Problem 14-25 (Algo) Net Present Value Analysis of a Lease or Buy Decision [LO14-2] The Riteway...

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Problem 14-25 (Algo) Net Present Value Analysis of a Lease or Buy Decision [LO14-2] The Riteway Ad Agency provides cars for its sales staff. In the past, the company has always purchased its cars from a dealer and then sold the cars after three years of use. The company's present fleet of cars is three years old and will be sold very shortly. To provide a replacement fleet, the company is considering two alternatives: Purchase alternative: S The company can purchase the cars, as in the past, and sell the cars after three years of use. Ten cars will be needed, which can be purchased at a discounted price of $30,000 each. if this alternative is accepted, the following costs will be incurred on the fleet as a whole: Annual cost of servicing, taxes, and licensing Repairs, first year Repairs, second year Repairs, third year- $ 4,600 $2,500 $ 5,000 $ 7,000 At the end of three years, the fleet could be sold for one-half of the original purchase price. Lease alternative: The company can lease the cars under a three-year lease contract. The lease cost would be $65,000 per year (the first payment due at the end of Year 1). As part of this lease cost, the owner would provide all servicing and repairs, license the cars, and pay all the taxes. Riteway would be required to make a $12,500 security deposit at the beginning of the lease period, which would be refunded when the cars) were returned to the owner at the end of the lease contract. Riteway Ad Agency's required rate of return is 14%, Click here to view Exhibit 148-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using tables. Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What is the net present value of the cash flows associated with the purchase alternative? (Enter negative amount with a minus sign. Round your intermediate calculations and final answer to the nearest whole dollar amount.) Net present value Required t Required 2 > Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Which alternative should the company accept? Lease alternative OPurchase alternative < Required 2 Required 3> Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What is the net present value of the cash flows associated with the lease alternative? (Enter negative amount with a min sign. Round your intermediate calculations and final answer to the nearest whole dollar amount.) Net present value < Required 1 Required 3> EXHIBIT 148-1 Present Value of $1; I (1+r)" Periods 4% 596 6% 0.962 0.952 0.943 2 3 4 5 6 7 8 9 10 11 0.925 0.907 0.890 0.889 0.864 0.855 0.823 0.792 0.822 0.784 0.790 0.746 0.705 0.760 0.711 0.665 0.731 0.677 0.627 0.703 0.645 0.592 0676 0.614 0.558 0.650 0.585 0.527 0.840 0.816. 