Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $2,000,000 of 11% term corporate bonds on March 1, 2020, due on March 1, 2035, with interest payable each March 1 and September 1, with the first interest payment on September 1st, 2020. At the time of issuance, the market interest rate for similar financial instruments is 10%. Click here to view factor tables As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Selling price of the bonds? $
Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $2,000,000 of 11% term corporate bonds on March 1, 2020, due on March 1, 2035, with interest payable each March 1 and September 1, with the first interest payment on September 1st, 2020. At the time of issuance, the market interest rate for similar financial instruments is 10%. Click here to view factor tables As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Selling price of the bonds? $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Exercise 6-13
Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $2,000,000 of 11% term corporate bonds on March 1, 2020, due on March 1, 2035, with interest payable each March 1 and September 1, with the first interest payment on September 1st, 2020. At the time of issuance, the market interest rate for similar financial instruments is 10%.
Click here to view factor tables
As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Click here to view factor tables
As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Selling price of the bonds? $
Transcribed Image Text:Future Value of 1 (Future Value of a Single Sum)
FVFnj = (1 + 1)"
(n) Periods
2%
2½%
3%
4%
5%
6%
1
1.02000
1.02500
1.03000
1.04000
1.05000
1.06000
1.05063
1.06090
1.09273
1.04040
1.08160
1.10250
1.12360
1.15763
1.21551
3
1.06121
1.07689
1.12486
1.19102
4
1.08243
1.10381
1.12551
1.16986
1.26248
1.
.10408
1.13141
1.15927
1.21665
1.27628
1.33823
1.19405
1.22987
6
1.12616
1.15969
1.26532
1.34010
1.41852
7
1.14869
1.18869
1.31593
1.40710
1.50363
8
1.17166
1.21840
1.26677
1.36857
1.47746
1.59385
9
1.19509
1.24886
1.30477
1.42331
1.55133
1.68948
10
1.21899
1.28008
1.34392
1.48024
1.62889
1.79085
11
1.24337
1.31209
1.38423
1.53945
1.71034
1.89830
1.26824
1.29361
1.31948
12
1.34489
1.42576
1.60103
1.79586
2.01220
1.88565
1.97993
13
1.37851
1.46853
1.66507
2.13293
1.41297
1.44830
14
1.51259
1.73168
2.26090
15
1.34587
1.55797
1.80094
2.07893
2.39656
1.48451
1.52162
1.55966
1.59865
16
1.37279
1.60471
1.87298
2.18287
2.54035
2.29202
2.40662
17
1.40024
1.65285
1.94790
2.69277
18
1.42825
1.70243
2.02582
2.85434
19
1.45681
1.75351
2.10685
2.52695
3.02560
20
1.48595
1.63862
1.80611
2.19112
2.65330
3.20714
21
1.51567
1.67958
1.86029
2.27877
2.78596
3.39956
1.72157
1.76461
1.91610
3.60354
3.81975
22
1.54598
2.36992
2.92526
23
1.57690
1.97359
2.46472
3.07152
24
1.60844
1.80873
2.03279
2.56330
3.22510
4.04893
4.29187
25
1.64061
1.85394
2.09378
2.66584
3.38635
26
2.15659
2.77247
2.88337
1.67342
1.90029
3.55567
4.54938
27
1.70689
1.94780
2.22129
3.73346
4.82235
28
2.28793
2.99870
3.11865
1.74102
1.99650
3.92013
5.11169
2.04641
4.11614
4.32194
29
1.77584
2.35657
5.41839
30
1.81136
2.09757
2.42726
3.24340
5.74349
31
1.84759
1.
