1.05)10 1

s10e = 1

= 13.2068,

1 (1.05)

so that

72,657.61

P = = $5,501.53.

13.2068

15

2.3 Perpetuity, Deferred Annuity and Annuity

Values at Other Times

ferred stock.

v n 0 as n . Thus, from (2.1), we have

1

ae = . (2.9)

i

For the case when the first payment is made immediately, we have,

from (2.3),

1

ae = . (2.10)

d

16

A deferred annuity is one for which the first payment starts some

time in the future.

Consider an annuity with n unit payments for which the first pay-

ment is due at time m + 1.

time m, and its present value is denoted by m| anei (or m| ane for short).

Thus, we have

m| ane = v m ane

m 1 vn

= v

i

v m v m+n

=

i

(1 v m+n ) (1 v m )

=

i

17

= am+ne ame . (2.11)

= ane + v n ame . (2.12)

= ane + v n ame . (2.13)

payment annuity of unit amounts due at time m, m+1, , m+n1.

18

If we multiply the equations in (2.12) throughout by (1 + i)m+n , we

obtain

= (1 + i)m sne + sme . (2.14)

= (1 + i)m sne + sme . (2.15)

19

so that

v m sm+ne = (1 + i)n am+ne , (2.16)

for arbitrary positive integers m and n.

20

2.4 Annuities Under Other Accumulation Methods

values of annuities assuming compound interest.

ods.

the function applies to any cash-flow transactions in the future.

mulate interest according to a() as a payment made at time 0.

payment due at time t is 1/a(t), so that the present value of a n-

21

period annuity-immediate of unit payments is

n

X 1

ane = . (2.17)

t=1 a(t)

a(n t), so that the future value of a n-period annuity-immediate

of unit payments is

n

X

sne = a(n t). (2.18)

t=1

n

X n

X

a(n) 1

sne = = a(n) = a(n) ane . (2.19)

t=1 a(t) t=1 a(t)

the simple-interest method or other accumulation schemes for which

equation (1.35) does not hold.

22

Example 2.7: Suppose (t) = 0.02t for 0 t 5, find a5e and s5e .

Z t

a(t) = exp 0.02s ds

0

= exp(0.01t2 ).

1 1 1 1 1

a5e = + + + + = 4.4957,

e0.01 e0.04 e0.09 e0.16 e0.25

and, from (2.18),

23

2

a(n)

= exp[0.01(n2 t2 )],

a(t)

so that a(n t) 6= a(n)/a(t) and (2.19) does not hold.

Example 2.8: Calculate a3e and s3e if the nominal rate of interest is

5% per annum, assuming (a) compound interest, and (b) simple interest.

1 (1.05)3

a3e = = 2.723,

0.05

and

s3e = (1.05)3 2.72 = 3.153.

24

(b) For simple interest, the present value is

3

X 3

X

1 1 1 1 1

a3e = = = + + = 2.731,

t=1 a(t) t=1 1 + rt 1.05 1.1 1.15

3

X 3

X

s3e = a(3 t) = (1 + r(3 t)) = 1.10 + 1.05 + 1.0 = 3.150.

t=1 t=1

erates higher interest than the simple-interest method. Therefore, the

future value under the compound-interest method is higher, while its

present value is lower. Also, note that for the simple-interest method,

a(3) a3e = 1.15 2.731 = 3.141, which is dierent from s3e = 3.150. 2

25

2.5 Payment Periods, Compounding Periods and

Continuous Annuities

We now consider the case where the payment period diers from the

interest-conversion period.

quarter for 2 years, if interest is compounded monthly at the nominal rate

of 8%.

Solution: This is the situation where the payments are made less

frequently than interest is converted. We first calculate the eective rate

of interest per quarter, which is

3

0.08

1+ 1 = 2.01%.

12

26

As there are n = 8 payments, the required present value is

" #

8

1 (1.0201)

200 a8e0.0201 = 200 1

= $1,493.90.

1 (1.0201)

2

Example 2.10: Find the present value of an annuity-immediate of

$100 per quarter for 4 years, if interest is compounded semiannually at

the nominal rate of 6%.

Solution: This is the situation where payments are made more fre-

quently than interest is converted. We first calculate the eective rate of

interest per quarter, which is

1

0.06 2

1+ 1 = 1.49%.

2

27

Thus, the required present value is

" #

16

1 (1.0149)

100 a16e0.0149 = 100 = $1,414.27.

0.0149

2

and future values of annuities for which the period of installment is

dierent from the period of compounding.

We first consider the case where payments are made less frequently

than interest conversion, which occurs at time 1, 2, , etc.

riod. Suppose a m-payment annuity-immediate consists of unit pay-

ments at time k, 2k, , mk. We denote n = mk, which is the

number of interest-conversion periods for the annuity.