0.794 7% 8% 9% 10% 11% 0.935 0.926 0.917 0.909 0.901 0.873 0.857 0.842 0.826 0.812 0.731 0772 0.751 0.763 0.735 0.708 0.683 0.659 0.747 0.713 0681 0.650 0.666 0.630 0.596 0.623 0.583 0.547 0.582 0.540 0.502 0.544 0.500 0.460 12 0.625 0557 0.497 13 0.601 14 15 16 17 19 0.475 0.396 0.095 0.083 20 0.456 0.377 21 0439 0359 22 0422 0.342 0.278 0.226 23 24 25 26 27 28 20 30 40 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 0.826 0.820 0813 0.806 0.800 0.797 0.783 0.769 0.756 0.743 0.731 0.715 0.706 0.694 0.683 0.672 0.661 0.650 0,640 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0579 0.564 0551 0537 0.524 0.512 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0482 0.467 0.451 0437 0.423 0.410 0.621 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402 0.386 0370 0355 0.341 0.328 0.564 0.535 0.507 0.480 0.456 0.432 0410 0.390 0.370 0.352 0.335 0.319 0.301 0.289 0.275 0.262 0.513 0:482 0.452 0.425 0.400 0376 0.354 0.333 0.314 0.296 0.279 0.263 0.249 0.235 0.222 0210 0.467 0434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 0.218 0.204 0.191 0.179 0.168 0.424 0.391 0.361 0.333 0.308 0284 0.263 0.243 0.225 0.209 0194 0.180 0.167 0.155 0.144 0.134 0.508 0.463 0.422 0.386 0:352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 0.149 0.137 0.126 0.116 0.107 0475 0429 0.388 0.350 0.317 0.287 0.261 0.217 0.215 0.195 0.128 0.162 0148 0.135 0.123 0.112 0.103 0.094 0.086 0444 0.397 0.356 0319 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112 0.102 0.092 0.083 0.076 0.069 0.530 0.409 0.415 0.368 0.326 0.290 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093 0.084 0.075 0,068 0.061 0.055 0577 0.505 0.442 0.388 0.340 0.299 0.263 0.232 0.205 0181 0.160 0.141 0:125 0.111 0.099 0.088 0.078 0.069 0.062 0.055 0.049 0.044 0.555 0.481 0417 0.362 0.315 0.275 0.239 0.200 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065 0.057 0.051 0.045 0.040 0015 0.534 0.458 0.394 0.339 0.292 0252 0.218 0.188 0.163 0141 0.123 0.107 0.093 0.051 0.071 0.062 0.054 0.047 0.042 0.036 0.032 0.028 0313 0.436 0.371 | 0317 0.270 0.231 0198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0,045 0.019 0.034 0.030 0.026 0.023 0.494 0.416 0.350 0.296 0.250 0212 0.180 0.153 0.130 0.111 0.081 0.069 0.059 0.051 0.044 0038 0.032 0.028 0.024 0.021 0.018 0.331 0.227 0232 0194 0.164 0.138 0.116 0.098 0.070 0:060 0.051 0043 0.037 0.031 0027 0.023 0.020 0017 0014 0312 025 0.313 0.17 0.149 0.124 0.104 0.087 0.075 0.061 0.051 0.043 0.017 0.031 0.026 0.022 0019 0016 0014 0.012 0.294 0242 0.199 0.164 0135 0112 0.093 6077 0.064 0.053 0.044 0.037 0.031 0.026 0.022 0.018 0.015 0.013 0.011 0.009 0.184 0.150 0.123 0.101 0.083 0.068 0.056 0.046 0.038 0.032 0.026 0.022 0.018 0.015 0.013 0.011 0.009 0.007 0.406 0.326 0.262 0.211 0.170 0.135 0112 0.091 0.074 0060 0049 0040 0.033 0.027 0.022 0.018 0.015 0.012 0.010 0.009 0.007 0.000 0390 0310 0.247 0197 0.158 0126 0.102 0082 0.066 0055 0.043 0035 0.028 0.023 0.019 0.015 0.013 0.010 0.008 0.007 0.006 0.005 0.375 0.295 0233 0184 0146 0.116 0.092 0.074 0.059 0.047 0.038 0.030 0.024 0.020 0.016 0.013 0.010 0.009 0.007 0.006 0.005 0.004 0361 0281 0.220 0.172 0.135 0.100 0.084 0.066 0.053 0042 0.033 0.026 0.021 0017 0.014 0.011 0.009 0.007 0006 0.005 0.004 0.001 0.347 0.20 0.207 0.161) 0125 0.098 0.076 0060 0.047 0.017 0.029 0.023 0.015 0.014 0.011 0.009 0.007 0.006 0.005 0.004 