2.15001
2.50008
3.37313
4.53804
6.08810
32
.88454
2.20376
2.57508
3.50806
4.76494
6.45339
6.84059
33
1.92223
2.25885
2.65234
3.64838
5.00319
34
1.96068
2.31532
2.73191
3.79432
5.25335
7.25103
35
1.99989
2.37321
2.81386
3.94609
5.51602
7.68609
2.03989
2.08069
36
2.43254
2.89828
4.10393
5.79182
8.14725
37
2.49335
2.98523
4.26809
6.08141
8.63609
38
2.12230
2.55568
3.07478
4.43881
6.38548
9.15425
39
2.16474
2.61957
3.16703
4.61637
6.70475
9.70351
40
2.20804
2.68506
3.26204
4.80102
7.03999
10.28572
8%
9%
10%
11%
12%
15%
(n) Periods
1.08000
1.09000
1.10000
1.11000
1.12000
1.15000
1
1.23210
1.36763
1.16640
1.18810
1.21000
1.25440
1.32250
2
1.25971
1.29503
1.33100
1.40493
1.52088
3
1.51807
1.68506
1.36049
1.41158
1.46410
1.57352
1.74901
4
1.46933
1.53862
1.61051
1.76234
2.01136
1.67710
1.82804
1.58687
1.77156
1.87041
1.97382
2.31306
6
1.71382
1.94872
2.07616
2.21068
2.66002
7
1.85093
1.99900
1.99256
2.14359
2.30454
2.47596
3.05902
2.17189
2.35795
2.55803
2.77308
3.51788
9
2.15892
2.36736
2.59374
2.83942
3.10585
4.04556
10
2.33164
2.58043
2.85312
3.13843
3.15176
3.47855
4.65239
11
2.51817
2.81267
3.49845
3.89598
5.35025
12
2.71962
3.06581
3.45227
3.88328
4.36349
6.15279
13
2.93719
3.34173
3.79750
4.31044
4.88711
7.07571
14
3.17217
3.64248
4.17725
4.78459
5.47357
8.13706
15
3.42594
3.97031
4.59497
5.31089
6.13039
9.35762
16
3.70002
4.32763
5.05447
5.89509
6.86604
10.76126
17
4.71712
5.14166
3.99602
5.55992
6.54355
7.68997
12.37545
18
4.31570
6.11591
7.26334
8.61276
14.23177
19
4.66096
5.60441
6.72750
8.06231
9.64629
16.36654
20
10.80385
12.10031
5.03383
6.10881
7.40025
8.94917
18.82152
21
5.43654
6.65860
8.14028
9.93357
21.64475
22
5.87146
7.25787
8.95430
11.02627
13.55235
24.89146
23
6.34118
7.91108
9.84973
12.23916
15.17863
28.62518
24
6.84847
8.62308
10.83471
13.58546
17.00000
32.91895
25
7.39635
9.39916
11.91818
15.07986
19.04007
37.85680
26
7.98806
10.24508
13.10999
16.73865
21.32488
43.53532
27
8.62711
11.16714
14.42099
18.57990
23.88387
50.06561
28
9.31727
12.17218
15.86309
20.62369
26.74993
57.57545
29
10.06266
13.26768
17.44940
22.89230
29.95992
66.21177
30
10.86767
14.46177
19.19434
25.41045
33.55511
76.14354
31
11.73708
15.76333
21.11378
28.20560
37.58173
87.56507
32
100.69983
115.80480
12.67605
17.18203
23.22515
31.30821
42.09153
33
13.69013
18.72841
25.54767
34.75212
47.14252
34
14.78534
20.41397
28.10244
38.57485
52.79962
133.17552
35
15.96817
22.25123
30.91268
42.81808
59.13557
153.15185
36
17.24563
24.25384
34.00395
47.52807
66.23184
176.12463
37
18.62528
26.43668
37.40434
52.75616
74.17966
202.54332
38
20.11530
28.81598
41.14479
58.55934
83.08122
232.92482
39
21.72452
31.40942
45.25926
65.00087
93.05097
267.86355
40
Present Value of 1 (Present Value of a Single Sum)
PVFnj =
= (1 + i)"
(1+1)"
(n) Periods
2%
2½%
3%
4%
5%
6%
1
.98039
.97561
.97087
96154
.95238
94340
2
.96117
.95181
.94260
.92456
.90703
.89000
3
.94232
.92860
.91514
.88900
.86384
.83962
4
.92385
.90595
88849
.85480
.82270
.79209
.90573