28

Figure 2.6 illustrates the cash flows for the case of k = 2.

v k + v 2k + + v mk = w + w

2

+ +

w m

1 wm

= w

1w

n

1 v

= vk

1 vk

1 vn

=

(1 + i)k 1

ane

= , (2.20)

ske

ane

n sne

(1 + i) = . (2.21)

ske ske

29

We now consider the case where the payments are made more fre-

quently than interest conversion.

time 1/m, 2/m, , 1, 1+1/m, , 2, , n, and let i be the eective

rate of interest per interest-conversion period. Thus, there are mn

payments over n interest-conversion periods.

nominal amount of unit payment in each interest-conversion period.

(m)

We denote the present value of this annuity at time 0 by anei , which

1

can be computed as follows (we let w = v )m

(m) 1 1 2

1+ 1

n

anei = vm + vm + + v + v m + + v

m

30

1

= (w + w2 + + wmn )

m

1 1 wmn

= w

m" 1w #

1 1 1 vn

= vm 1

m 1 vm

" #

n

1 1v

=

m (1 + i) m1 1

1 vn

= , (2.22)

r(m)

where h i

1

(m)

r = m (1 + i) m 1 (2.23)

is the equivalent nominal rate of interest compounded m times per

interest-conversion period (see (1.19)).

31

The future value of the annuity-immediate is

(m) (m)

snei = (1 + i)n anei

(1 + i)n 1

=

r(m)

i

= (m) sne . (2.24)

r

(m) i

anei = ane .

r(m)

(m)

we denote its present value at time 0 by ane , which is given by

(m) 1 (m) 1 1 vn

ane = (1 + i) ane = (1 + i)

m m (m)

. (2.25)

r

32

Thus, from (1.22) we conclude

(m) 1 vn d

ane = (m) = (m) ane . (2.26)

d d

(m) n (m) d

sne = (1 + i) ane = sne . (2.27)

d(m)

(m) (m)

q| ane = v q ane , (2.28)

and

(m) q (m)

q| ane = v ane . (2.29)

33

Solution: We first note that i = 0.08/12 = 0.0067. Now k = 3 and

n = 24 so that from (2.20), the present value of the annuity-immediate is

" #

a24e0.0067 24

1 (1.0067)

200 = 200

s3e0.0067 (1.0067)3 1

= $1,464.27.

2

Example 2.12: Solve the problem in Example 2.10 using (2.22) and

(2.23).

34

(2.23)

(2)

r = 2 [ 1.03 1] = 0.0298.

Therefore, from (2.22), we have

(2) 1 (1.03)8

=

a8e0.03 = 7.0720.

0.0298

As the total payment in each interest-conversion period is $200, the re-

quired present value is

Now we consider (2.22) again. Suppose the annuities are paid con-

tinuously at the rate of 1 unit per interest-conversion period over

n periods. Thus, m and we denote the present value of this

continuous annuity by ane .

35

As limm r(m) = , we have, from (2.22),

1 vn 1 vn i

ane = = = ane . (2.30)

ln(1 + i)

per period with a deferred period of q is given by

per period over n periods, we use the following formula

(1 + i)n 1 i

sne = (1 + i)n ane = = sne . (2.32)

ln(1 + i)

mulation function a(). The present value of a continuous annuity

36

of unit payment per period over n periods is

Z n Z n Z t

ane = v(t) dt = exp (s) ds dt. (2.33)

0 0 0

that, as in Section 1.7, a unit payment at time t accumulates to

a(n t) at time n, for n > t 0.

Z n Z n Z nt

sne = a(n t) dt = exp (s) ds dt. (2.34)

0 0 0

37

2.6 Varying Annuities

arithmetic progression.

ment is P , with subsequent payments P + D, P + 2D, , etc., so

that the jth payment is P + (j 1)D.

up or stepping down.

so that negative cash flow is ruled out.

We can see that the annuity can be regarded as the sum of the

following annuities: (a) a n-period annuity-immediate with constant

38

amount P , and (b) n 1 deferred annuities, where the jth deferred

annuity is a (n j)-period annuity-immediate with level amount D

to start at time j, for j = 1, , n 1.

n1

X n1

X nj

j

(1 v

j )

P ane + D v anj e = P ane + D v

j=1 j=1 i

P

n1 j n

j=1 v (n 1)v

= P ane + D

i

P

n j n

j=1 v nv

= P ane + D

i

" n

#

ane nv

= P ane + D . (2.35)

i

39

For a n-period increasing annuity with P = D = 1, we denote its

present and future values by (Ia)ne and (Is)ne , respectively.

ane nv n

(Ia)ne = (2.36)

i

and

sn+1e (n + 1) sne n

(Is)ne = = . (2.37)

i i

For an increasing n-payment annuity-due with payments of 1, 2, , n

at time 0, 1, , n 1, the present value of the annuity is

(Ia)ne = (1 + i)(Ia)ne . (2.38)

a (n 1)-payment increasing annuity-immediate with starting and

incremental payments of 1.