0.003 0.002 0.333 0.255 0.196 0.150 0.116 0.090 0.069 0.054 0.042 0033 0.026 0.020 0.016 0.012 0.010 0.00% 0.006 0.005 0.004 0.0030002 0.321 0.243 0.185 0141 0.107 0.082 0.063 0.048 0.057 0.029 0.022 0.017 0.014 0.011 0.008 0.006 0.005 0.004 0.001 0.002 0.002 0.306 0231 0.174 0.131 0.099 0.075 0.057 0.044 0015 0026 0.020 0015 0012 0.009 0.002 0.005 0.004 0.001 0.001 0.002 0.002 0205 0.142 0.097 0.067 0.046 0.032 0.022 0.015 0.011 0.008 0.005 0.004 0.001 0.002 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.002 0.002 0.00 0.000 1 Present Value of an Annuity of 51 in Arrears; Periods 4%6 696 968 956 10% 12% 11% 13% 14% 2 + 3 4452 4.329 6 5.242 5.076 4917 4767 4623 4486 1117 3.998 7 6.002 5.756 5582 5.389 5.206 5.033 N 6.733 6463 6210 5.971 5.747 5.535 9 7.435 7.108 6.802 6515 6247 10 11 8760 12 9.385 8863 13 9.956 9.394 14 10563 9.899 15 11.118 10.380 9712 9.108 111 7.722 7360 7.024 6.710 6418 8306 7587 7499 7139 6305 384 7.943 7.536 7.161 88533.358 7.904 7.487 9295 8.745 8.244 7786 061 559 36 11.652 10.338 10.106 9.447 8851 8313 17 12.166 11.274 10 477 9763 9122 544 16 12.659 11.690 10.828 10019 9372 756 19 20 13.134 12.085 11 158 10.336 9.604 13.590 13462 11.470 10.594 9.818 8.950 9.129 21 22 23 24 25 14.029 13.82111764 10836 10.017 9292 14.451 13.163 12.042 11.061 10 201 9.442 14.357 11.489 12.50) 11.272 10.371 9380 15.247 11.790 12 550 11.469 10529 9707 15.622 14004 12.783 11.654 10675 9325 9077 84227843 26 155983 14.375 13.003 11.26 10.3109929 27 26 2 30 40 1796 20% 0.962 0.952 0.943 0935 0.926 0.917 0.909 0.901 0893 0385 0.877 0.870 0.862 0.855 0.847 0.540 0.833 1886 1.859 1.833 1808 1.783 1.759 1.736 1.713 1690 1668 1647 1.626 1605 1585 1.566 1547 1.528 1.509 2074 2361 2.322 2.775 2723 2673 2.283 2.246 2.210 2.174 2.140 2.106 2.624 2.577 2.531 2487 2444 2402 3.630 3546 3.037 2974 2914 2.855 1465 3.387 3.312 3.240 3.170 3102 2.798 2.743 2.690 2.639 2.589 2.540 4212 4.100 3.993 3.791 3.890 3.096 3.605 3517 3.433 3.352 3.274 3.199 3.127 3.058 2.991 2926 4355 4.231 3.889 3.589 3.498 3.410 3326 3.245 3.167 4868 4712 4.564 4423 4.288 3.922 3.812 3.706 3.605 3508 3416 5.335 3954 4.799 4639 4.344 4.207 4.078 5.146 4968 3.837 3.726 3.619 5.995 5.759 5537 5.328 5.132 4946 4.772 4.607 4.451 4.163 4.303 4031 3.905 3.786 6.145 5889 5.650 5.426 5.216 5019 4.833 4659 4.339 4.494 4.192 4.054 3.923 5.029 4.836 4.656 4486 6.4956207 5.938 5.687 5453 5.234 4327 4177 4.035 6814 6492 6.194 5.918 5660 5421 5.197 4.988 4.793 4.611 4439 4278 4.127 3.985 7.103 6750 6424 6122 5.842 53K 5.342 5118 4910 4.715 4203 40531 4.533 4.362 7.367 6982 6.628 6302 6002 5.724 5.468 5.229 4.802 5.008 4432 4.611 4.265 3.962 3.824 4.108 7606 7.191 6311 6402 6142 5.847 3359 5.575 5324 5.092 4.376 4675 4.489 4315 4153 4001 7824 7379 6.974 6.604 6.265 5.405 5.954 5668 5.162 4.938 4033 33337 4.750 4536 4.357 4.189 5749 022 7549 7.120 6729 6375 6047 4059 3910 5.475 5.222 4990 4.775 4.576 4.391 4219 .2017.702 7250 6840 6.467 6.128 5.818 5.033 5534 5273 4812 4.60 4419 4243 4.050 3.928 365 7819 7.366 6938 6.550 6.195 4343 5.877 5.584 5.116 5.070 4.635 4442 4.263 4097 3.942 5.929 