88385
.86261
.82193
.78353
.74726
.88797
.86230
.83748
.79031
.74622
.70496
75992
.66506
62741
7
.87056
.84127
.81309
.71068
8
85349
.82075
.78941
.73069
.67684
.80073
.78120
9
83676
.76642
.70259
.64461
.59190
10
.82035
.74409
.67556
.61391
.55839
.76214
.74356
.72542
.70773
11
80426
.72242
.64958
.58468
.52679
62460
60057
12
.78849
.70138
55684
49697
13
.77303
68095
.53032
46884
14
.75788
66112
.57748
50507
44230
15
.74301
.69047
.64186
.55526
48102
41727
16
.72845
.67362
.62317
.53391
45811
.39365
.60502
58739
17
.71416
.65720
.51337
43630
.37136
18
.70016
.64117
.49363
41552
.35034
.68643
.67297
19
.62553
.57029
.55368
47464
.39573
.33051
20
.61027
.45639
.37689
.31180
21
.65978
.59539
.53755
43883
.35894
29416
.42196
40573
22
.64684
.58086
52189
.34185
.27751
23
63416
.56670
.50669
32557
.26180
24
.62172
.55288
49193
.39012
.31007
.24698
25
.60953
53939
.47761
37512
29530
.23300
26
.59758
.52623
.46369
36069
28124
.21981
27
.58586
.51340
45019
.34682
.26785
.20737
.57437
56311
43708
42435
.41199
28
.50088
.33348
25509
.19563
29
.48866
32065
.30832
.24295
18456
30
.55207
.47674
23138
.17411
31
.54125
.46511
.39999
.29646
22036
16425
32
53063
.45377
.38834
.28506
.20987
.15496
33
52023
.44270
.37703
.27409
.19987
.14619
.43191
.42137
.19035
.18129
.13791
.13011
34
.51003
.36604
.26355
35
.50003
.35538
.25342
36
49022
.41109
.34503
.24367
.17266
12274
.48061
.47119
37
40107
.33498
.23430
.16444
11579
38
.39128
.32523
.22529
.15661
.10924
39
46195
.38174
31575
.21662
.14915
.10306
40
45289
.37243
.30656
.20829
.14205
.09722
8%
9%
10%
11%
12%
15%
(n) Periods
.92593
.91743
.90909
.90090
.89286
.86957
1
.84168
.77218
.85734
.82645
81162
.79719
.75614
.79383
.75132
.73119
.71178
.65752
.73503
.70843
.68301
.65873
.63552
.57175
.68058
64993
62092
59345
.56743
.49718
63017
59627
56447
53464
.50663
43233
.58349
54703
51316
48166
45235
.37594
7
.54027
.50187
.46651
.43393
.40388
.32690
8
50025
46043
42410
39092
.36061
.28426
9
.46319
.42241
.38554
.35218
.32197
24719
10
42888
.38753
.35049
.31728
28748
.21494
11
.39711
35554
.31863
.28584
.25668
.18691
12
.36770
.32618
.28966
.25751
.22917
.16253
13
.23199
.20900
.34046
.29925
.26333
.20462
.14133
14
.31524
.27454
.23939
18270
.12289
15
.29189
.25187
.21763
18829
.16312
.10687
16
.27027
.23107
.19785
16963
14564
.09293
17
.25025
.21199
.17986
15282
13004
.08081
18
.23171
.19449
.16351
.13768
11611
.07027
19
.21455
.17843
.14864
.12403
.10367
.06110
20
.19866
.16370
.13513
11174
.09256
.05313
21
.18394
.15018
.12285
.10067
.08264
.04620
22
.17032
.15770
.13778
.11168
09069
.07379
.04017
23
.12641
.10153
.08170
.06588
.03493
24
.14602
.11597
.09230
.07361
.05882
.03038
25
08391
.07628
06934
.13520
-10639
.06631
.05252
.02642
26
.12519
.09761
.05974
.04689
.02297
27
.11591
.10733
08955
05382
.04187
.01997
28
.08216
.06304
04849
03738
.01737
29
09938
.07537
.05731
.04368
.03338
.01510
30
09202
.06915
.05210
.03935
.02980
.01313
31
.08520
.06344
.04736
03545
.02661
.01142
