No.1 for CAICWA & MECICEC MASTER MINDS 1. TIME VALUE OF MONEY (ACADEMIC INTEREST) NO. OF PROBLEMS IN 39E OF CA INTER: CLASSROOM - 18, ASSIGNMENT - 21 NO. OF PROBLEMS IN 40E OF CA INTER: CLASSROOM - 18, ASSIGNMENT - 13 NO. OF PROBLEMS IN 41E OF CA INTER: CLASSROOM - 18, ASSIGNMENT - 13, ICAI has dropped this chapter in the new syllabus but without the knowledge of this chapter students cannot understand further chapters properly. Hence we have dropped some problems in this chapter and decided to teach the same to students. No need to prepare tl chapter for examination purpose. OSS CUT hy MA3TO| mas |= M09 TO| N09 N-10 TO| No. ‘Model Name ea M10 Nea m6 NAB maT Nar 18 0) 18 (N) NAB (0) ‘Simple interest tes eee) | en | eee Re oe Ka ‘Compound Interest Etosae 5c. seo] 8 | estes eee) | ea eae Future Value of Single Amount reas netoa| | mena |e |e ed |e Present Value of Single Amount Eas ||| Ea] ea] ea ee | Rea| T Future Value of Annuity immediate Nes = eee | |e ||) ||| Present Value of Annuity immediate Eres [=| ee | EEL LLL Present Value of Perpetuity tees ee neater fo tena em een eed ede Present Value of Growing Perpetuity | - | - | Ea ea] ea eR ea SIGNIFICANCE OF EACH PROBLEM COVERED IN THIS MATERIAL Problem No, | Problem No. | Problem No. | Pr . in this Material | in NEWSM | in OLD SM M. CRI : CR2 Ni25M CRS Tz CRA E CRS CRE : CRT CRE CRS TAS CR10 E CRI TL CR12 TLLAS CR13 R14 E CR15 E CR16 E CRAT CR18 TT ‘ASG 1 : ‘ASG2 ASGS TeLAz ASG 4 TELA ASG 5 ASCE Tat ASG7 : : =) )9 =) RTP | MTP | Previous Exams | Remarks CA Inter_41e_F.M. (P)_Time Value of Money 1aPh: 98851 25025/26 www.mastermindsindia.com ASGS ASG ASG 10 ASG 11 ASG 12, ASG 13, ‘TIME VALUE OF MONE’ a) The basic concept in Finance is Time Value of Money which means that “One rupee today is not equal to one rupee tomorrow, other things being equal”. b) Time Value of Money means ‘worth of a rupee received today is different from the worth of a rupee to be received in future’ ¢) The preference for money now, as compared to future money, is known as Time Preference of Money d) When individuals or business institutions borrow money from others for certain time period, they pay some extra money other than the borrowed amount which is known as interest. Thus money can also be rented in the same way as objects. It means money has some time value. e) The money being borrowed by an individual is called ‘Principal’. f) The additional sum of money paid for using money is called ‘Interest’. Such interest is usually calculated as a percentage and the interest paid for use of Rs.100 is called "Rate Percent’. If this, rate percent is calculated for a year, it is called Rate percegbger annum. 9) The sum of Principal and Interest is called “Amount’. COS NS PROBLEMS FOR CLASSROOM DISCUSSION A ‘SIMPLE INTEREST ‘SIMPLE INTERES’ a) It is a method of calculation of interest in which interest is computed on the Principal for the entire period of borrowing i.e. principal is same for any number of years. It is calculated using the formula: A=P(1+m) Where P= Principal sum of money, n= Number of years t= Rate of interest (expressed in decimal from) A = Amount = Principal + Interest = P + PNR = P (1#NR). PROBLEM 1: Find the simple interest on Rs.600 at 6% per annum for 5 years. Also find the amount. (©) (aNs.: 780) Note: MODEL 2: CONCEPT OF COMPOUND INTEREST COMPOUND INTEREST: a) It is another method of calculation of interest. Practically everybody will be familiar with this method of calculation of interest. b) In this method the interest earned by an investment is reinvested so that it also earns interest ie. interest is again converted into principal and hence one can eam interest on interest. CA Inter_41e_F.M. (P)_Time Value of Money, 1.2No.1 for CAICWA & MECICEC MASTER MINDS ¢) E.g.: Suppose that Rs.100 is invested at the rate of 6% compounded annually. At the end of first year the value of investment is the original principal (Rs.100) plus interest on such principal ie. Rs.106. Now, Rs. 106 becomes principal for the second year. Cl=P[(1+1)"- 1] Where —C.l.= Compound interest. A = Amount (principal + Interest) t= Rate of interest (expressed in decimal form) n= Number of years P= Principal sum of money This formula assumes that interest is compounded annually. MODEL 3: CALCULATION OF FUTURE VALUE OF A SINGLE AMOUNT FUTURE VALUE: a) This is also known as terminal value. The accrued amount (FV,) on a principal (P) after n payment periods at i (in decimal) rate of interest per payment period is given by: FY, Annualrateof int erest lumber of payment periods per year (1 +i)" Where, a k (1+i)"is known as future value factor or compound value factor. ‘So FV, =Py(FVIF,,,), when computing is done k times a year@ (or) Where, FVIF ¢,,) is the future val est factor at i% for n periods equal(1+i)" annual interest rate r. Computation of FV,, shall be quite simple if ws table showing values of (1 +i)" &S PROBLEM 2: If you deposit Rs. 1,000 annually, how much will the