40

Thus, we have

(Ia)ne = ane + (Ia)n1e . (2.39)

1, we denote its present and future values by (Da)ne and (Ds)ne ,

respectively.

n ane

(Da)ne = (2.40)

i

and

n(1 + i)n sne

(Ds)ne = . (2.41)

i

41

We consider two types of increasing continuous annuities. First,

we consider the case of a continuous n-period annuity with level

payment (i.e., at a constant rate) of units from time 1 through

time .

by

n

X Z n

X Z

(Ia)ne = v s ds = es ds. (2.42)

=1 1 =1 1

ane nv n

(Ia)ne = . (2.43)

Second, we may consider a continuous n-period annuity for which

the payment in the interval t to t + t is tt, i.e., the instantaneous

rate of payment at time t is t.

42

e , which is given

We denote the present value of this annuity by (Ia)n

by Z n Z n n

e= a e nv

(Ia)n tv t dt = tet dt = n . (2.44)

0 0

We now consider an annuity-immediate with payments following a

geometric progression.

times the previous one. Thus, the present value of an annuity with

n payments is (for k 6= i)

n1

X

2 n n1

v + v (1 + k) + + v (1 + k) = v [v(1 + k)]t

t=0

n1

" #t

X 1+k

= v

t=0 1+i

43

!n

1+k

1

1+i

= v

1+k

1

1+i

!n

1+k

1

1+i

= . (2.45)

ik

$100, with subsequent payments increased by 10% over the previous one

until the 10th payment, after which subsequent payments decreases by 5%

over the previous one. If the eective rate of interest is 10% per payment

period, what is the present value of this annuity with 20 payments?

Solution: The present value of the first 10 payments is (use the second

44

line of (2.45))

100 10(1.1)1 = $909.09.

For the next 10 payments, k = 0.05 and their present value at time 10

is

0.95 10

1

100(1.10)9 (0.95) 1.1 = 1,148.64.

0.1 + 0.05

Hence, the present value of the 20 payments is

year 5. He makes level deposits at the beginning of each year for 5 years.

The deposits earn a 6% annual eective rate of interest, which is credited

45

at the end of each year. The interests on the deposits earn 5% eective

interest rate annually. How much does he have to deposit each year?

the end of year 1 is 0.06A, which increases by 0.06A annually to 5 0.06A

at the end of year 5. Thus, the interest is a 5-payment increasing annuity

with P = D = 0.06A, earning annual interest of 5%. Hence, we have the

equation

1,000 = 5A + 0.06A(Is)5e0.05 .

From (2.37) we obtain (Is)5e0.05 = 16.0383, so that

1,000

A= = $167.7206.

5 + 0.06 16.0383

2

46

2.7 Term of Annuity

We now consider the case where the annuity period may not be an

integer. We consider an+ke , where n is an integer and 0 < k < 1.

We note that

1 v n+k

an+ke =

i

(1 v n ) + v n v n+k

=

"i #

k

n+k (1 + i) 1

= ane + v

i

= ane + v n+k ske . (2.46)

immediate with unit amount and the present value of an amount ske

47

paid at time n + k.

end of every year at an eective rate of interest of 4.5% for as long as

possible. Calculate the term of the annuity and discuss the possibilities of

settling the last payment.

implies ane0.045 = 10. As a13e0.045 = 9.68 and a14e0.045 = 10.22, the principal

can generate 13 regular payments. The investment may be paid o with

an additional amount A at the end of year 13, in which case

48

which implies A = $281.02, so that the last payment is $781.02. Alter-

natively, the last payment B may be made at the end of year 14, which

is

B = 281.02 1.045 = $293.67.

If we adopt the approach in (2.46), we solve k from the equation

1 (1.045)(13+k)

= 10,

0.045

which implies

13+k 1

(1.045) = ,

0.55

from which we obtain

1

ln

k= 0.55 13 = 0.58.

ln(1.045)

49

Hence, the last payment C to be paid at time 13.58 years is

" #

0.58

(1.045) 1

C = 500 = $288.32.

0.045

Note that A < C < B, which is as expected, as this follows the order

of the occurrence of the payments. In principle, all three approaches are

justified. 2

from the equation of value. Numerical methods must be used for

this purpose.

end of every year for 15 years. What is the eective rate of interest?

50

Solution: The equation of value is

5,000

a15ei = = 10,

500

so that

1 (1 + i)15

a15ei = = 10.

i

A simple grid search provides the following results

i a15ei

0.054 10.10

0.055 10.04

0.056 9.97

The Excel Solver may be used to calculate the eective rate of in-

terest in Example 2.16.

51

The computation is illustrated in Exhibit 2.1.

(1 (1 + A1)(15))/A1, which computes a15ei with i equal to the

value at A1.

We can also use the Excel function RATE to calculate the rate of

interest that equates the present value of an annuity-immediate to

a given value. Specifically, consider the equations

per payment period of the annuity-immediate or annuity-due. The

use of the Excel function RATE to compute i is described as follows:

52

Exhibit2.1:UseofExcelSolverforExample2.16

Excel function: RATE(np,1,pv,type,guess)

np = n,

pv = A,

type = 0 (or omitted) for annuity-immediate, 1 for annuity-due

guess = starting value, set to 0.1 if omitted

Output = i, rate of interest per payment period of the annuity

=RATE(15,1,-10).

53

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