32
.07889
.05820
.04306
.03194
.02376
.00993
33
.02878
.02592
.07305
.05340
.03914
.02121
.00864
34
.06763
.04899
.03558
.01894
.00751
35
.06262
.04494
.03235
.02335
.01691
.00653
36
.04123
03783
.05799
.02941
.02104
.01510
.00568
37
.05369
02674
.01896
.01348
.00494
38
.04971
.03470
.02430
.01708
.01204
.00429
39
.04603
.03184
.02210
.01538
.01075
.00373
40
Future Value of an Ordinary Annuity of 1
FVF-OAni
(1+1)"-1
%3D
i
(n) Periods
2%
2½%
3%
4%
5%
6%
1
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
2
2.02000
2.02500
2.03000
2.04000
2.05000
2.06000
3
3.06040
3.07563
3.09090
3.12160
3.15250
3.18360
4
4.12161
4.15252
4.18363
4.24646
4.31013
4.37462
5.20404
5.25633
5.30914
5.41632
5.52563
5.63709
6
6.30812
6.38774
6.46841
6.63298
6.80191
6.97532
7
7.43428
7.54743
7.66246
7.89829
8.14201
8.39384
8
8.58297
8.73612
8.89234
9.21423
9.54911
9.89747
9
9.75463
9.95452
10.15911
10.58280
11.02656
11.49132
10
10.94972
11.20338
11.46338
12.00611
12.57789
13.18079
14.20679
15.91713
11
12.16872
12.48347
12.80780
13.48635
14.97164
12
13.41209
13.79555
14.19203
15.02581
16.86994
13
14.68033
15.14044
15.61779
16.62684
17.71298
18.88214
15.97394
17.29342
14
16.51895
17.08632
18.29191
19.59863
21.01507
15
17.93193
18.59891
20.02359
21.57856
23.27597
16
18.63929
19.38022
20.15688
21.82453
23.65749
25.67253
17
20.01207
20.86473
21.76159
23.69751
25.84037
28.21288
18
21.41231
22.38635
23.41444
25.64541
28.13238
30.90565
19
22.84056
23.94601
25.11687
27.67123
30.53900
33.75999
20
24.29737
25.54466
26.87037
29.77808
33.06595
36.78559
21
25.78332
27.18327
28.67649
31.96920
35.71925
39.99273
22
27.29898
28.86286
30.53678
34.24797
38.50521
43.39229
23
28.84496
30.58443
32.45288
36.61789
41.43048
46.99583
24
30.42186
32.34904
34.42647
39.08260
44.50200
50.81558
25
32.03030
34.15776
36.45926
41.64591
47.72710
54.86451
26
33.67091
36.01171
38.55304
44.31174
51.11345
59.15638
27
35.34432
37.91200
40.70963
47.08421
54.66913
63.70577
28
37.05121
39.85980
42.93092
49.96758
58.40258
68.52811
62.32271
66.43885
29
38.79223
41.85630
45.21885
52.96629
73.63980
30
40.56808
43.90270
47.57542
56.08494
79.05819
31
42.37944
46.00027
50.00268
59.32834
70.76079
84.80168
32
44.22703
48.15028
52.50276
62.70147
75.29883
90.88978
33
46.11157
50.35403
55.07784
66.20953
80.06377
97.34316
34
48.03380
52.61289
57.73018
69.85791
85.06696
104.18376
35
49.99448
54.92821
60.46208
73.65222
90.32031
111.43478
36
51.99437
57.30141
63.27594
77.59831
95.83632
119.12087
37
54.03425
59.73395
66.17422
81.70225
101.62814
127.26812
38
56.11494
62.22730
69.15945
85.97034
107.70955
135.90421
39
58.23724
64.78298
72.23423
90.40915
114.09502
145.05846
40
60.40198
67.40255
75.40126
95.02552
120.79977
154.76197
8%
9%
10%
11%
12%
15%
(n) Periods
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1
2.08000
2.09000
2.10000
2.11000
2.12000
2.15000
2
3.24640
3.27810
3.31000
3.34210
3.37440
3.47250
3
4.99338
6.74238
4.50611
4.57313
4.64100
4.70973
4.77933
4
5.86660
5.98471
6.10510
