Brealey−Myers−Allen

:
Principles of Corporate
Finance, Eighth Edition

Back Matter

© The McGraw−Hill
Companies, 2005

Appendix A: Present Value
Tables

APPENDIX A

PRESENT VALUE TABLES
A P P E N D I X TA B L E 1
Discount factors: Present value of $1 to be received after t years ⫽ 1/(1 ⫹ r)t.
Interest Rate per Year
Number
of Years

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

1
2
3
4
5

.990
.980
.971
.961
.951

.980
.961
.942
.924
.906

.971
.943
.915
.888
.863

.962
.925
.889
.855
.822

.952
.907
.864
.823
.784

.943
.890
.840
.792
.747

.935
.873
.816
.763
.713

.926
.857
.794
.735
.681

.917
.842
.772
.708
.650

.909
.826
.751
.683
.621

.901
.812
.731
.659
.593

.893
.797
.712
.636
.567

.885
.783
.693
.613
.543

.877
.769
.675
.592
.519

.870
.756
.658
.572
.497

6
7
8
9
10

.942
.933
.923
.914
.905

.888
.871
.853
.837
.820

.837
.813
.789
.766
.744

.790
.760
.731
.703
.676

.746
.711
.677
.645
.614

.705
.665
.627
.592
.558

.666
.623
.582
.544
.508

.630
.583
.540
.500
.463

.596
.547
.502
.460
.422

.564
.513
.467
.424
.386

.535
.482
.434
.391
.352

.507
.452
.404
.361
.322

.480
.425
.376
.333
.295

.456
.400
.351
.308
.270

.432
.376
.327
.284
.247

11
12
13
14
15

.896
.887
.879
.870
.861

.804
.788
.773
.758
.743

.722
.701
.681
.661
.642

.650
.625
.601
.577
.555

.585
.557
.530
.505
.481

.527
.497
.469
.442
.417

.475
.444
.415
.388
.362

.429
.397
.368
.340
.315

.388
.356
.326
.299
.275

.350
.319
.290
.263
.239

.317
.286
.258
.232
.209

.287
.257
.229
.205
.183

.261
.231
.204
.181
.160

.237
.208
.182
.160
.140

.215
.187
.163
.141
.123

16
17
18
19
20

.853
.844
.836
.828
.820

.728
.714
.700
.686
.673

.623
.605
.587
.570
.554

.534
.513
.494
.475
.456

.458
.436
.416
.396
.377

.394
.371
.350
.331
.312

.339
.317
.296
.277
.258

.292
.270
.250
.232
.215

.252
.231
.212
.194
.178

.218
.198
.180
.164
.149

.188
.170
.153
.138
.124

.163
.146
.130
.116
.104

.141
.125
.111
.098
.087

.123
.108
.095
.083
.073

.107
.093
.081
.070
.061

Interest Rate per Year
Number
of Years

16%

17%

18%

19%

20%

21%

22%

23%

24%

25%

26%

27%

28%

29%

30%

1
2
3
4
5

.862
.743
.641
.552
.476

.855
.731
.624
.534
.456

.847
.718
.609
.516
.437

.840
.706
.593
.499
.419

.833
.694
.579
.482
.402

.826
.683
.564
.467
.386

.820
.672
.551
.451
.370

.813
.661
.537
.437
.355

.806
.650
.524
.423
.341

.800
.640
.512
.410
.328

.794
.630
.500
.397
.315

.787
.620
.488
.384
.303

.781
.610
.477
.373
.291

.775
.601
.466
.361
.280

.769
.592
.455
.350
.269

6
7
8
9
10

.410
.354
.305
.263
.227

.390
.333
.285
.243
.208

.370
.314
.266
.225
.191

.352
.296
.249
.209
.176

.335
.279
.233
.194
.162

.319
.263
.218
.180
.149

.303
.249
.204
.167
.137

.289
.235
.191
.155
.126

.275
.222
.179
.144
.116

.262
.210
.168
.134
.107

.250
.198
.157
.125
.099

.238
.188
.148
.116
.092

.227
.178
.139
.108
.085

.217
.168
.130
.101
.078

.207
.159
.123
.094
.073

11
12
13
14
15

.195
.168
.145
.125
.108

.178
.152
.130
.111
.095

.162
.137
.116
.099
.084

.148
.124
.104
.088
.074

.135
.112
.093
.078
.065

.123
.102
.084
.069
.057

.112
.092
.075
.062
.051

.103
.083
.068
.055
.045

.094
.076
.061
.049
.040

.086
.069
.055
.044
.035

.079
.062
.050
.039
.031

.072
.057
.045
.035
.028

.066
.052
.040
.032
.025

.061
.047
.037
.028
.022

.056
.043
.033
.025
.020

16
17
18
19
20

.093
.080
.069
.060
.051

.081
.069
.059
.051
.043

.071
.060
.051
.043
.037

.062
.052
.044
.037
.031

.054
.045
.038
.031
.026

.047
.039
.032
.027
.022

.042
.034
.028
.023
.019

.036
.030
.024
.020
.016

.032
.026
.021
.017
.014

.028
.023
.018
.014
.012

.025
.020
.016
.012
.010

.022
.017
.014
.011
.008

.019
.015
.012
.009
.007

.017
.013
.010
.008
.006

.015
.012
.009
.007
.005

Note: For example, if the interest rate is 10 percent per year, the present value of $1 received at year 5 is $.621.