deposit grow ake use of either the calculator or the future value gy in a bank which pays 10% interest compounded fer 8 years and 12 years, (A) (SIMILAR: N12 - 5M) (ANS.: DEPOSIT AFTER 8Y = RS.2,144 AND 12Y = RS.3,138) Note: PROBLEM 3: 2,000 is invested at annual rate of interest of 10%. What is the amount after 2 years if the compounding is done? a) Annually? b) Semi-annually? (4) (OLD SM) (ANS.: AMOUNT AFTER 2 YEARS ANNUALLY RS.2,420, SEMI ANNUALLY RS.2,431) (SOLVE PROBLEM NO.1 OF ASSIGNMENT PROBLEMS AS REWORK) Note: PROBLEM 4: A company offers a Fixed deposit scheme whereby Rs.10,000 matures to Rs.12,625 after 2 years, on a half-yearly compounding basis. If the company wishes to amend the scheme by compounding interest every quarter, what will be the revised maturity value? (A) (OLD PWM) (ANS.: REVISED MATURITY VALUE RS.12,670) Note: CA Inter_41e_F.M. (P)_Time Value of Money 1.3Ph: 98851 25025/26 www.mastermindsindia.com PROBLEM 5: If you deposit Rs.8,000 today at 12% rate of interest in how many years (roughly) will this amount grow to Rs, 160,000? (8) (ANS.:20) Note: PROBLEM 6: A nationalized bank issues “Re-investment certificates” for a period of 3 years. If Rs.5,000 are invested in these certificates, their maturity value becomes Rs. 6,725. Assuming that the interest is compounded every year, what is the rate of interest? (6) (ANS.: RATE OF INTEREST: 10%) Note: MODEL 4: CALCULATION OF PRESENT WALUE OF A SINGLE AMOU! PRESENT VALUE: a) It is the current value of a “Future Amount’. It can also be defined as the amount to be invested today (Present Value) at a given rate over specified period to equal the "Future Amount’ b) Since finding present value is simply the reverse of finding Future Value (FV), the formula for Future Value (FV) can be readily transformed into a Present Value formula. Therefore the Present Value (Po), becomes: Where, FVo= Future value n. fence = Rate of interes num which discounting is done. ike use of either the calculator or the Present value table showing values of (1+i) " Note: a) The process of computing the present value of future cash flows is called “Discounting”, b) The interest rate used to discount the future cash flow is known as "Discount rate’. ¢) The expression 1/(1+i)" is called “Discounting factor’. PROBLEM 7: Calculate the amount which Mr. Shyam should deposit now to receive Rs.50,000 after 15 years. The interest rate is 9%. (©) (ANS.: DEPOSIT RS. 13,750) Note: PROBLEM 8: The cost of a new mobile phone is Rs.10,000. If the interest rate is 5 percent, how much would you have to set aside now to provide this sum in five years? (B) (ANS.: AMOUNT SET A SIDE RS. 7,840) (SOLVE PROBLEM NO.2 OF ASSIGNMENT PROBLEMS AS REWORK) Note: MODEL 5: CALCULATION OF AMOUNT OF ANNUITY / FV OF ANNUITY IMMEDIATE ANNUITY. a) An annuity is a stream of regular periodic payments made or received for a specified period of time. In an ordinary annuity, payments or receipts occur at the end of each period. The interval is generally year, but it may be half year, quarter or month, b) In fact, annuity means an installment. L..C Premium, Deposits into a recurring account, loan installments of homes or automobiles are examples of Annuities. CA Inter_41e_F.M. (P)_Time Value of Money, 14No.1 for CAICWA & MECICEC. MASTER MINDS NOTE: a) The size of each payment of an annuity is called “Periodic payment”. b) Time interval between 2 successive payment dates of an Annuity is called” Payment Period” or “Payment Interval” ¢) Total time period is called “Term of Annuity”. d) An annuity which is payable forever is called “Perpetuity”. e) Present value of an annuity is equal to sum of present values of all installments. f) The total worth of all payments at the conclusion of annuity is called Amount of Annuity. g) The accumulated sum of series of periodic deposits invested for replacement of an asset or for liquidation of a loan is called “Sinking Fund’ EV OF AN ANNUITY: Future value or Amount of Annuity is the sum of future values of each individual payment at the end of each Year. FVA, =R(FVIFA\,) ‘Where, FVAy = Future value annuity, R = Constant Periodic flow, FVIFAja) = Future value interest factor of an annuity ati % for n period (or) Computation of future value of an annuity (FVAn) shall be quite simple if we make use of either the calculator or the future value annuity table FVIFA\. Note: a) Itis assumed that each periodic payment is nese nd of each year/ period b) Future value/ Amount of Annuity is the sum alues of each individual payment. ‘¢) Please note that the last payment is made at ‘of n® year, So, it will not yield any interest. PROBLEM 9: A person is required to, Jur equal annual payments of Rs.5,000 each in his deposit account that pays 8% interest far. Find out the future value of annuity at the end of 4 years, (A) (OLD SM) (ANS.: FUTURE VALUE OF ANNUITY RS. 22,536) (SOLVE PROBLEM NO.3 & 4 OF ASSIGNMENT PROBLEMS AS REWORK) Note: PROBLEM 10: Mr. X wish to get her