6.22780
6.35285
7.52334
9.20044
7.91286
9.78327
7.33592
7.71561
8.11519
8.75374
8.92280
9.48717
10.08901
11.06680
7
10.63663
11.02847
11.43589
11.85943
12.29969
13.72682
8
12.48756
13.02104
13.57948
14.16397
14.77566
16.78584
9
14.48656
15.19293
15.93743
16.72201
17.54874
20.30372
10
16.64549
17.56029
18.53117
19.56143
20.65458
24.34928
11
18.97713
20.14072
21.38428
22.71319
24.13313
29.00167
12
21.49530
24.21492
27.15211
22.95339
24.52271
26.21164
28.02911
34.35192
13
26.01919
27.97498
30.09492
32.39260
40.50471
14
29.36092
31.77248
34.40536
37.27972
47.58041
15
30.32428
33.00340
35.94973
39.18995
42.75328
55.71747
65.07509
16
33.75023
36.97371
40.54470
44.50084
48.88367
17
37.45024
41.30134
45.59917
50.39593
55.74972
75.83636
18
56.93949
64.20283
41.44626
46.01846
51.15909
63.43968
88.21181
19
45.76196
51.16012
57.27500
72.05244
102.44358
20
81.69874
92.50258
50.42292
56.76453
64.00250
72.26514
118.81012
21
55.45676
62.87334
71.40275
81.21431
137.63164
22
60.89330
69.53194
79.54302
91.14788
104.60289
159.27638
23
66.76476
76.78981
88.49733
102.17415
118.15524
184.16784
24
73.10594
84.70090
98.34706
114.41331
133.33387
212.79302
25
79.95442
93.32398
109.18177
127.99877
150.33393
245.71197
26
87.35077
102.72314
121.09994
143.07864
169.37401
283.56877
27
95.33883
112.96822
134.20994
159.81729
190.69889
327.10408
28
148.63093
164.49402
103.96594
124.13536
178.39719
214.58275
377.16969
29
113.28321
136.30754
199.02088
241.33268
434.74515
30
123.34587
134.21354
149.57522
181.94343
221.91317
500.95692
577.10046
271.29261
31
164.03699
201.13777
247.32362
304.84772
32
145.95062
179.80032
222.25154
275.52922
342.42945
644.66553
33
158.62667
196.98234
245.47670
306.83744
384.52098
765.36535
34
172.31680
215.71076
271.02437
341.58955
431.66350
881.17016
35
187.10215
236.12472
299.12681
380.16441
484.46312
1014.34568
36
203.07032
258.37595
330.03949
422.98249
543.59869
1167.49753
37
220.31595
282.62978
364.04343
470.51056
609.83053
1343.62216
38
684.01020
767.09142
238.94122
309.06646
401.44778
523.26673
1546.16549
39
259.05652
337.88245
442.59256
581.82607
1779.09031
40
Present Value of an Ordinary Annuity of 1
1-1
(1+i)"
PVF-OAni
i
(n) Periods
2%
2½%
3%
4%
5%
6%
1
.98039
.97561
.97087
.96154
.95238
94340
1.92742
2.85602
2
1.94156
1.91347
1.88609
1.85941
1.83339
2.88388
3.80773
3
2.82861
2.77509
2.72325
2.67301
4
3.76197
3.71710
3.62990
3.54595
3.46511
4.71346
4.64583
4.57971
4.45182
4.32948
4.21236
5.50813
6.34939
5.60143
5.41719
5.24214
5.07569
4.91732
7
6.47199
6.23028
6.00205
5.78637
5.58238
8
7.32548
7.17014
7.01969
6.73274
6.46321
6.20979
8.16224
8.98259
6.80169
7.36009
9
7.97087
7.78611
7.43533
7.10782
10
8.75206
8.53020
8.11090
7.72173
9.78685
10.57534
11.34837
12.10625
9.51421
9.25262
8.30641
7.88687
8.38384
11
8.76048
12
10.25776
9.95400
9.38507
8.86325
13
10.98319
10.63496
9.98565
9.39357
8.85268
14
11.69091
11.29607
10.56312
9.89864
9.29498
15
12.84926
12.38138
11.93794
11.11839
10.37966
9.71225
16