842 1.502 2.172 1.144 2.266 10.217 1.518 1.304 1.260 1.14 22.104 1.613 9.138 3.062 1.488 1.55 30.07 108.785 5.59 17.457 1.749 11.09 4.223 11.488 1.86 17.99 14.97 13.785 3.061 1.69 40.895 6.138 4.703 1.907 2.638 2.23 16.311 1.277 1.059 3.967 1.002 5.728 3.539 1.094 1.06 15.076 8.130 6.360 1.92 7.226 4.34 24.323 1.42 32.518 2.300 1.137 9.948 2.635 4.398 5.728 2.159 3.801 1. 2005 Appendix A: Present Value Tables APPENDIX A Present Value Tables 969 A P P E N D I X TA B L E 2 Future value of $1 after t years ⫽ (1 ⫹ r)t.19 22.066 3.369 1.558 1.777 7.172 2.267 1.560 6.007 10.172 2.386 1.595 10.73 101.185 3.259 5.53 44.41 55.42 12.945 7.931 8.854 3.316 1.896 4.624 6.66 13.210 1.107 2.629 7.149 1.074 2.803 4.46 12.054 5.410 2.861 2. Eighth Edition Back Matter © The McGraw−Hill Companies.596 10.713 6 7 8 9 10 2.5 146.18 25.435 5.403 1.046 11 12 13 14 15 1.700 3.38 14.29 39.587 1.423 1.39 20.464 1.11 19.806 1.30 30.358 2.67 23.216 1.762 1.280 1.19 26.560 6.278 3.791 1.92 66.030 1.613 2.658 3.260 1.718 1.062 6.52 8.492 6.126 1.076 2.986 3.669 9.630 1.276 10.47 14.37 51.987 7.64 14.561 1.70 11.005 10.108 4.873 1.90 27.105 1.95 38.243 1.501 1.988 9.839 1.126 1.464 1.76 4.353 8.079 1.026 3.76 41.980 2.261 2.594 1.250 1.653 2.313 4.773 3.544 7.297 4.358 10.690 2.768 5.840 3.319 1.594 3.023 4.565 3.2 162.551 1.0 16 17 18 19 20 10.152 3.811 2.276 1.07 80.469 1.45 33.818 5.937 3.225 1.813 3.665 1.653 1.611 1.400 1.33 14.62 31.953 2.511 4.594 1.188 1.74 53.369 1.452 3.316 4.405 1.444 7.426 3.093 1.353 2.19 24.082 1.191 2.7 45.153 7.170 1.815 4.211 2.601 1.9 139.590 6.200 1.125 1.300 5.331 1.207 2.041 1.263 8.110 1.827 6.518 4.176 6.960 7.142 5.939 2.183 2.39 16.342 3.754 1.289 2.24 22.350 6.340 1.173 1.81 4.090 1.051 1.749 2.717 5.580 2.504 1.887 5.116 1.660 3.707 2.170 1.664 2.606 1.363 4.254 4.993 2.769 3.021 4.572 1.652 5.40 45.13 16.893 12.926 3.78 19.74 48.149 1.191 1.412 1.232 1.133 2.974 2.332 2.714 1.74 28.838 1.4 58.328 4.797 4.527 2.190 1.684 3.36 27.580 7.338 1.288 1.602 1.275 8.25 32.772 2.07 62.40 36.908 5.853 3.254 1.595 5.083 1.367 1.265 1.689 1.583 4.67 19.197 2.479 3.36 50.144 2.18 19. 27% .34 21.102 1.230 1.36 28.344 1.03 13.180 1.469 1.138 3.558 2.886 7.702 1.072 1.75 23.720 2.138 1.230 1.474 3.520 3.116 6.2 190.124 1.11 14.86 35.01 20.311 5.608 5.690 8.070 1.24 27.176 1.71 16.024 10.815 1.759 4.305 2.335 4.60 13.996 4.772 1.84 14.436 1.195 2.866 7.540 2.030 1.160 6.643 1.177 3.040 1.50 112.54 86.1 51.81 75.874 2.999 2.732 1.06 13.392 1.346 1.419 1.513 1.130 1.159 1.206 9.949 2.292 2.92 4.986 9.082 2.477 1.048 2.451 9.826 3.685 2.368 1.100 1.685 1.42 9.157 10.807 2.137 16 17 18 19 20 1.611 at year 5.140 5.86 97.850 6.411 2.85 64.252 3.91 37.727 5.20 11.629 1.040 1.498 3.09 29.970 4.443 1.31 10.305 1.797 4.32 25.74 40.050 1.45 8.88 19.140 1.426 1.521 1.290 1.932 1.43 18.563 1.574 1.026 2.34 45.300 1.710 1. the investment of $1 today will be worth $1.46 85.75 12.56 16.816 2.268 1.617 3.105 2.106 2.594 1.695 2.346 1.828 1.428 1.004 3.379 4.74 9.100 1.145 1.768 8.117 5.380 3.04 59.604 4.005 2.196 1.463 4.26 26% Note: For example.26 16.39 35.952 3.486 1.020 1.853 3.46 16.010 1.080 1.052 1.883 4.294 1.215 2. if the interest rate is 10 percent per year.150 1.395 2.579 2.384 1.37 28% 29% 30% Interest Rate per Year Number of Years 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 1 2 3 4 5 1.407 1.000 2.161 1.158 1.886 1.240 1.416 1.482 1.759 2.57 73.700 3.234 2.599 9.15 11.75 18.20 11.59 15.49 22.535 6.677 1.601 3.270 1.74 9.851 1.42 12.538 1.796 1.147 2.870 3.836 4.305 3.441 3.85 43.192 3.916 9.699 8.925 1.17 73.Brealey−Myers−Allen: Principles of Corporate Finance.120 1.80 58.220 1.81 119.689 1.54 11.912 10.41 17.127 1.79 11 12 13 14 15 5.020 1. Interest Rate per Year Number of Years 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 1 2 3 4 5 1.440 1.239 6.097 2.262 1.51 69.39 86.870 2.480 1.373 1.588 2.064 8.92 23.252 2.87 93.261 7.295 1.184 1.210 1.430 8.898 5.011 6 7 8 9 10 1.11 25.43 16.196 5.219 1.436 2.288 8.042 6.856 3.313 2.012 2.642 2.936 6.24 38.661 3.61 22.513 1.407 2.508 5.76 31.539 1.21 27.898 2.82 31.21 16.476 2.001 3.58 12.195 1.86 126.082 1.87 13.194 1.159 1.76 12.55 18.310 4.646 7.160 1.060 1.595 5.364 2.52 51.220 1.192 1.208 1.605 1.166 1.329 6.693 2.067 7.46 21.061 1.397 2.9 66.17 19.38 35.

