APPENDIX D

Interest and Annuity Tables

for Continuous Compounding

For various values of r from 8% to 20%,

r = nominal interest rate per period, compounded continuously;

N = number of compounding periods;

(F/P, r%, N) = erN ;

1
(P/F, r%, N) = e−rN = ;
erN
erN − 1
(F/A, r%, N) = ;
er − 1
erN − 1
(P/A, r%, N) = rN r .
e (e − 1)

638
 APPENDIX D / INTEREST AND ANNUITY TABLES FOR CONTINUOUS COMPOUNDING 639

TABLE D-1 Continuous Compounding; r = 8%

Discrete Flows
Single Payment Uniform Series
Compound Present Compound Present
Amount Worth Amount Worth
Factor Factor Factor Factor
To Find F To Find P To Find F To Find P
Given P Given F Given A Given A
N F/P P/F F/A P/A N
1 1.0833 0.9231 1.0000 0.9231 1
2 1.1735 0.8521 2.0833 1.7753 2
3 1.2712 0.7866 3.2568 2.5619 3
4 1.3771 0.7261 4.5280 3.2880 4
5 1.4918 0.6703 5.9052 3.9584 5
6 1.6161 0.6188 7.3970 4.5771 6
7 1.7507 0.5712 9.0131 5.1483 7
8 1.8965 0.5273 10.7637 5.6756 8
9 2.0544 0.4868 12.6602 6.1624 9
10 2.2255 0.4493 14.7147 6.6117 10
11 2.4109 0.4148 16.9402 7.0265 11
12 2.6117 0.3829 19.3511 7.4094 12
13 2.8292 0.3535 21.9628 7.7629 13
14 3.0649 0.3263 24.7920 8.0891 14
15 3.3201 0.3012 27.8569 8.3903 15
16 3.5966 0.2780 31.1770 8.6684 16
17 3.8962 0.2567 34.7736 8.9250 17
18 4.2207 0.2369 38.6698 9.1620 18
19 4.5722 0.2187 42.8905 9.3807 19
20 4.9530 0.2019 47.4627 9.5826 20
21 5.3656 0.1864 52.4158 9.7689 21
22 5.8124 0.1720 57.7813 9.9410 22
23 6.2965 0.1588 63.5938 10.0998 23
24 6.8120 0.1466 69.8903 10.2464 24
25 7.3891 0.1353 76.7113 10.3817 25
26 8.0045 0.1249 84.1003 10.5067 26
27 8.6711 0.1153 92.1048 10.6220 27
28 9.3933 0.1065 100.776 10.7285 28
29 10.1757 0.0983 110.169 10.8267 29
30 11.0232 0.0907 120.345 10.9174 30
35 16.4446 0.0608 185.439 11.2765 35
40 24.5325 0.0408 282.547 11.5172 40
45 36.5982 0.0273 427.416 11.6786 45
50 54.5982 0.0183 643.535 11.7868 50
55 81.4509 0.0123 965.947 11.8593 55
60 121.510 0.0082 1446.93 11.9079 60
65 181.272 0.0055 2164.47 11.9404 65
70 270.426 0.0037 3234.91 11.9623 70
75 403.429 0.0025 4831.83 11.9769 75
80 601.845 0.0017 7214.15 11.9867 80
85 897.847 0.0011 10768.1 11.9933 85
90 1339.43 0.0007 16070.1 11.9977 90
95 1998.20 0.0005 23979.7 12.0007 95
100 2980.96 0.0003 35779.3 12.0026 100
640 APPENDIX D / INTEREST AND ANNUITY TABLES FOR CONTINUOUS COMPOUNDING