13.57771
13.05500
12.56110
11.65230
10.83777
10.10590
17
14.29187
13.71220
13.16612
12.16567
11.27407
10.47726
18
14.99203
14.35336
13.75351
12.65930
11.68959
10.82760
19
15.67846
14.97889
14.32380
13.13394
12.08532
11.15812
20
16.35143
15.58916
14.87747
13.59033
12.46221
11.46992
21
17.01121
16.18455
15.41502
14.02916
12.82115
11.76408
22
17.65805
16.76541
15.93692
14.45112
13.16300
12.04158
23
18.29220
17.33211
16.44361
14.85684
13.48857
12.30338
13.79864
14.09394
24
18.91393
17.88499
16.93554
15.24696
12.55036
25
19.52346
18.42438
17.41315
15.62208
12.78336
26
20.12104
18.95061
17.87684
15.98277
14.37519
13.00317
19.46401
19.96489
27
20.70690
18.32703
16.32959
14.64303
13.21053
28
21.28127
18.76411
16.66306
14.89813
13.40616
29
21.84438
20.45355
19.18845
16.98371
15.14107
13.59072
30
22.39646
20.93029
19.60044
17.29203
15.37245
13.76483
31
22.93770
21.39541
20.00043
17.58849
15.59281
13.92909
32
23.46833
21.84918
20.38877
17.87355
15.80268
14.08404
33
23.98856
22.29188
20.76579
18.14765
16.00255
14.23023
34
24.49859
22.72379
21.13184
18.41120
16.19290
14.36814
35
24.99862
23.14516
21.48722
18.66461
16.37419
14.49825
36
25.48884
23.55625
21.83225
18.90828
16.54685
14.62099
37
25.96945
23.95732
22.16724
19.14258
16.71129
14.73678
14.84602
38
26.44064
24.34860
22.49246
19.36786
16.86789
39
26.90259
24.73034
22.80822
19.58448
17.01704
14.94907
40
27.35548
25.10278
23.11477
19.79277
17.15909
15.04630
8%
9%
10%
11%
12%
15%
(n) Periods
.92593
.90090
1.71252
.91743
.90909
89286
.86957
1.69005
2.40183
1.78326
1.75911
1.73554
1.62571
2.57710
2.53130
2.48685
2.44371
2.28323
3
3.23972
3.16986
3.79079
3.31213
3.10245
3.03735
2.85498
4
3.99271
3.88965
3.69590
3.60478
3.35216
5
4.62288
5.20637
4.48592
4.35526
4.23054
4.11141
3.78448
6
5.03295
4.86842
4.71220
4.56376
4.16042
7
5.74664
5.53482
5.33493
5.14612
4.96764
4.48732
8
6.24689
6.71008
5.99525
5.75902
5.53705
5.32825
4.77158
9
6.41766
6.14457
5.88923
5.65022
5.01877
10
7.13896
6.80519
6.49506
6.20652
5.93770
5.23371
11
7.53608
7.16073
6.81369
6.49236
6.19437
5.42062
5.58315
12
7.90378
7.48690
7.10336
6.74987
6.42355
13
8.24424
7.78615
7.36669
6.98187
6.62817
5.72448
14
8.55948
8.06069
7.60608
7.19087
6.81086
5.84737
15
8.85137
8.31256
7.82371
7.37916
6.97399
5.95424
16
9.12164
8.54363
8.02155
7.54879
7.11963
6.04716
17
9.37189
8.75563
7.70162
7.24967
6.12797
8.20141
8.36492
18
9.60360
8.95012
7.83929
7.36578
6.19823
19
9.81815
9.12855
8.51356
7.96333
7.46944
6.25933
20
10.01680
9.29224
8.64869
8.07507
7.56200
6.31246
21
10.20074
9.44243
8.77154
8.17574
7.64465
6.35866
22
9.58021
9.70661
10.37106
8.88322
8.26643
7.71843
6.39884
23
8.34814
8.42174
10.52876
8.98474
7.78432
6.43377
24
10.67478
9.82258
9.07704
7.84314
6.46415
25
10.80998
9.92897
9.16095
8.48806
7.89566
6.49056
26
10.93516
10.02658
9.23722
8.54780
7.94255
6.51353
27
9.30657
9.36961
9.42691
11.05108
10.11613
8.60162
7.98442
6.53351
28
11.15841
10.19828
8.65011
8.02181
6.55088
29
11.25778
10.27365
8.69379
8.05518