339 3.56 9.110 3.656 3.99 15.475 5.097 4.808 4.306 10.163 4.843 4.682 2.745 9.053 4.295 9.38 16 17 18 19 20 14.029 5.870 4.781 1.17 13.855 3.990 1.162 8.549 7.166 2.540 2.465 4.829 3.750 6.178 2.909 1.111 4.076 3.608 4.802 2.48 10.712 5.623 3.122 9.786 6.372 9.34 10.190 3.472 7.759 2.942 3.993 .855 1.990 5.786 3.623 5.288 4.177 4.917 5.118 5.357 4.925 3.320 2. if the interest rate is 10 percent per year.660 5.998 4.259 10.585 2.487 3.362 2.877 1.63 9.889 4.47 Interest Rate per Year Number of Years 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 1 2 3 4 5 .968 5.59 10.868 2.787 9.533 4.367 7.833 3.210 2.128 6.839 7.946 5.605 3.421 5.241 2.650 3.322 2.278 4.444 3.786 8.584 5.462 5.102 3.607 4.054 3.583 5.245 3.279 4.917 1.13 13.223 3.534 5.326 3.024 4.929 5.863 11.433 .020 7.076 5.373 6.467 6.092 11 12 13 14 15 5.902 4.29 14.799 3.033 5.859 2.246 2.544 8.962 1.833 2.710 4.495 6.108 4.611 4.302 6.747 6.611 4.566 2.58 14.983 5.798 3.492 6.626 2.437 3.528 2.06 10.025 6.002 6.56 13.344 4.536 7.373 3.923 3.432 4.170 3.498 3.577 3.876 4.656 3.904 8.943 8.011 2.207 6.416 3.820 1.68 16.315 3.385 8.769 1.313 8.376 1.316 5.85 11.868 2.197 5.499 7.547 2.760 8.142 5.775 4.342 5.559 6.191 5.942 2.361 2.059 4.918 6.35 12.391 4.543 3.492 2.824 8.019 3.643 2.037 3.951 3.885 1.885 3.685 4.840 6.231 4.818 8.039 4.538 3.550 6.910 3.706 3.795 6.833 1.535 5.273 5.725 3.799 3.46 8% 9% 10% 11% 12% 13% 14% 15% .771 3.952 2.106 2.035 4.37 11.749 5.652 8.329 3.019 7.640 3.002 6.971 1.971 6. Eighth Edition 970 Back Matter © The McGraw−Hill Companies.274 .793 4.780 3.494 2.265 4.452 .794 1.952 1.219 4.728 7.763 10.601 3.242 6.69 12.564 4.589 2.606 3.566 3.700 2.322 3.229 5.842 2.366 7.935 1.66 13.531 3.950 9.938 7.020 3.161 7.389 5.745 .417 6.901 1.101 4.283 3.518 3.167 3.776 3.877 5.84 11.639 3.419 4.222 5.673 3.717 4.712 7.352 4.628 6.508 3.713 .392 1.619 3.074 2.775 3.775 1.286 3.887 3.847 9.999 3.811 5.189 4.140 2.604 9.974 3.696 .17 12.440 1.884 3.146 5.818 5.509 2.583 .453 5.435 8.668 5.230 7.30 10.327 4.001 3.127 .325 8.379 7.13 13.108 7.659 3.786 8. .199 .859 3.483 .730 4.759 6.853 .303 4.080 4.120 7.Brealey−Myers−Allen: Principles of Corporate Finance.423 4.360 4.954 6.403 3.812 4.582 6.75 14.668 2.786 3.192 3.410 3.985 4.00 13.329 .941 3.047 6.239 3.216 3.868 5.353 4.103 7.518 3. 