daughter admitted into a medical college after 15 years from now. He will be required total Rs. 25,00,000 to get admission into the college. For this he has identified a fund, which pays interest @ 9% p.a. In this regard he wanted to know the amount to be invested in each of the following situations: i) If he decides to make annual payment into the fund at the end of each year, If he decides to invest a lump sum in the fund as on today. ili) If he decides to make annual payment into the fund at the beginning of each year. (FVIF/ CVF (15, 0.09) = 3.642, FVIFA/ CVFA (15, 0.09) = 29.361, PVIF/ PVF(15, 0.09) = 0.275 and PVIFA/ PVFA (15, 0.09) = 8.061). (A) (RTP N16, MTPI N16) (ANS.:() RS. 85,148.96 P.A.; (I). RS. 6,86 436.02; (I). RS.78,117.68 PA) (SOLVE PROBLEM NO.5 OF ASSIGNMENT PROBLEMS AS REWORK) Note: CA Inter_41e_F.M. (P)_Time Value of Money 158851 25025/26 www.mastermindsindia.com PROBLEM 11: A company has issued debentures of Rs.50 lakhs to be repaid after 7 years. How much should the company invest in a sinking fund earning 12% in order to be able to repay debentures? (A) (OLD SM) (ANS: 4,95,589) (SOLVE PROBLEM NO.6 OF ASSIGNMENT PROBLEMS AS REWORK) Note: MODEL 6: PRESENT WALUE OF ORDINARY ANNUITY /ANNUITY IMMEDIATE PRESENT VALUE OF AN ORDINARY ANNUITY: a) It is sum of the present values of Cash flows occur at the end of each period. It represents the amount that must be invested now to purchase the payments due in future. b) Unless otherwise specified, we assume that each payment is made at the end of each payment period, that is called an “Ordinary Annuity”. We also assume that interest is computed at the end of each payment period ‘Where, PVA, =RPVIF: 2 An =REVIFAn) PVA, = Present value annuity, R Constant Periodic flow PVIF,, = Present value interest factor of an annuity at i % for n period ¢) Computation of PV n shall be quite simple if we make us@of either the calculator or the Present value annuity table (PVIFA\,n) PROBLEM 12: Find out the Present Value of a 4 year 'Y of Rs.20,000 discounted at 10%. ‘Sip (ANS.: PRESENT VALUE OF 4Y ANNUITY RS.63,400) {OBLEM NO. OF ASSIGNMENT PROBLEMS AS REWORK) Note: PROBLEM 13: A doctor is planning to buy an X-Ray machine for his hospital. He has two options. He can either purchase it by making a cash payment of Rs.5 lakhs or Rs.6,15,000 are to be paid in six equal annual installments. Which option do you suggest to the doctor assuming the rate of return is 12 percent? Present value of annuity of Re.1 at 12 percent rate of discount for six years is 4.111 (A) (OLD PM) [ANS.: OPT (1)-CASH PAYMENT RS.5 00,000, OPT-(2). PRESENT VALUE OF ANNUTIY RS.421,378, OPT 2)1S BETTER] (SOLVE PROBLEM NO.8 & 9 OF ASSIGNMENT PROBLEMS AS REWORK) Note: ‘MODEL 7: PRESENT WALUE OF PERPETUITY PERPETUITY: a) Perpetuity is a stream of cash flows for an infinite period b) Fixed coupon payments on permanently invested (irredeemable) sums of money are prime examples of perpetuities. eee (si) ei IP PVA x= Where, R= the payment or receipt each period i= the interest rate per payment or receipt period CA Inter_41e_F.M. (P)_Time Value of Money. 1.6No.1 for CAICWA & MECICEC MASTER MINDS ¢) If a deposit of Rs. 1,000 is made in a savings bank account at 474% for an indefinite period then the yearly interest of Rs.50 is a perpetuity of interest income so long as the initial deposit of Rs. 1,000 is kept unchanged. In order to find out the PV of perpetuity, the present value of each of the infinite number of cash flows should be added, But it is difficult or rather impossible to find out the PV of perpetuity. However, mathematically it can be easily calculated by using following formula’ Where, PV, is the present value of perpetuity and r is the rate of interest. PROBLEM 14: Find out the present value of an investment which is expected to give a return of Rs.2,500 p.a. indefinitely and the rate of interest is 12% p.a. (@)(ANS.: PRESENT VALUE OF AN INVESTMENT RS.20,833) (SOLVE PROBLEM NO.10 OF ASSIGNMENT PROBLEMS AS REWORK) Note: PROBLEM 15: Find out present value of Perpetuity of Rs.400 starting in year 3 at a discount rate of 18%. (A) (ANS.: PRESENT VALUE OF PERPETUITY RS. 1556) (SOLVE PROBLEM NO.11 OF ASSIGNMENT PROBLEMS AS REWORK) Note: MODEL 8: PRESENT VALUE OF GROWING PERPETUITY GROWING PERPETUITY: a) A stream of cash flows that grows at a constant @RWBrever is known as growing perpetuity RRO) Roo)? RCO" _ eR)" RL ay i? (ey? ot (ay -g Where, R = cash flow at the end of first period i= the interest rate per payment or receipt period b) A growing perpetuity may be defined as an infinite series of periodic cash flows which grow at a constant rate per period. In such a case present value of perpetuity is calculated as follows: Pv = Cash flow/ (r- 9) Where cash flow = The cash flow at the end of the first period, r = rate of interest, And, 9 = growth rate in perpetuity amount ¢) However, it may be noted that above formula can be used only if the rate of interest is more than