5.628 5353 5.101 4.870 4.657 4460 4279 4.110 3.954 514 7.963 7469 7.025 6.623 6259 8649 8.0757.562 7.102 6687 6.312 5.973 5.665 5.384 5127 4.891 4.675 4476 4292 4121 3.961 8772 176 7.645 7.170 6741 6359 6011 5.696 5410 5.149 909 4.690 4.488 4.302 4130 8883 8.266 7718 7230 6.792 6199 6044 5.923 5432 5.167 4.925 4.701 4499 4311 4.137 1965 348 AM 20 6835 6414 607) 5746 5451 5182 3.981 4.937 4713 4507 4.318 4145 7.330 6873 6464 6.097 5.766 5.467 5.199 4.948 47214314 4.321 4.147 3.985 9.161 8488 7.396 7372 6.906 6491 6.115 5.783 5.480 3.206 956 3.988 4.728 4320 4.328 4151 6935 6514 6136 5.795 5492 3.215 4.964 4734 4.524 4.332 4154 3,990 10.330 14 643 13.211 11967 10.955 10.027 9.237 8548 7943 7409 1666) 14.598 13.406 12:137 11.051 10.1169307602 7984 7441 6.961 6534 6.102 58105502 $225 4970 4739 528 4.335 4137 902 16.984 15.141 13.591 278 11.158 10.198 9370650 022 7470 6983 6551 0.166 5.820 5310 5229 4975 49434531 4.307 159 3.994 17907 05472 11.765 12409 11:258 10.274 9477 04.055 7496 7.003 6566 6.177 5.829 5517 52355 43979 4746 4514 4150 4.160 3995 19.703 17:150 15.046 11.925 10.7579779 951 244 7634 7105 6.642 6233 5871 5.548 5.258 4.99) 460 4344 4.347 4.166 3999 15% 16% 1796 18% 19% 21% 23% 229 0.826 0.820 0.813 0806 24% 25% 0.500 1492 1.474 1457 1440 2.042 2011 1951 1952 2.494 2.445 2.404 2.362 2864 2.503 2.745 2.689 3.784 3.685 3.092 3.020 2951 4 160 4.039 3:327 3242 3161 4.487 3.518 3421 3329 3.673 3.566 3461 3,799 3.682 3521 3.902 3.276 3.656 3.851 3.725 3.912 3.780 3970 3.976 Problem 14-25 (Algo) Net Present Value Analysis of a Lease or Buy Decision [LO14-2] The Riteway Ad Agency provides cars for its sales staff. In the past, the company has always purchased its cars from a dealer and then sold the cars after three years of use. The company's present fleet of cars is three years old and will be sold very shortly. To provide a replacement fleet, the company is considering two alternatives: Purchase alternative: S The company can purchase the cars, as in the past, and sell the cars after three years of use. Ten cars will be needed, which can be purchased at a discounted price of $30,000 each. if this alternative is accepted, the following costs will be incurred on the fleet as a whole: Annual cost of servicing, taxes, and licensing Repairs, first year Repairs, second year Repairs, third year- $ 4,600 $2,500 $ 5,000 $ 7,000 At the end of three years, the fleet could be sold for one-half of the original purchase price. Lease alternative: The company can lease the cars under a three-year lease contract. The lease cost would be $65,000 per year (the first payment due at the end of Year 1). As part of this lease cost, the owner would provide all servicing and repairs, license the cars, and pay all the taxes. Riteway would be required to make a $12,500 security deposit at the beginning of the lease period, which would be refunded when the cars) were returned to the owner at the end of the lease contract. Riteway Ad Agency's required rate of return is 14%, Click here to view Exhibit 148-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using tables. Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What is the net present value of the cash flows associated with the purchase alternative? (Enter negative amount with a minus sign. Round your intermediate calculations and final answer to the nearest whole dollar amount.) Net present value Required t Required 2 > Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Which alternative should the company accept? Lease alternative OPurchase alternative < Required 2 Required 3> Required: 1. What is the net present value of the cash flows associated with the purchase alternative? 2. What is the net present value of the cash flows associated with the lease alternative? 3. Which alternative should the company accept? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What is the net present value of the cash flows associated with the lease alternative? (Enter negative amount with a min sign. Round your intermediate calculations and final answer to the nearest whole dollar amount.) Net present value < Required 1 Required 3> EXHIBIT 148-1 Present Value of $1; I (1+r)" Periods 4% 596 6% 0.962 0.952 0.943 2 3 4 5 6 7 8 9 10 11 0.925 0.907 0.890 0.889 0.864 0.855 0.823 0.792 0.822 0.784 0.790 0.746 0.705 0.760 0.711 0.665 0.731 0.677 0.627 0.703 0.645 0.592 0676 0.614 0.558 0.650 0.585 0.527 0.840 0.816. 0.794 7% 8% 9% 10% 11% 0.935 0.926 0.917 0.909 0.901 0.873 0.857 0.842 0.826 0.812 0.731 0772 0.751 0.763 0.735 0.708 0.683 0.659 0.747 0.713 0681 0.650 0.666 0.630 0.596 0.623 0.583 0.547 0.582 0.540 0.502 0.544 0.500 0.460 12 0.625 0557 0.497 13 0.601 14 15 16 17 19 0.475 0.396 0.095 0.083 20 0.456 0.377 21 0439 0359 22 0422 0.342 0.278 0.226 23 24 25 26 27 28 20 30 40 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 0.826 0.820 0813 0.806 0.800 0.797 0.783 0.769 0.756 0.743 0.731 0.715 0.706 0.694 0.683 0.672 0.661 0.650 0,640 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0579 0.564 0551 0537 0.524 0.512 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0482 0.467 0.451 0437 0.423 0.410 0.621 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402 0.386 0370 0355 0.341 0.328 0.564 0.535 0.507 0.480 0.456 0.432 0410 0.390 0.370 0.352 0.335 0.319 0.301 0.289 0.275 0.262 0.513 0:482 0.452 0.425 0.400 0376 0.354 0.333 0.314 0.296 0.279 0.263 0.249 0.235 0.222 0210 0.467 0434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 0.218 0.204 0.191 0.179 0.168 0.424 0.391 0.361 0.333 0.308 0284 0.263 0.243 0.225 0.209 0194 0.180 0.167 0.155 0.144 0.134 0.508 0.463 0.422 0.386 0:352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 0.149 0.137 0.126 0.116 0.107 0475 0429 0.388 0.350 0.317 0.287 0.261 0.217 0.215 0.195 0.128 0.162 0148 0.135 0.123 0.112 0.103 0.094 0.086 0444 0.397 0.356 0319 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112 0.102 0.092 0.083 0.076 0.069 0.530 0.409 0.415 0.368 0.326 0.290 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093 0.084 0.075 0,068 0.061 0.055 0577 0.505 0.442 0.388 0.340 0.299 0.263 0.232 0.205 0181 0.160 0.141 0:125 0.111 0.099 0.088 0.078 0.069 0.062 0.055 0.049 0.044 