6.56598
30
8.08499
8.11159
11.34980
10.34280
9.47901
8.73315
6.57911
31
8.76860
8.80054
6.59053
6.60046
11.43500
10.40624
9.52638
32
11.51389
10.46444
9.56943
8.13535
33
11.58693
10.51784
9.60858
8.82932
8.15656
6.60910
34
11.65457
10.56682
9.64416
8.85524
8.17550
6.61661
35
11.71719
10.61176
9.67651
8.87859
8.19241
6.62314
36
11.77518
10.65299
9.70592
8.89963
8.20751
6.62882
37
11.82887
10.69082
9.73265
8.22099
6.63375
8.91859
8.93567
38
11.87858
10.72552
9.75697
8.23303
6.63805
39
11.92461
10.75736
9.77905
8.95105
8.24378
6.64178
40
Present Value of an Annuity Due of 1
1-
(1+n-1
PVF-ADni = 1 +
i
(n) Periods
2%
2½%
3%
4%
5%
6%
1.00000
1.00000
1.95238
1
1.00000
1.00000
1.00000
1.00000
2
1.98039
1.97561
1.97087
1.96154
1.94340
3
2.94156
2.92742
2.91347
2.88609
2.85941
2.83339
3.85602
4.76197
4
3.88388
3.82861
3.77509
3.72325
3.67301
5
4.80773
4.71710
4.62990
4.54595
4.46511
6
5.71346
5.64583
5.57971
5.45182
5.32948
5.21236
7
6.60143
6.50813
6.41719
6.24214
6.07569
5.91732
8
7.47199
7.34939
7.23028
7.00205
6.78637
6.58238
8.32548
8.17014
8.01969
7.73274
7.46321
7.20979
10
9.16224
8.97087
8.78611
8.43533
8.10782
7.80169
11
9.98259
9.75206
9.53020
9.11090
8.72173
8.36009
12
10.78685
10.51421
10.25262
9.76048
9.30641
8.88687
11.57534
12.34837
13
11.25776
10.95400
10.38507
9.86325
9.38384
14
11.98319
11.63496
10.98565
10.39357
9.85268
15
13.10625
12.69091
12.29607
11.56312
10.89864
10.29498
16
13.84926
13.38138
12.93794
12.11839
11.37966
10.71225
17
14.57771
14.05500
13.56110
12.65230
11.83777
11.10590
18
15.29187
14.71220
14.16612
13.16567
12.27407
11.47726
19
15.99203
15.35336
14.75351
13.65930
12.68959
11.82760
20
16.67846
15.97889
15.32380
14.13394
13.08532
12.15812
21
17.35143
16.58916
15.87747
14.59033
13.46221
12.46992
22
18.01121
17.18455
16.41502
15.02916
13.82115
12.76408
23
18.65805
17.76541
16.93692
15.45112
14.16300
13.04158
18.33211
17.44361
17.93554
24
19.29220
15.85684
14.48857
13.30338
25
19.91393
18.88499
16.24696
14.79864
13.55036
26
20.52346
19.42438
18.41315
16.62208
15.09394
13.78336
21.12104
21.70690
27
19.95061
18.87684
16.98277
15.37519
14.00317
28
20.46401
19.32703
17.32959
15.64303
14.21053
29
22.28127
20.96489
19.76411
17.66306
15.89813
14.40616
30
22.84438
21.45355
20.18845
17.98371
16.14107
14.59072
31
23.39646
21.93029
20.60044
18.29203
16.37245
14.76483
32
23.93770
22.39541
21.00043
18.58849
16.59281
14.92909
33
24.46833
22.84918
21.38877
18.87355
16.80268
15.08404
34
24.98856
23.29188
21.76579
19.14765
17.00255
15.23023
35
25.49859
23.72379
22.13184
19.41120
17.19290
15.36814
36
25.99862
24.14516
22.48722
19.66461
17.37419
15.49825
37
26.48884
24.55625
22.83225
19.90828
17.54685
15.62099
38
26.96945
24.95732
23.16724
20.14258
17.71129
15.73678
39
27.44064
25.34860
23.49246
20.36786
17.86789
15.84602
40
27.90259
25.73034
23.80822
20.58448
18.01704
15.94907
8%
9%
10%
11%
12%
15%
(n) Periods
1.00000
1.92593
1.00000
1.86957
1.00000
1.00000
1.00000
1.00000
1.91743
1.90909
1.90090
1.