the rate of growth i.e. r> g. PROBLEM 16: A person is going to retire shortly and he wants to maintain his present standard of living he should get a regular income of Rs.50,000 p.a. How much he has to invest now so as to earn interest perpetually. Please note that inflation is growing at the rate of 8%. Investors expected rate of retum is 10%. (A) (ANS.: 500,000) (SOLVE PROBLEM NO.12 OF ASSIGNMENT PROBLEMS AS REWORK) Note: CA Inter_41e_F.M. (P)_Time Value of Money 178851 25025/26 www.mastermindsindia.com PROBLEM 17: A company is expected to declare a dividend of Rs.2 at the end of first year from now and this dividend is expected to grow @ 10% every year. What is the PV of this stream of dividend if the rate of interest is 15%? (©) (ANS.:P.V OF THIS STREAM OF DIVIDEND RS.40) Note: MODEL 9: EFFECTIVE RATE OF INTREST EFFECTIVE RATE OF INTRES: a) It is the actual equivalent annual rate of interest at which an investment grows in value when interest is credited more often than once a year. If interest is paid m times in a year it can be found by calculating Effective Rate of Interest = (1+ PROBLEM 18: If the interest is 10% payable quarterly, find the effective rate of interest. (a) (OLD sm (ANS.: EFFECTIVE RATE OF INTEREST 10.38%) (SOLVE PROBLEM NO.13 OF ASSIGNMENT PROBLEMS AS REWORK) —+— Is ita single payment? SS Is it a series of payments? RS Note: Want to know value at Want to know value § Want to know value at Want to know value a future point of time? asontoday? _) a future point of time? as on today? ¥ + AW? ¥ ’ Pen vae Present Value Future Value Present Value of Annuity of Annuity ASSIGNMENT PROBLEMS MODEL 3: CALCULATION OF FUTURE WALUE OF A SINGLE AMOUNT PROBLEM 1: X is invested Rs.2,40,000 at annual rate of interest of 10 percent. What is the amount after 3 years if the compounding is done? 1. Annually 2. Semi-annually (A) (OLD PM) (ANS.: 1) AMOUNT AFTER 3 YEARS ANNUALLY RS.3,19,440 AND 2) SEMI ANNUALLY RS.3,21,624) MODEL 4: CALCULATION OF PRESENT WALUE OF A SINGLE AMOUNT PROBLEM 2: John OLD Smith's great uncle has promised to give him Rs.25,000 at the age 21. John will not reach this ripe old age for four more years. Assuming that he can eam 6%, calculate the amount of money that John OLD Smith will receive as of now? (A) (ANS.; AMOUNT RECEIVE NOW RS. 19,800) MODEL 5: CALCULATION OF AMOUNT OF ANNUITY / FV OF ANNUITY IMMEDIATE PROBLEM 3: Find the amount of an annuity if payment of Rs. 500 is made annually for 7 Years at interest rate of 14% compounded annually. (©) (ANS.: AMOUNT OF ANNUITY R8.5365.26) PROBLEM 4: Rs. 200 is invested at the end of each month in an account paying interest 6% per year ‘compounded monthly. What is the amount of this annuity after 10th payment? Given that (1.005)'° = 4.0511 (A) (OLD SM) (ANS.: AMOUNT OF ANNUITY AFTER 10TH PAYMENT RS. 2,044) CA Inter_41e_F.M. (P)_Time Value of Money, 1.8No.1 for CAICWA & MECICEC MASTER MINDS PROBLEM 5: A finance company advertises that it wll pay a lumpsum of Rs. 10,000 at the end of 6 years to investors who deposit annually Rs. 1,000. What interest rate is implicit in this offer? (©) ANS. INTEREST RATE IS 20% (APP)) PROBLEM 6: How much amount is required to be invested every year so as to accumulate Rs.3,00,000 at the end of 10 years if the interest is compounded annually at 10%? (©) (OLD SM) (ANS.: AMOUNT REQUIRED TO BE INVESTED RS.18,823.62) MODEL 6: PRESENT VALUE OF ORDINARY ANNUITY /ANNUITY IMMEDIATE PROBLEM 7: The ABC company expects to receive Rs.1,00,000 p.a. for a period of 10 years from a New project it has just undertaken. Assuming a 10% rate of interest, how much would be the present value of this annuity? (A) (ANS.: PRESENT VALUE OF ANNUITY RS. 6,14,500) PROBLEM 8: Ramanuj has taken a 20 month car loan of Rs. 6,00,000. The rate of interest is 12 per cent per annum. What will be the amount of monthly loan amortization? (6) (OLD SM) (ANS.: RS.33,249.1) PROBLEM 9: Y bought a TV costing Rs. 13,000 by making a down payment of Rs. 3,000 and Agreeing to make equal annual payment for 4 years. How much would be each payment if the interest on unpaid amount be 14% compounded annually? (8) (OLD SMYANS.: RS.3431.71) ‘MODEL 7: PRESENT WALUE OF PERPETUITY PROBLEM 10: Ramesh wants to retire and receive Rs. 3,000 a month. He wants to pass this monthly payment to future generations after his death. He can earn an interest of 8% compounded annually. How much will he need to set aside to achieve his perpetuity goal? (A) (OLD SM) (ANS.: AMOUNT NEED TO SET A SIDE RS.4,52,775) PROBLEM 11: A finance company makes an offer to d sum of Rs.1,100 and then receive a retum of Rs.80 p.a. perpetually. Should this offer be (ed if the rate of interest is 8%7 Will the decision change if the rate of interest is 5%? (B) (ANS: RATE OF INTEREST= 7.27%) Assuming that the disco is 7% per annum, how much would you pay to (©) (OLD Sy (ANS.: AMOUNT PAY RS.2,500) DEL 9: EFFECTIVE RATE OF INTEREST PROBLEM 13: Mr. Pinto borrowed Rs. 1,00,000 from