0.555 0.481 0417 0.362 0.315 0.275 0.239 0.200 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065 0.057 0.051 0.045 0.040 0015 0.534 0.458 0.394 0.339 0.292 0252 0.218 0.188 0.163 0141 0.123 0.107 0.093 0.051 0.071 0.062 0.054 0.047 0.042 0.036 0.032 0.028 0313 0.436 0.371 | 0317 0.270 0.231 0198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0,045 0.019 0.034 0.030 0.026 0.023 0.494 0.416 0.350 0.296 0.250 0212 0.180 0.153 0.130 0.111 0.081 0.069 0.059 0.051 0.044 0038 0.032 0.028 0.024 0.021 0.018 0.331 0.227 0232 0194 0.164 0.138 0.116 0.098 0.070 0:060 0.051 0043 0.037 0.031 0027 0.023 0.020 0017 0014 0312 025 0.313 0.17 0.149 0.124 0.104 0.087 0.075 0.061 0.051 0.043 0.017 0.031 0.026 0.022 0019 0016 0014 0.012 0.294 0242 0.199 0.164 0135 0112 0.093 6077 0.064 0.053 0.044 0.037 0.031 0.026 0.022 0.018 0.015 0.013 0.011 0.009 0.184 0.150 0.123 0.101 0.083 0.068 0.056 0.046 0.038 0.032 0.026 0.022 0.018 0.015 0.013 0.011 0.009 0.007 0.406 0.326 0.262 0.211 0.170 0.135 0112 0.091 0.074 0060 0049 0040 0.033 0.027 0.022 0.018 0.015 0.012 0.010 0.009 0.007 0.000 0390 0310 0.247 0197 0.158 0126 0.102 0082 0.066 0055 0.043 0035 0.028 0.023 0.019 0.015 0.013 0.010 0.008 0.007 0.006 0.005 0.375 0.295 0233 0184 0146 0.116 0.092 0.074 0.059 0.047 0.038 0.030 0.024 0.020 0.016 0.013 0.010 0.009 0.007 0.006 0.005 0.004 0361 0281 0.220 0.172 0.135 0.100 0.084 0.066 0.053 0042 0.033 0.026 0.021 0017 0.014 0.011 0.009 0.007 0006 0.005 0.004 0.001 0.347 0.20 0.207 0.161) 0125 0.098 0.076 0060 0.047 0.017 0.029 0.023 0.015 0.014 0.011 0.009 0.007 0.006 0.005 0.004 0.003 0.002 0.333 0.255 0.196 0.150 0.116 0.090 0.069 0.054 0.042 0033 0.026 0.020 0.016 0.012 0.010 0.00% 0.006 0.005 0.004 0.0030002 0.321 0.243 0.185 0141 0.107 0.082 0.063 0.048 0.057 0.029 0.022 0.017 0.014 0.011 0.008 0.006 0.005 0.004 0.001 0.002 0.002 0.306 0231 0.174 0.131 0.099 0.075 0.057 0.044 0015 0026 0.020 0015 0012 0.009 0.002 0.005 0.004 0.001 0.001 0.002 0.002 0205 0.142 0.097 0.067 0.046 0.032 0.022 0.015 0.011 0.008 0.005 0.004 0.001 0.002 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.002 0.002 0.00 0.000 1 Present Value of an Annuity of 51 in Arrears; Periods 4%6 696 968 956 10% 12% 11% 13% 14% 2 + 3 4452 4.329 6 5.242 5.076 4917 4767 4623 4486 1117 3.998 7 6.002 5.756 5582 5.389 5.206 5.033 N 6.733 6463 6210 5.971 5.747 5.535 9 7.435 7.108 6.802 6515 6247 10 11 8760 12 9.385 8863 13 9.956 9.394 14 10563 9.899 15 11.118 10.380 9712 9.108 111 7.722 7360 7.024 6.710 6418 8306 7587 7499 7139 6305 384 7.943 7.536 7.161 88533.358 7.904 7.487 9295 8.745 8.244 7786 061 559 36 11.652 10.338 10.106 9.447 8851 8313 17 12.166 11.274 10 477 9763 9122 544 16 12.659 11.690 10.828 10019 9372 756 19 20 13.134 12.085 11 158 10.336 9.604 13.590 13462 11.470 10.594 9.818 8.950 9.129 21 22 23 24 25 14.029 13.82111764 10836 10.017 9292 14.451 13.163 12.042 11.061 10 201 9.442 14.357 11.489 12.50) 11.272 10.371 9380 15.247 11.790 12 550 11.469 10529 9707 15.622 14004 12.783 11.654 10675 9325 9077 84227843 26 155983 14.375 13.003 11.26 10.3109929 27 26 2 30 40 1796 20% 0.962 