2005 Appendix A: Present Value Tables APPENDIX A Present Value Tables A P P E N D I X TA B L E 3 Annuity table: Present value of $1 per year for each of t years ⫽ 1/r ⫺ 1/[r (1 ⫹ r)t].424 1.813 1.070 5.981 2.009 3.837 4.580 .986 9. Interest Rate per Year Number of Years 1% 2% 3% 4% 5% 6% 7% 1 2 3 4 5 .26 12.690 2.280 2.65 12.35 10.418 4.463 3.033 5.487 4.394 12.366 3.605 .387 4.954 3.351 3.726 3.11 11.328 5.424 6.207 4.784 4.483 3.436 6 7 8 9 10 3.923 2.249 3.628 5.469 6.201 8.687 5.439 4.061 6.413 3.537 5.156 3.268 16 17 18 19 20 5.405 5.083 3.816 2.751 3.808 3.078 4.824 3.623 5.689 .273 3.247 6.635 .517 .799 5.263 4.486 5.12 10.812 4.656 4.836 4.460 4.471 5.242 3. the investment of $1 received in each of the next 5 years is $3.503 3.127 4.515 7.870 1.926 .265 6.913 2.335 3.72 15.94 11.111 5.733 7.253 8.529 3.943 1.695 3.664 3.283 2.212 6 7 8 9 10 5.457 1.922 4.100 .713 2.988 5.787 1.530 5.494 3.486 4.675 4.174 2.459 3.022 8.887 8.474 2.122 6.905 4.145 4.814 7.826 1.184 3.243 4.108 7.463 7.539 3.726 3.448 2.991 .198 6.40 17.87 9.962 4.042 2.759 2.970 2.250 7.402 3.139 7.657 4.853 9.532 .914 3.722 11 12 13 14 15 10.842 6.240 3.092 4.723 3.767 5.724 5.27 11.324 4.355 4.926 1.56 16.153 3.890 .808 2.390 3.327 3.361 1.772 5.673 3.889 4.05 13.468 5.840 1.162 5.364 2.635 4.847 1.589 3.630 4.194 6.702 7.783 2.995 6.928 3.974 7.902 3.571 2.83 11.573 3.690 3.800 1.575 4.442 4.407 1.802 7.851 9.033 4.203 2.426 3.647 2.031 4.234 5.489 4.982 7.886 2.576 4.851 3.862 1.09 12.937 3.896 2.791.673 3.160 4.447 9.387 3.756 8.427 3.821 3.954 4.639 4.938 4.88 11.791 .092 3.206 5.210 6.805 7.899 12.893 1.980 1.11 10.008 5.910 5.963 6.493 3.601 6.802 4.311 3.803 .244 8.451 4.58 9.514 7.938 6.427 3.058 .316 Note: For example.304 3.624 3.715 4.404 2.100 3.743 3.295 3.606 6.421 3.654 3.546 4.358 8.23 18.566 9.536 4.864 .161 3.546 3.806 1.604 6.335 5.203 4.954 9.736 2.362 4.32 14.129 7.465 2.147 3.729 6.241 3.269 2.59 8.912 3.487 7.365 8.132 5.605 2.16 11.312 3.384 8.421 3.