a bank on a one-year 8% term loan, with interest ‘compounded quarterly. Determine the effective annual interest on the loan? (©) (OLD PM - EXERCISE) (ANS.: EFFECTIVE RATE OF INTEREST 8.247) CA Inter_41e_F.M. (P)_ Time Value of Money 1.9Ph: 98851 25025/26 www.mastermindsindia.com } Table A: Period n | mw | oe 10% {1 tow 1.020 1.100 2 | 102 | 1.040 1210 3 | 1030 | 1.061 1201 4 | 10m | 1082 1464 5 | 1051 | 10% [ten 3108] a6 i772 | 7 | 10m | 110 1949 8 | ross | ize 2a 9 1.094 1.195 ‘2358 r0_| 1105 | 1219 2594 ir] anne 22a 2355 az | iaz7 | 1.268 3138 13 | 1138 | 1204 asa 14 | 149 | rao | ame [as | aars | a.a7a | s970 | 4505 Jaz | aaee | 1400 | 4328 | 5.054 18 | 1195 | 1498 | ant | 560 19 | 1208 | 1487 51a) 616 20 | 1900 | 1486 __5606 | 6728 | 25 | 1262 | Leal 8.623 | 10.896 L 30 1.348 | 1811 10.063 | 13.268 | 17.449 CA Inter_41e_F.M. (P)_ Time Value of Money 1.10No.1 for CAICWA & MECICEC MASTER MINDS ‘Table A.1 : Compounded Value of a given Amount i-e,, CVF, a) [rid] Ln | ue | sem | som | me | rom | 10% | rm | sm | age | 208 Tae) ae [ae | ae |e | nee | arena a6 | am 2 | 1992) 1254] 1277] 13900] 1922] 194 1969; 1992) 1416 | 1440 3 | 1368 1.405 1.443 1.482 ‘1.621 1.561 1602 | 1.643 1.685 ‘1.728 4 | asia} aste| 600] em] ine] tm) iste) see | 2008 | 207 Ls | tes | ime | tga} te | gon | zi | sam | oe | poe | 2s [e [aso [tere | 20m | 2356 | 2ais | 2436 | 2095 | 2700 | 20u0 | 2008 7 | aor] aan) 2ase| asm| aco) 2am) son aims | sam | asss 8 | 2mm | 2ae| 2s | aes) sow | aan | aan) anw) dom 430 9 | zsse| ame | som | sam | ais] aos) aim | aa | ates caso [20 2.839 3.106 3395 | 3.707 4.046 4411 4.807 5.234 5.695, 6.192 a} au} sam} amie | ee | ee | aust | saat | eare | err | naan 12 | sas} 2006) 4305| sais | sss0| 5996/6550 | 7258 | 806s 8916 ws | ama | com] came | saa | sims | case | name | sae | 9e86 | 10000 se | cate | aan | sass | sant | tow | noes | 90m | roser | nino | 1259 ss | ams | san | cane | tame | nier | same | vosse | snore | sao | isan? ie | san} eum | roe} eset | sass | tomes | aaaie | teas | asia | tea sr [saws | soso | rae0 | sare | some | i2aes | r4ans | asera | toate | 22186 18 | 6544 | 7690 | 9.024 10.575 | 12975 | 14469) 16879 19673 | 22901 | 26623 se | rama | oie | roser | aaese | seam | erm | wares | asate | orasa | sia 20 8.062 9.646 | 11.523 | 13.743 | 16.367 | 19.461 | 23,106 | 27.993 | 32.429 | 98.398 as | iasee | arom | aian | aean sae | aoste | anos | anon | Trois | esse a» | szsez | snow | seate | sees | eaaiz | abate | toss | wasn | iter | arate males a soa | ta ta cs CA Inter_41e_F.M. (P)_ Time Value of Money 1.11Ph: 98851 25025/26 Table A.1 : Compounded Value of a given Amount ie, CVFie,x) www.mastermindsin CA Inter_41e_F.M. (P)_ Time Value of Money Perad n 21% 22% 23% 24% 25% 26% | 27% 28% 30% 1] 1210) ~1am0} samo} saa) —1aso/— 1am) aro) aae0 1300 2 1464} 1488/1513} 1.538 1562| 1.588/ 161s} 1.638 1.600 3 | 17m) sie, set) sor! tase] 2000) 208) 2007 aust «| ana) 221s) aan ase] 2ann| 2500) nen) eee 256 5 | 25m) ara) esis! 2aea| sosz| gare) sam) ase ama 6 | aise] sam) san, aes) ams] soon 4 daee san 7 |—arer]—aom | —aaie) —asoe) res} —aou2) sao] — sane] sats] eats @ | ssa) 4one| 250) sss0 | seo| eas) azer) rane| Taso aas7 o | ssa) sger) aie oson|tasi| Sone] sass) 9203) 800) sneos 10 6.727 7.305, 7.928 8.549| 9.813| 10.086| 10915| 12.906| 12.761| 13.786 Mr) emo] e512) 9749) inost] isos |iazoe| insta] asia] ieasa) t79ai | 9890) osm] sige| asms| tess) sora| reos| ssae| aiae| aname 3 | 1916] ssa64| s4r9| 16225] s8s90] 20375] ana50| aa | araes| 2oae7 | t4azi] seae2| seaen| zoar9| aarer| samo] anzos| sige ssam| sara 15 | ro] 972| mois] 25105| ana) s2m0| paca] eases | asser| _siaes 16 | B19) acaba] ards) als | assor | aoasr | asree] sis! seaos| essa wt | sae] ose] sna] sazax| s4ano) soaso| sauss| east] toasz| scare 1 | s0m12} seus) siso0| anom| sssn1) sson| ssa] sion] sraee| stoate xe | rani) aszas| sor | t000s| coaso| soreo| seis | 1osa90| x2eace| 48.00 a0_| ssase| soasr| e2emo| rasoa| sazo0| s01r20| 110.33] 1seat0| 1s2an2| one as | Givase] Yasane] a7easr] ates | aeacos| a.0«0| soomme| Tasos] sei. | 1627 20 | aouant| atozas| 497s0i| esas | sore | ozs. | 300477 | 64s | 20208 | ais. Table A2: Compound Vale of an Annuity Le, CVAF Period r » [om | ae | | ew | oe | oe | om | oe | ow | ioe 1 1.000 1.000 1.000 1,000. 