TABLE D-2 Continuous Compounding; r = 10%

Discrete Flows
Single Payment Uniform Series
Compound Present Compound Present
Amount Worth Amount Worth
Factor Factor Factor Factor
To Find F To Find P To Find F To Find P
Given P Given F Given A Given A
N F/P P/F F/A P/A N
1 1.1052 0.9048 1.0000 0.9048 1
2 1.2214 0.8187 2.1052 1.7236 2
3 1.3499 0.7408 3.3266 2.4644 3
4 1.4918 0.6703 4.6764 3.1347 4
5 1.6487 0.6065 6.1683 3.7412 5
6 1.8221 0.5488 7.8170 4.2900 6
7 2.0138 0.4966 9.6391 4.7866 7
8 2.2255 0.4493 11.6528 5.2360 8
9 2.4596 0.4066 13.8784 5.6425 9
10 2.7183 0.3679 16.3380 6.0104 10
11 3.0042 0.3329 19.0563 6.3433 11
12 3.3201 0.3012 22.0604 6.6445 12
13 3.6693 0.2725 25.3806 6.9170 13
14 4.0552 0.2466 29.0499 7.1636 14
15 4.4817 0.2231 33.1051 7.3867 15
16 4.9530 0.2019 37.5867 7.5886 16
17 5.4739 0.1827 42.5398 7.7713 17
18 6.0496 0.1653 48.0137 7.9366 18
19 6.6859 0.1496 54.0634 8.0862 19
20 7.3891 0.1353 60.7493 8.2215 20
21 8.1662 0.1225 68.1383 8.3440 21
22 9.0250 0.1108 76.3045 8.4548 22
23 9.9742 0.1003 85.3295 8.5550 23
24 11.0232 0.0907 95.3037 8.6458 24
25 12.1825 0.0821 106.327 8.7278 25
26 13.4637 0.0743 118.509 8.8021 26
27 14.8797 0.0672 131.973 8.8693 27
28 16.4446 0.0608 146.853 8.9301 28
29 18.1741 0.0550 163.298 8.9852 29
30 20.0855 0.0498 181.472 9.0349 30
35 33.1155 0.0302 305.364 9.2212 35
40 54.5981 0.0183 509.629 9.3342 40
45 90.0171 0.0111 846.404 9.4027 45
50 148.413 0.0067 1401.65 9.4443 50
55 244.692 0.0041 2317.10 9.4695 55
60 403.429 0.0025 3826.43 9.4848 60
65 665.142 0.0015 6314.88 9.4940 65
70 1096.63 0.0009 10417.6 9.4997 70
75 1808.04 0.0006 17182.0 9.5031 75
80 2980.96 0.0003 28334.4 9.5051 80
85 4914.77 0.0002 46721.7 9.5064 85
90 8103.08 0.0001 77037.3 9.5072 90
95 13359.7 a 127019.0 9.5076 95
100 22026.5 a 209425.0 9.5079 100
a Less than 0.0001.
 APPENDIX D / INTEREST AND ANNUITY TABLES FOR CONTINUOUS COMPOUNDING 641

TABLE D-3 Continuous Compounding; r = 20%

Discrete Flows
Single Payment Uniform Series
Compound Present Compound Present
Amount Worth Amount Worth
Factor Factor Factor Factor
To Find F To Find P To Find F To Find P
Given P Given F Given A Given A
N F/P P/F F/A P/A N
1 1.2214 0.8187 1.0000 0.8187 1
2 1.4918 0.6703 2.2214 1.4891 2
3 1.8221 0.5488 3.7132 2.0379 3
4 2.2255 0.4493 5.5353 2.4872 4
5 2.7183 0.3679 7.7609 2.8551 5
6 3.3201 0.3012 10.4792 3.1563 6
7 4.0552 0.2466 13.7993 3.4029 7
8 4.9530 0.2019 17.8545 3.6048 8
9 6.0496 0.1653 22.8075 3.7701 9
10 7.3891 0.1353 28.8572 3.9054 10
11 9.0250 0.1108 36.2462 4.0162 11
12 11.0232 0.0907 45.2712 4.1069 12
13 13.4637 0.0743 56.2944 4.1812 13
14 16.4446 0.0608 69.7581 4.2420 14
15 20.0855 0.0498 86.2028 4.2918 15
16 24.5325 0.0408 106.288 4.3325 16
17 29.9641 0.0334 130.821 4.3659 17
18 36.5982 0.0273 160.785 4.3932 18
19 44.7012 0.0224 197.383 4.4156 19
20 54.5981 0.0183 242.084 4.4339 20
21 66.6863 0.0150 296.682 4.4489 21
22 81.4509 0.0123 363.369 4.4612 22
23 99.4843 0.0101 444.820 4.4713 23
24 121.510 0.0082 544.304 4.4795 24
25 148.413 0.0067 665.814 4.4862 25
26 181.272 0.0055 814.227 4.4917 26
27 221.406 0.0045 995.500 4.4963 27
28 270.426 0.0037 1216.91 4.5000 28
29 330.299 0.0030 1487.33 4.5030 29
30 403.429 0.0025 1817.63 4.5055 30
35 1096.63 0.0009 4948.60 4.5125 35
40 2980.96 0.0003 13459.4 4.5151 40
45 8103.08 0.0001 36594.3 4.5161 45
50 22026.5 a 99481.4 4.5165 50
55 59874.1 a 270426.0 4.5166 55
60 162755.0 a 735103.0 4.5166 60
a Less than 0.0001.