553 1.14 21.16 38.45 36.17 12.158 3.82 8.70 1.38 47.81 14.27 20.682 1.53 28.00 3.82 48.099 4.474 6.875 10.415 9.350 1.61 18.263 2.801 3.59 16.73 12.18 16.54 12.197 1.896 2.18 11.560 1.20 1.664 1.44 15.91 23.90 4.70 22.07 .90 33.499 9.82 21.846 9.649 1.243 4.60 .221 1.174 1.222 3.751 1.90 1. 2005 Appendix A: Present Value Tables APPENDIX A Present Value Tables 971 A P P E N D I X TA B L E 4 Values of ert.127 1.91 34.79 31.172 6.50 3.768 8.86 42.568 1.041 1.71 41.12 37.553 7.572 5.529 6.034 2.254 3.49 17.20 24.57 20.31 29.316 2.38 11.79 3.78 27.612 1.53 27.320 3.671 9.94 8.33 14.096 3.096 2.755 6.054 2.40 2.116 10.994 2.777 10.096 2.034 3.363 2.12 23.90 33.896 4.669 4.46 19.03 16.209 1.12 36.78 18.638 1.42 24.316 2.733 1.81 26.88 20.96 20.47 42.80 3.857 4.97 40.50 21.004 8.47 38.945 3.297 6.353 3.323 1.482 4.915 3.00 2.171 4.015 4.248 9.49 22.08 .393 10.91 54.18 13.424 7. .43 13.05 .50 1.954 2.989 6.234 1.04 .70 11.711 5.584 1.42 53.36 7.28 17.70 3.437 1.930 6.246 1.234 6.878 2.306 2.597 3.855 5.349 2.09 22.06 .137 2.094 1.155 5.003 5.773 3.619 7.641 6.460 1.287 3.953 5.812 6.583 10.463 8.87 39.203 2.28 27.665 1.02 .181 2.70 2.42 34.162 1.010 1.08 32.916 2.585 9.95 47.30 .87 25.94 35.804 1.207 10.053 5.419 5.94 30.221 2.139 1.490 3.50 .15 15.46 35.10 2.110 6.221 at year 2.522 1.974 2.959 4.691 8.00 .59 7.085 8.60 40.030 1.768 1.697 6.360 7.60 50.46 14.904 5.20 2.065 3.54 23.88 16.271 1.759 5.85 45.925 8.50 31.297 1.07 11. rt .99 19.91 12.10 .53 51.509 1.74 15.433 1.52 39.06 2.421 3.39 30.632 .52 46.28 11.105 at year 1 and $1.871 6.33 23.05 28.935 9.753 4.293 2.462 1.26 48.561 3.535 1.935 4.616 1.004 3.507 1.67 32.029 4.96 17.435 2.26 45.10 1.84 29.389 8.858 3.488 7. Eighth Edition Back Matter © The McGraw−Hill Companies.716 1.30 2.014 2.975 4.12 17.525 3.40 33.10 3.488 10.391 1.20 3.527 5.33 16.020 1.537 1.758 9.781 4.05 Note: For example.01 .000 1.13 7.60 3.387 3.127 3.03 .87 15.70 49.477 1.075 2.46 21.055 2.614 8.12 18.456 3.166 9.718 3.80 1.025 9.20 .448 1.65 43.821 4.52 36.95 18.050 6.840 2.00 .34 25.07 14.618 5.30 3.50 2.138 2.600 1.34 41.80 .89 3. the investment of $1 today will be worth $1.70 7.94 52.79 28.64 17.062 1.60 15.185 1.57 26.073 1.05 26.366 5.06 50.829 3.40 20.64 19.80 11.01 15.98 24.699 1.686 4.300 10.Brealey−Myers−Allen: Principles of Corporate Finance.65 25.331 9.59 11.47 52.207 5.40 7.09 .585 6.846 8.859 2.310 1.29 22.69 13.665 5.60 2.30 1.117 2.66 30.30 13.98 35.45 44.90 12.419 1.226 2.25 43.974 3.68 46. if the continuously compounded interest rate is 10 percent per year.886 3.09 42.30 13.15 49.743 4.03 27.819 4.786 1.30 15.58 29.73 16.68 14.104 5. Future value of $1 invested at a continuously compounded rate r for t years.60 1.20 14.80 17.312 5.259 1.691 1.78 37.92 12.29 19.49 11.36 12.633 4.94 14.822 2.49 13.00 1.411 2.706 4.29 26.248 2.284 1.70 .393 2.02 7.340 2.807 5.083 1.11 29.19 21.363 1.259 5.11 12.25 7.336 1.586 1.484 1.105 1.10 25.99 51.150 1.40 1.160 2.55 13.22 31.80 2.76 24.492 1.051 1.81 19.179 2.538 8.890 4.116 1.405 1.04 44.935 2.679 10.47 7.10 46.387 2.974 11.44 18.746 3.40 34.190 3.377 1.271 2.81 38.23 40.37 32.