1.000 1.000 | 1.000 1.000 1.000, 1.000 2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 | 2.100 3 3,030 3.060 3.091 3,122 3,152 3184 | 3.215 3,246 3.278 3.310 4 | doco | tam | time | aate | aio | cam | aa) ase | sma | aon 5 | sior| saoe | sae | saie | aoe | cose | arm | saer | sans |_ eos 6 | 6152 | 6208 | 6468 | Geaa | 6802 | 6975 | 7158 | 7396 | 7823 | 7.716 7 | tae | tase | ram | tase | ener | sme sem | ans | ea00 | oasr 8 | ase | ass | nave | sate | asco | anor | roam | oasr | eas | a1ao 9 | sae | ass | soase | ase | anoer | ater | itate | i2aie | soa | isst0 yo_| waa | rosso | nase | voove | taste | ase | same | seasr | isssa | ieser | aiaer | aaiee | saaos | isase [ear [asm | iaee | teas | atseo | eset x | zoe | ssaia | seise | asoae | asarr | anazo | snane | anarr | 03a | aiaea va | sate | aceso | ssors | aeoer | inzis | asase | anan | atase | anane | a1szo us | ataer | save | arose | asaze | ansee | atoms | azsso | a4ase | asox | arate x_| soe | rape | assoe | snow | ausvo | aaave | asam | onase | soae1 | a2 16 | avase | ine | anasr | atsas | onary | asara | grams | soaze | enone | asso vr | sate | ano | aire | asses | osaio | onze | ana | sarao | sears | aos 18 | 19.615 | 21.412 | 23.414 | 25.645 | 28.132 | 90.906 | 33.999 | 97.450 | 41.901 | 45.599 vs | oan | azan | asuzr | zton | aoste | ame | sna | ataae | aeois | sus9 20_| zzore | acaer | asavo | aos | ssowe | some | anaes | aszea | stam | sna as | asaat | sawn | sate | alow | aizat | s4am | cai | 7aioe | sur | sae? a0_| ataes | ioase | a7svs | snaos | eaasn | moose | cast | ream | 120s | so4aonNo.1 for CAICWA & MECICEC MASTER MINDS CVAF 0) ‘Table A.2: Compound Value of an Annuity i: Period ] 1% | we | se | me | 16% | 16% | 1m | 1m | 19% | 20% 7 1000 | 1.000 1.000, 1000} 1000/ 1000 1000/1000] i000) 1000 2 2110 2120} 2190] 2240} 2150) 2160| 2170/ 2180] 219 2200 3 ssaz| sat) a4o7| 3440} 9473} 3.505 | 3599/3572) 3.606) 8.640 4 amo} 4779] 450] 4921] 4999| 5065) 5141) 5.215) 5291) 5.368 5 e228 | 6353} e4so| e610) 4742] 6877) Tod, 7a54| 7297 7440 6 7 8 9 791s | Siis | saas | _85ee | 8755) S077 | 9207 9442] 9.083] 0.090 9.783 | 10.089} 10405 | 10.730} 11067| 11414 in772| 12142} 19529| 12916 11.589 | 12900] 12.757} 19233 | 13.727 | 14240/ 14.73 | 15.327] 16.902) 16490 14164} 14.776 | 15416} 16085 | 16786) 17.518 | 18.285} 19.086} 19923 | 20.799 so | 16722] 17549 | 18420| 19397 | 20.904 | 21321 | 22293 | 29.501] 24709 / 25.959 n 19561 | 20.655 | 2181s | 25.004 | 24.49 | 25.783 | 97.200 | 26.755 | 0404 | 32.150 12 | 22713] 24199) 25650 27271 | 29.002) 30850) s2az4| 34991! 37.180 39.580 as | 26.212} 28.029} 29985 32.089 96786} 99.404} 42.219) 45.244 48.497 4a | 20.095 | 32.393) 34.883 | 37.581 43672 | 47103] sosrs| 54941 59.196 15 | 34.405 | 37.280 | 40.417 | 43.842 51,660 | 56.110 | 60.965 16 ‘39.190 | 42.763 | 46.672 | ~50.980 | 60935 | 66.649 | 72.999 | 79.850 | a7.442 vr | 44501) 4984) 53.739 | 59.118 71.673 | 78979 | 37.068 | 96.022 | 105.991 1s | 50.396} 55.750 | 61.725 | Gass | 75.896} 84141 98.406 | 103.740 | 115.266 | 126.117 19 | 86.939 | 63440 | 70,749 | 78.969) 88.212 | 98.609 | 110.285 | 193.414 | 198.166 | 154.740 | 20 | 64.208 | 72.052 | 80.947 | 91.025 | 10244 | 115.380 | 130.088 | 145628 | 165.418 | 186.688 5 30 Tia dis | 138594 | 158620 | TSLSTI | 2IZTT | BAG 2a | Bod. | 342603 | 402.0482 | 471.981 199.021 | 241.393 | 299.199 | 356.787 | 494.745 | 530.921 | 647.499 | 790.748 | 966.712 1181,882 ‘Table Ad: Compound Value of un Annuity Le, CVAF 2» Perad 1 n | are | zoe | som | oom | 25m | son | 27m | 6m | 29m | som 1 | £000] i000) 1.000] — 1.000) 1.000] 1.000] 1.000 — 000! —.0001 000 2 | zz21o| 2200] 2.290) 2240] 2.280) 2.260] 2.70) © 2280] 2.260] 2.00 3 | sera] 708] 3.2742) 770) ia] a.84a] 3.880) sis] 3.954] 900 4 | sais) 5524] 5.045604] 5:66) 524s] 5.901] 016] 601,687 8_|__ reo] x40] 7209, soua|__207| 8368] 8.530700] _s70| 9.043 3 7 8 9 10.183) 10.442/” 10-708 10.980] 12.259] 11544! 11.897| 12.196] 12.442) 12.758) 1ssai} 13.740] 14.171/ 14615] 15.073| 15.546) 16.032) 16534| 17,051) 17.583) 17.119} 17.762] 18.430] 19.123] 19.842/ 20.588} 21.961| 22.163 22.995) 23.858] 2L714) 22.670/ 23.669) 24.712) 25.802) 26.940/ 28.128 29.969) 90.684) 92.015| 10_| 27274) 28657) 30.113} 31.643) 88.25, 34.945] 936.723) 38502) 40.556] _42.619| IL | s4001/” 35.962/ 38.039) 40:236| 42.566] 45.030| 47.639| 50.399| 53.518) 66.405] 2 | 42,141) 44.873) | 47.787/ 50.985) 54.208) 57.738} 61.501, 65,510) 69.780, 74.226 13 | 51991) 55.745] 59.778 64.110] 68.760] 73.750] 79.106, 84.853| 91.016, 97.624) 14 | 63.909) 69.009] 74.528] 80.496] 86.949) 93.925} 101.465 109.612| 11s.411| 127.912] 1 _| 78.830) 85.191] _92.669| 100.815] 109.687, 119.946] 129.860, 141,903) _153.750,_167.285| 16 | 95.79) 104.935] 114.983] 126.011| 138.109) 151.975| 165.922 181.868 199.497 218.470] 17 | 116.892) 129.019] 142.428) 157.253} 173.696) 191.733] 211.721, 283.791, 258.145 285.011] 18 | 142.499) 158.403) 176.187] 195.994) 218.045] 242.583] 269.885, 900.252 334.006 371.514 19 | 173.361) 194.251) 217.710] 244.033 273.556) 306.654] 949.754 385.929, 481.868 489.968, 20 | 210.755] 237.986) 268.783] 303.601] 342.045] 987.384) 497.568] 404.213, 558.110 680.157 25 | 554.250] 650.944) 764.596] @98.092| 1054.791| 1238.617| 1454.180| 1706.803| 202.608) 2948,765 30__| 145.111) 1767.044) 2160.459] 2640.916) 3227.172| 941.959] 4812.91) 5879.291) 7162785 8729.805 CA Inter_41¢_F.M. (P)_ Time Value of Money 13Ph: 98851 25025/26 ‘Table A.3 : Present Value of a given Amount ie, PVFu.w Period ] a we | a | oe | ae | 5m 1 | 0990 | 0980 | os71 | 0962 | 0982 2 | 0980 | 0961 | oss | 0825 | 0907 3 | os: | 09a | 0915 | os | ose 4 | 096: | 0924 | oss9 | 0865 | 0823 5__| 0951 | 0906 | oses | 022 | 0784 6 7 8 8 oass | 0926 | 0917 | 0909 os7s | 0857 | oga2 | 0.826 oss | 704 | 0772 | 0.751 076s | 0.735 | 0.708 | 0.683 ors | 0661 | 0650 | 0621 0666 | 0.630 | 0596 | 0.64 0623 | 0589 | 0547 | os19 582 | 0540 | 0502 | 0.467 os44 | 0500 | o4so | 0424 508 | 0463 | 0422 | 0.386 0902 | 0888 | 0888 | 0790 | 0.746 0933 | oat | ois | o760 | 0711 oss | oass | 0789 | o7s1 | 0677 os | 0837 | 0.766 | 0703 | 0.645 ro _| 0905 | 0820 | 0744 | 0676 | o614 a1 | 0896 | osoa | 0722 | 0850 | 0585 | 0527 | 0475 | 0429 | 0388 | 0.50 12 | ogs7 | 0788 | o701 | 0625 | 0557 | 0497 | 0444 | 0397 | 0356 | 0819 1s | 0879 | 0773 | 0681 | 0601 | 0530 | 0469 | 0415 | 368 | 0326 | 0290 14 | 0870 | 0758 | 0661 | 0577 | 0505 | 0442 | 388 | 0340 | 0299 | 0263 15 | ose1 | 0743 | 0642 | 0555 | 0481 | 0417 | 0362 | 0315 | 0275 | 0299 16 | 0853 | 0728 | 0623 | 0534 | 0458 | 0204 | 0339 | 0292 | 0252 | o218 it | 0844 | o714 | 0605 | 0513 | 0496 | os71 | 0317 | 0270 | 0231 | 0.198 18 | 0896 | 0700 | 0587 | 0494 | 0416 | 0850 | 0296 | 0250 | 0212 | 0.180 1s | 0828 | 0686 | 0570 | 0475 | 0396 | oaa | 0276 | 0232 | ois | 0.164 20__| 0820 | 673 | oss4 | 0466 | oa77 | osi2 | 0258 | 0215 | 0.178 | 0.149 2 | 0780 | o610 | 0478 | 0375 | 0295 | 0293 | o1s4 | 0146 | o116 | 0.092 o4i2 | oa08 | 0231 | 0174 | 0131 | 0099 | 0075 | 0057 ‘Table A. : Present Value of a given Amount ie. PVF s,.) 2 1% | 12% | 19% | u% | 15% | 10m | 27% | 19% | 19% | 20% 1 | 0901 | 0893 | 0885 | 0877 | 0870 | 0862 | o8s5 | 0847 | o840 | 0.893 2 | oai2 | o77 | o7es | 0769 | 0756 | 074s | 0731 | ons | 0.706 | 0.694 3 | o7s1 | om | oes | 67s | 065s | 0641 | o624 | 0609 | 0593 | 0579 4 | 0659 | 0636 | 0613 | 0592 | 0572 | 0652 | 0894 | 0516 | 0499 | 0.482 5 | 0593 | ose7 | 0543 | o519 | 0497 | 0476 | 0456 | 0497 | 0419 | 0.402 6 7 8 9 osa5 | 0507 | 0480 | 0456 | 0492 | o410 | os90 | 0970 | os62 | 0335 o4s2 | 0452 | 0425 | 0400 | 0976 | 0354 | 0933 0314 | 0296 | 0.279 aga | 0404 | 0376 | 0251 | oa27 | 0305 | 0283 | 028s | 0249 | 0.233 oss: | os: | oass | os0s | 024 | 02s | az43 | 0226 | 0209 | 0.194 10 | oss | os | 0295 | o270 | 0247 | 0227 | 0.208 | o191 | 0.176 | 0.162 ui | 0317 | 0287 | ozs | 0237 | ozis | 0195 | 0176 | o1s2 | 0148 | 0.185 12 | 0286 | 0257 | ozs | 208 | ots? | oes | osz | o1s7 | 0128 | oz 13 | 0258 | 0229 | ozo | o1s2 | 016s | tas | ong | asx | 0.108 | 0.095 a4 | 0232 | 0205 | ost | o160 | ota | o25 | 0311 | 0.099 | 0088 | 0078 15_| 0209 | o1s3 | o.60 | o140 | 0.123 | o0s | 009s | 00s | 0074 | 0.065 16 | 0188 | 0163 | 014i | 0.123 0107 | 0.093 | 0081 | 0071 | 0082 | 0054 xt | 0170 | 0146 | 0125 | 0.108 | 0.083 | 0.080 | 0.069 0.060 | 0.082 | 04s, 1s | o1ss | caso | om | 00% | cos | coco | aoe oosr | cose | ocas | 19 | 0338 | o116 | 0.098 | 0.083 | 0.070 | 0.060 | 0.051 9043 | 0.037 | 0.031 20 | oaz | 0.104 | 0087 | 0073 | 0.061 | 0051 | 0.043 0.037 | 0.021 | 0.026 25 | cova | 0059 | 0047 | 0.038 | 0030 | oo24 | 0020 | o016 | 0013 | 0010 30 | 0044 | o0a3 | 0.026 | 0.020 | oo1s | 0.012 | 0.009 | 0.007 | 0.005 | 0.004 CA Inter_41¢_F.M. (P)_ Time Value of MoneyNo.1 for CAICWA & MECICEC MASTER MINDS ‘Table A. : Present Value of a given Amount ie, PVF, a 21% | 20% | 29% | 24% | 26% | 26% | 27% | 26% | 29% | som i | 0826 | os20 | osia | oso6 | o8o0 | 0794 | o7ve7 | o7e1 | 0775 | 0769 2 | 0683 | 0672 | 0.661 | 0650 | 0.640 | 0.630 | 0620 | 0610 | 0601 | 0592 8 | os } osst | 0597 | sz | osi2 | 0500 | o488 | 0477 | 0.466 | 0.455 4 | 046s | 0451 | 0497 | 0423 | o4to | 0597 | oss | 0373 | 0361 | 0.350 5 | oss | oa70 | osss | 041 | oss | sis | 0303 | 021 | 0280 | 0269 é 7 8 9 sia | 0303 | 0280 | 0275 | 0262 | 0250 | 0238 | 0227 | o217 | 0.207 0.263 | 0249 | 0.235 | 022 | 0210 | 0198 | 0188 | 0.178 | 0168 | 0.159 28 | 0204 | 0191 | 0.179 | 0168 | 0157 | 0148 | 0.138 | 0.130 | 0.123 0380 | 0367 | 0155 | 0144 | 0.194 | 0.125 | 0.116 | 0.108 | 0.101 | 0.094 1o_| 149 | 0197 | 0126 | oas6 | 0.107 | 0.099 | 0.092 | 0.085 | 0.078 | 0.073 ur_| 0123 | 0212 | 0103 | 0.084 | 0.036 | 0.079 | 0.072 | 0.086 | 0.061 | 0.056 12 | 0202 | 0.092 | 0.083 | 0.076 | 0.089 | 0.062 | 0.057 | 0.052 | 0047 | 0.043 13 | 008 | 0075 | 0.068 | 0.081 | 0.055 | 0.050 | 0.045 | 0.040 | 0.037 | 0.033 34 | 0.069 | 0.062 | 0.055 | 0049 | 0.044 | 0.039 | 0095 | 0.032 | 0.028 | 0.025 a5 | 0057 | 0.051 | 0.045 | 0.040 | 0.035 | 0.081 | 0.028 | 0.025 | 0.022 | 0.020 16 | 0087 | 0.082 | 0036 | 0.082 | 0.028 | 0.025 | 0022 | 0019 | 0017 | 0.015 11 | 0039 | 0.024 | 0.090 | 0.026 | 0.023 | 0.020 | 0017 | 005 | os | oz 18 | 0.032 | 0.028 | 0024 | cor | oo1s | ors | 0.014 | 0.012 | 0.010 | 0.000 39 | 0027 | 0.023 | 0.020 | oor | oor | oo12 | 0.011 | 0.009 | 0.008 | 0.007 20 | oo | oo | 0016 | 0014 | ooi2 | 0010 | 0.008 | 0.007 | 0.006 | 0.005 25 30 0,009 | 0.007 | 0.006 | 0.005 | 0.004 | 0.003 | 0003 | 0.002 | 0.002 | 0.001 0.003 | 0.003 | 0.002 | 0.002 | 0.001 | 0.001 | 0.001 | 0.001 | 0.000 | 0.000 | ‘Table A. : Present Value of a Future Annuity ie, PVAF., ») 