0.952 0.943 0935 0.926 0.917 0.909 0.901 0893 0385 0.877 0.870 0.862 0.855 0.847 0.540 0.833 1886 1.859 1.833 1808 1.783 1.759 1.736 1.713 1690 1668 1647 1.626 1605 1585 1.566 1547 1.528 1.509 2074 2361 2.322 2.775 2723 2673 2.283 2.246 2.210 2.174 2.140 2.106 2.624 2.577 2.531 2487 2444 2402 3.630 3546 3.037 2974 2914 2.855 1465 3.387 3.312 3.240 3.170 3102 2.798 2.743 2.690 2.639 2.589 2.540 4212 4.100 3.993 3.791 3.890 3.096 3.605 3517 3.433 3.352 3.274 3.199 3.127 3.058 2.991 2926 4355 4.231 3.889 3.589 3.498 3.410 3326 3.245 3.167 4868 4712 4.564 4423 4.288 3.922 3.812 3.706 3.605 3508 3416 5.335 3954 4.799 4639 4.344 4.207 4.078 5.146 4968 3.837 3.726 3.619 5.995 5.759 5537 5.328 5.132 4946 4.772 4.607 4.451 4.163 4.303 4031 3.905 3.786 6.145 5889 5.650 5.426 5.216 5019 4.833 4659 4.339 4.494 4.192 4.054 3.923 5.029 4.836 4.656 4486 6.4956207 5.938 5.687 5453 5.234 4327 4177 4.035 6814 6492 6.194 5.918 5660 5421 5.197 4.988 4.793 4.611 4439 4278 4.127 3.985 7.103 6750 6424 6122 5.842 53K 5.342 5118 4910 4.715 4203 40531 4.533 4.362 7.367 6982 6.628 6302 6002 5.724 5.468 5.229 4.802 5.008 4432 4.611 4.265 3.962 3.824 4.108 7606 7.191 6311 6402 6142 5.847 3359 5.575 5324 5.092 4.376 4675 4.489 4315 4153 4001 7824 7379 6.974 6.604 6.265 5.405 5.954 5668 5.162 4.938 4033 33337 4.750 4536 4.357 4.189 5749 022 7549 7.120 6729 6375 6047 4059 3910 5.475 5.222 4990 4.775 4.576 4.391 4219 .2017.702 7250 6840 6.467 6.128 5.818 5.033 5534 5273 4812 4.60 4419 4243 4.050 3.928 365 7819 7.366 6938 6.550 6.195 4343 5.877 5.584 5.116 5.070 4.635 4442 4.263 4097 3.942 5.929 5.628 5353 5.101 4.870 4.657 4460 4279 4.110 3.954 514 7.963 7469 7.025 6.623 6259 8649 8.0757.562 7.102 6687 6.312 5.973 5.665 5.384 5127 4.891 4.675 4476 4292 4121 3.961 8772 176 7.645 7.170 6741 6359 6011 5.696 5410 5.149 909 4.690 4.488 4.302 4130 8883 8.266 7718 7230 6.792 6199 6044 5.923 5432 5.167 4.925 4.701 4499 4311 4.137 1965 348 AM 20 6835 6414 607) 5746 5451 5182 3.981 4.937 4713 4507 4.318 4145 7.330 6873 6464 6.097 5.766 5.467 5.199 4.948 47214314 4.321 4.147 3.985 9.161 8488 7.396 7372 6.906 6491 6.115 5.783 5.480 3.206 956 3.988 4.728 4320 4.328 4151 6935 6514 6136 5.795 5492 3.215 4.964 4734 4.524 4.332 4154 3,990 10.330 14 643 13.211 11967 10.955 10.027 9.237 8548 7943 7409 1666) 14.598 13.406 12:137 11.051 10.1169307602 7984 7441 6.961 6534 6.102 58105502 $225 4970 4739 528 4.335 4137 902 16.984 15.141 13.591 278 11.158 10.198 9370650 022 7470 6983 6551 0.166 5.820 5310 5229 4975 49434531 4.307 159 3.994 17907 05472 11.765 12409 11:258 10.274 9477 04.055 7496 7.003 6566 6.177 5.829 5517 52355 43979 4746 4514 4150 4.160 3995 19.703 17:150 15.046 11.925 10.7579779 951 244 7634 7105 6.642 6233 5871 5.548 5.258 4.99) 460 4344 4.347 4.166 3999 15% 16% 1796 18% 19% 21% 23% 229 0.826 0.820 0.813 0806 24% 25% 0.500 1492 1.474 1457 1440 2.042 2011 1951 1952 2.494 2.445 2.404 2.362 2864 2.503 2.745 2.689 3.784 3.685 3.092 3.020 2951 4 160 4.039 3:327 3242 3161 4.487 3.518 3421 3329 3.673 3.566 3461 3,799 3.682 3521 3.902 3.276 3.656 3.851 3.725 3.912 3.780 3970 3.976