.89286
2
2.78326
2.75911
2.73554
2.71252
2.69005
2.62571
3
3.57710
3.53130
3.48685
3.44371
3.40183
3.28323
4
4.31213
4.23972
4.16986
4.10245
4.03735
3.85498
4.99271
4.88965
4.79079
4.69590
4.60478
4.35216
6
5.62288
5.48592
5.35526
5.86842
5.23054
5.11141
4.78448
7
6.20637
6.03295
5.71220
5.56376
5.16042
8
6.74664
6.53482
6.33493
6.14612
5.96764
5.48732
9
7.24689
6.99525
6.75902
6.53705
6.32825
5.77158
10
7.71008
7.41766
7.14457
6.88923
6.65022
6.01877
11
8.13896
8.53608
7.80519
7.49506
7.20652
6.93770
6.23371
12
6.42062
6.58315
6.72448
8.16073
7.49236
7.81369
8.10336
7.19437
13
8.48690
8.78615
8.90378
7.74987
7.42355
14
9.24424
8.36669
7.98187
7.62817
15
9.55948
9.06069
8.60608
8.19087
7.81086
6.84737
16
9.85137
9.31256
8.82371
8.37916
7.97399
6.95424
17
10.12164
8.54879
8.70162
9.54363
9.02155
8.11963
7.04716
18
7.12797
7.19823
10.37189
9.75563
9.20141
8.24967
19
10.60360
9.95012
9.36492
8.83929
8.36578
20
10.81815
10.12855
9.51356
8.96333
8.46944
7.25933
21
11.01680
10.29224
9.64869
9.07507
8.56200
7.31246
22
7.35866
7.39884
11.20074
10.44243
9.77154
9.17574
8.64465
23
11.37106.
10.58021
9.88322
9.26643
8.71843
24
11.52876
10.70661
9.98474
9.34814
8.78432
7.43377
25
11.67478
10.82258
10.07704
9.42174
8.84314
7.46415
26
11.80998
10.92897
10.16095
9.48806
8.89566
7.49056
27
11.02658
7.51353
7.53351
11.93518
10.23722
9.54780
8.94255
28
11.11613
11.19828
12.05108
10.30657
9.60162
8.98442
29
12.15841
10.36961
9.65011
9.02181
7.55088
30
11.27365
9.69379
9.05518
9.08499
12.25778
10.42691
7.56598
31
10.47901
7.57911
7.59053
12.34980
11.34280
9.73315
32
12.43500
11.40624
10.52638
9.76860
9.11159
33
7.60046
7.60910
12.51389
11.46444
10.56943
9.80054
9.13535
34
12.58693
11.51784
10.60858
9.82932
9.15656
35
12.65457
11.56682
10.64416
9.85524
9.17550
7.61661
36
12.71719
11.61176
10.67651
9.87859
9.19241
7.62314
37
12.77518
11.65299
11.69082
10.70592
9.89963
9.20751
7.62882
38
12.82887
10.73265
9.91859
9.22099
7.63375
39
12.87858
11.72552
10.75697
9.93567
9.23303
7.63805
40
2345
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