1 1% am | 3% | 4% 5% o% Te | 8% 9% | 10% 1 asso | o980 | 0971 | ose2| ose] osas | o935| 0926 | o917| 0909 2 igo | 1942 | 1913| 1886 | 1859) 1893) 3.73 | i7s3 | 1759 | 1.786 3 241} 2884) 2829) 2775 | 2728) 2673 | 262 | 2577) 2531) 2487 4 902} 380s} 3717} 3690} 3546] 3465 | ggi2| agi2| 3240} 9.170 5 4gsa| 4713 | 4580 | 4452 | 4329 | 4212 | 4100| 3999 | 3.890 | 3.701 6 1 8 9 5795 | 5601 | 5417 | 6242) 6076| 4917, 4767 | 4623 4486 | 4865 6728 | 6472 | 6230} 6.002 | 5.789] 5582 | 6989| 5206 | 5.033) 4.868 7652 | 7926} 7.020) 6793) 6463] 6210| set] 5.747 | 5.535, 5.35 8566+ 8162} 7.786 | 7495 7.108| 6802} 6515| 6247) 5.995 | 5.759 20 sat | 983 | asso} si | 72722 | 7360| 702| e710 | 6418 | 6.145 ui| 0868 | 9787 | 9258| 8760 | 8306| 7887 | 7499 7199] 6805 | 6495 12 | 11255 | 10575 | 9954 | 9.985} 986s | sss] 7943| 7596 / 7.161 | 6814 33 | 1zas4| m1a4s | 10635 | 9986 | 9994] ssa} sass | 7904) 7487 | 7.109 14 | 18.004 | 12.4106 | 11.296 | 10.563 | 9899] 9.295| 8.746 | 8244) 7.786 7367 [8061 | 7.606 16 | ism | 13578 | 12561 | 11.652 | 10898 | io106 | 9447 | 8851 al9 | 7824 35__| 19.865 | 12849 | 11.938 | 12.118 | 10980 | 9.712 | 9.108 | 8.560 a | 15562 | 14292 | 13.166 | 12168 | 11274 | 10477 | 9.763} 9122 8.544 | 8.002 18 | 16.998 | 14992 | 13.754 | 12659 | 11690 | 10828 10.059 | 9372) 8.756 a20t 19 | 17226 | 15679 | 14924 | 13.134 | 12.085 | 11.158 10336 | 9.604 | 8.950, 8.965 20__| 18.046 | 16.352 | 14a7a | 13590 | 12462 | 11.470 | 10.504 | 9.818 | 9.129 | 8514 25 | 22023 | 9524 | 17.419 | 15622 | 14094 | 12783 11654 | 10675 | 9623 | 9.077 30 | 25.808 | 22397 | 19.601 | 17.292 | 15.973 | 13,765 12409 | 11.258 | 10274 | 9.407 | CA Inter_41¢_F.M. (P)_ Time Value of MoneyPh: 98851 25025/26 www.mastermindsin ‘Table A.4:: Present Value of a Future Annuity PVAF om a sm | 12% | 13% | me | se | 16% | 17% | 1% | 19% | 20% i | o9o1 | 0893 | 0835 | os77 | 0870 | 0862 | 0855 | 0847 | 0850 | oss 2 | 1ms | 1690 | 1668 | 1647 | 1628 | 1605 | 1585 | 1566 | 1547 | 1.528 3 | 2444 | 2402 | 2361 | 2922 | 2283 | 2245 | 2210 | 2174 | 2240 | 2106 4 | 3102 | 3037 | 2974 | 2914 | 2855 | 2798 | 2743 | 2690 | 2639 | 2589 5 | ses6 | 3605 | ssi7 | 3433 | sasz | sa7a | a199 | s2127 | s058 | 2991 6 7 8 8 ‘aas1 | 41 | 3998 | 8889 | 3.764 | 3685 | 35c0 | aa08 | sal0 | 9.26 am | 4564 | 4423 | 4988 | 4160 | 4039 | 922 | asi2 | 3.706 | 3.605 51s | 4968 | 4.709 | 4639 | 4487 | 4344 | 4207 | 4078 | 3954 | a8a7 537 | 5928 | 5is2 | 4948 | 4772 | 4607 | 4451 | 4303 | 4163 | 4031 to_| 5889 | 5.650 | 5425 | sae | 5.019 4650 | 4494 | 4399 | 492 a | 6207 | 5.038 | 6.687 | 5.489 | 5294 4836 | 4656 | 4487 | 4527 2 | eas2 | 6194 | 5918 | 5660 | saz | 5197 | 4998 | 4.799 | 46n | 4.439 as | 6750 | e424 | 6122 | 542 | 5583 5.342 | sus | soo | ams | 4533 4 | 6982 | 6628 | 6sos | 6002 | 5.724 | 5.468 | 5229 | 5.008 | 4e02 | 4611 45_| 7101 | ean | 6462 | 012 | str | 5.575 | 52 | 5.002 | 4976 | 4675 ae | 7379 | 6974 | 6604 | 6265 | 5954 | 5669 | 5405 | 5.162 | 4998 | 4730 wy | 7549 | 7120 | 6729 | sa73 | 6047 | 5.249 | 5475 | 5.222 | 4990 | 4.775 ae | 7702 | 7250 | 6840 | 6467 | 6128 | 5818 | 5634 | 5.279 | 5033 | 4.12 1 | 7893 | 73966 | 6938 | 650 | 6198 | 5877 | 5585 | 516 | 5070 | seas 20_| 7963 | 7469 | 7.025 | 6623 | 0.250 | 5020 | 5.628 | 5.353 | 5.10 | 4870 ‘25 | e422 | 7e43 | 7.090 | 6873 | 6464 | 6007 | 5.766 | 5467 | 6.195 | 4948 30 | 864 | 005 | 7496 | 7.003 | 6566 | 6177 | 5.ez9 | ssi7 | 5235 | 4979 WX ‘Table A.4 : Present Value of a Future Annulty Le, PVAF sm) Period zim | 2% | 29m | 2m | 26m | 20m | 27m | 2am | 20% | 90% os26 | 0820 | 0813 | 0806 | 0800 | 0.794 | 0787 | o7a1 | 0775 | 0.769 usoo | 1492 | 1474 | 1457 | 14¢0 | 142¢ | 1407 | 2392 | 1976 | 1361 ors | 2062 | 2011 | 1981 | 1952 | 1925 | 1896 | 1868 | 1842 | 1816 zsio | 2404 | 2448 | 2404 | 2352 | 2920 | 2280 | 2241 | 2203 | 2166 2926 | 2864 | 2803 | 2745 2635 | 2563 | 2592 | 2483 | 2496 ‘3245 | 3.167 | 3.002 | 3.020 2e85 | 2821 | 2759 | 2700 | 2.643 sos | aie | ase7 | a242 goss | 3009 | 2037 | 2868 | 2.802 ams | ago | asis | 3421 saa | aise | a076 | 2009 | 2.925 3905 | a7a6 | se7a | 566 sacs | sa7a | aia | a1o0 | a019 4054 | 3923 | 3790 | s.652 3465, 3364 | a260 | aie | 9002 477 | 4035 | 8902 | 3.776 ‘ssa | 3497 | 3995 | 9259 | 9.147 427s | 427 | 3085 | 3851 3608 | 3493 | 387 | 3286 | 3.190 4362 | 4203 | 4053 | 3.912 S656 | 3438 ) s427 | 322 | 9.225 4as2 | 4265 | 4108 | 8962 3695 | 3473 | 3459 | 9351 | 3249 4aso | 4315 | 4183 | 4001 3736 | seo. | s4as | asva | 268 4m96 | 4a87 | 4189 | 4099 a751 | 3623 | 3503 | 9390 | 8.283 | ase | 401 | 4219 | 4059 a7 | seso | 3sis | s403 | 3295 SRE ER Els eesolaa ewes 18 | 4008 | 4a19 | 4249 | 4.000 s7e6 | asa | 3529 | sais | 3311 19 | 4695 | aaez | 426 | 4.097 3190 | acca | 3539 | saat | 3si1 20 | 4087 | 4460 | 4279 | 4.10 sos | s673 | 3546 | 3427 | 3316 | 3 | amar | 4aie | aaa | aa7 sssa | s60a | 560 | Saaz | sa20 20 | 4zas | 4524 | 4299 | 4160 aed | a7o1 | as6o | s4a7 | 3.292 | THE END CA Inter_41¢_F.M. (P)_ Time Value of Money