48 17.933 1.652 6.578 2.223 .213 4.977 .235 2.647 9.393 5.458 5.865 4.887 3.945 1.817 .777 8.922 1.83 16.058 5.469 3.681 8.778 3.335 4.519 5. Interest Rate per Year Number of Years 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 1 2 3 4 5 .773 4.144 9.23 12.261 6.566 3.799 7.552 4.10 9.614 5.867 7.577 6.896 3.913 3.326 ⫽ $.609 3.86 11.106 5.942 2.791 3.882 4.365 4.871 2.273 4.945 4.760 .116 11.113 3.932 7.042 6.816 5.420 4.208 4.791 Note: For example.830 3.638 2.245 5.716 2.702 4.950 1.437 .657 5.81 Interest Rate per Year Number of Years 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 1 2 3 4 5 .819 5.385 7.14 9.821 2.276 9.209 8.843 7.627 9.533 8.781 5.46 12.941 1.49 11.022 3.825 6. .978 4.353 4.841 3.96 10.69 9.10 9.211 2.71 14.958 1.048 9.512 6.220 4.543 3.617 3.576 2.212 6.252 4.586 4.452 3.326 4.817 3.893 1.923 9.924 2.51 12.68 11.057 4.992 6.858 4.063 .752 3.602 4.260 5.910 1.542 5.062 .687 4.571 4.399 3.391 5.434 4.741 .747 4.785 3.923 3.18 9.599 3.270 3.104 5.897 7.967 5.64 16.383 4.326 3.576 3.347 9.14 15.914 1.880 1.736 4.998 5.714 4.477 2.464 .210 3.355 4.204 3.784 3.247 4.00 16 17 18 19 20 14.860 3.39 13.962 1.98 9.623 7.036 4.809 6.068 3.422 4.081 4.718 4.048 4.141 2.598 6 7 8 9 10 5.651.946 3.096 4.894 6.540 .646 3.158 7.556 2.826 6.737 16 17 18 19 20 6.779 4.108 3.655 4.118 8.704 6.679 3.157 4.307 3.415 3.903 3.098 2.512 3.619 3.735 5.742 10.482 10.075 3.977.563 5.313 5.119 2.742 3.774 4.344 3.538 5.75 13.013 .999 7.Brealey−Myers−Allen: Principles of Corporate Finance.759 5.676 2.465 4.197 6.680 4.805 2.566 4.390 6.024 7.187 3.285 5.077 2.724 4.340 .970 3.076 5.412 5.853 5.36 13.256 5.741 7.828 .568 4.644 3.956 3.498 6.697 3.889 4.149 7.386 7.972 5.401 5.418 6.11 11.925 1.900 5.613 2.294 6.202 5.111 6.062 4.354 4.428 4.243 9.64 10.834 8.115 7.571 12.909 7.974 6.597 6.772 4.489 3.648 . a continuous cash flow of $1 a year for each of 5 years is worth $3.41 10.690 8.417 4.914 4.91 13.888 2.281 .878 .272 6.014 4.601 2.836 6.209 4.022 3.572 9.964 .821 5.93 9.685 5.739 3.571 5.004 4.155 4.173 4.555 4.453 7.10 11.79 15.951 3.790 2.696 3.446 5.590 2.127 4.889 1.530 3.016 3.424 5.966 5.443 4.931 5.997 4.55 11.394 7.542 6.617 5.129 4.603 5.841 3.54 15.238 5.676 7.401 .900 1.14 13.708 3.124 7.910 6.112 4.539 7.537 4.820 4.216 8.815 7.903 1.871 3.805 5.786 3.150 5.413 6.573 4.466 3.504 4.96 14.235 4.614 4.682 3.063 5.819 8.715 3.840 3.870 4.785 6 7 8 9 10 3.648 3.365 2.957 8.381 4.633 10.478 7.748 6. Eighth Edition 972 Back Matter © The McGraw−Hill Companies.237 5.164 2.481 3.077 6.720 3.682 4.398 8.886 4.359 7.064 3.107 7.266 3.323 7.646 3.370 3.650 4.930 6.423 7.168 .072 5.115 .662 5.421 3.922 4.634 4.985 1.337 2.583 8.975 4.436 3.263 8.000 3.954 4.144 6.983 10.12 11.421 5.503 4.430 4.650 2.570 5.625 2.192 3.535 11 12 13 14 15 5.816 3.874 5.973 3.935 4.036 5.221 3.149 3.582 4.971 1.937 1.178 6.536 7.686 3.494 6.302 4.559 6.340 3.464 4.780 6.43 15.774 2.311 2.574 3.279 5.605 8.977 ⫺ $3.663 2.882 3.267 4.450 5.121 6.542 2.049 6.498 5.490 6.902 8.576 6.447 4.242 .730 2.145 4.512 8.713 4.259 2.703 2. 2005 Appendix A: Present Value Tables APPENDIX A Present Value Tables A P P E N D I X TA B L E 5 Present value of $1 per year received in a continuous stream for each of t years (discounted at an annually compounded rate r) ⫽ {1 ⫺ 1/(1 ⫹ r)t}/{ln(1 ⫹ r)}.928 5.986 4.416 8.913 5.896 .754 3.547 4.980 6.906 2.887 3.047 6.77 10.579 4.164 3.242 6.570 8.003 4.331 3.689 2.31 18.459 4.339 5.275 7.07 13.880 4.094 5.259 4.131 8.284 4.917 .694 6.336 6.504 3.802 7.954 1.767 3.285 2.139 4.218 8.19 13.967 1.884 10.657 6.150 .542 3.564 4.799 3.500 4.765 5.044 3.083 8.189 4.980 2.567 2.121 5.39 12.801 3.758 8.509 2.130 3.465 4.976 1.112 4.324 3.925 3.88 12.832 5.284 7.679 5.935 8.450 3.846 4.759 2.689 3.337 .297 4.130 4.15 11.610 2.992 6.421 7.783 3.048 6.972 4.854 2.990 4. A continuous flow of $1 in year 5 only is worth $3.909 4.806 4.875 3.21 8.956 5.472 6.961 2.704 5.886 1.804 4.46 10.41 12.579 6.898 3.754 4.729 7.092 4.883 1.718 11 12 13 14 15 10.401 4.983 4.108 5.774 9.759 3.42 11.213 5.394 7.272 5.778 7.907 1.599 3.34 10.990 1.929 1.201 10.887 3.342 4.981 1.715 3.287 6.391 8.529 4.31 12.745 2.77 10. if the interest rate is 10 percent per year.995 1.246 3.648 3.872 .392 2.010 5.530 .187 2.284 4.79 11.063 5.216 3.882 3.702 4.98 12.242 4.837 2.004 7.041 5.918 1.121 10.609 9.380 7.642 5.319 4.79 10.896 1.346 6.41 9.730 3.612 3.668 .104 4.818 5.188 5.018 7.762 7.

9 .8133 .2 1.7088 .9535 .9582 .5832 .8729 .7291 .9884 .9850 . if d ⫽ .6103 .9744 .2 0.7422 .9875 .8413 .4 .9082 .6368 .7910 .9641 .04 0.7324 .3 1.9633 .8621 .02 0.6217 .9032 .9788 .7190 .9878 .8508 .9932 .9525 . Eighth Edition Back Matter © The McGraw−Hill Companies.8365 .5871 (i.7967 .9441 .9821 .9265 .9896 .7580 .9934 .5793 .9890 .9418 .8925 .9951 .8051 .6517 .6141 .9952 Note: For example.8 1.8810 .6554 .05 0.3 0.9545 .5596 .5636 .6844 .9904 .5319 .1 2.9732 . .9946 .9177 .01 0.7704 .9906 .8749 .9936 2.6293 .9713 .9726 .9772 .9808 .9678 .8790 .6 0.e.5 0. d 0 0.8212 .9505 .08 0.6915 .9495 .9945 .8485 .7454 .7673 .9554 .5987 .8869 .9911 .5160 .5040 .5199 .9706 .8 0.5478 .8997 .7852 .8315 .9761 .8849 .7734 .9664 .7486 .9918 .9920 .9693 .6772 .5279 . N(d) ⫽ .9147 .9382 .9319 1.8577 .8962 .6879 0.8531 .1 0.9686 .8554 .9015 .7019 .6480 .7642 .8944 .9943 .8340 .7881 .9871 .9778 .9671 .9573 .Brealey−Myers−Allen: Principles of Corporate Finance.9192 .7995 .9279 .4 .9474 .9868 .8599 .6179 .9929 .9406 .03 0.9846 .8438 .9649 .9838 .9826 .7 1.9750 .7939 .9857 .7389 .5359 .8264 .9861 .9370 .9719 .6591 .5910 .9756 .9066 .8389 1 1.7157 .9738 .9940 .9898 .6406 ..22.9292 .5 1.07 0.9608 .9049 .9887 .9251 .9484 .9916 .8907 .9564 .8665 .9901 .9927 .7 0.8686 .9115 .9798 .7123 .9515 .22 standard deviations above the mean).7224 .5438 .9625 . there is a .9925 .9 .9938 .9854 .9909 .8770 .6 1.8106 .8643 .06 0.6736 .9131 .9864 .9767 2 2.6443 .6628 .8159 .9591 .6985 .1 1.7794 .9941 .9783 .8186 .9222 .6950 .9922 .8461 .9332 .8023 .7517 .5080 .5714 .9162 .9656 .6664 .8708 .5000 .4 .5 .9306 .9893 .6064 .8830 .6700 .9948 .5871 probability that a normally distributed variable will be less than . 2005 Appendix A: Present Value Tables APPENDIX A Present Value Tables 973 A P P E N D I X TA B L E 6 Cumulative probability [N(d)] that a normally distributed variable will be less than d standard deviations above the mean.9207 .8078 .5398 .7549 .2 2.3 2.9881 .5675 .7611 .6026 .9842 .9834 .7823 .9099 .9357 .6255 .9949 .8980 .9599 .9345 .9429 .9817 .6808 .9452 .8238 .7764 .8888 .9812 .9931 .09 0 0.5120 .5239 .5871 .5948 .7357 .9616 .9236 .9699 .5517 .9913 .5753 .9830 .9394 .7257 .7054 .9793 .6331 .9463 .8289 .5557 .9803 .

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