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Under the NBA deferred compensation plan, payments made at the end of each year accumulate up to retirement and then retirees are given two

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Under the NBA deferred compensation plan, payments made at the end of each year accumulate up to retirement and then retirees are given two options. Option 1 allows the retiree to select the amount of the annual payment to be received, and option 2 allows the retiree to specify over how many years payments are to be received. Assume Hardaway has had $7,000 deposited at the end of each year for 30 years, and that the long-term interest rate has been 8%. Required: a. How much has accumulated in Hardaway's deferred compensation account? b. How much will Hardaway be able to withdraw at the beginning of each year if he elects to receive payments for 16 years? c. How many years will Hardaway be able to receive payments if he chooses to receive $75,000 per year at the beginning of each year? Note: For all requirements, round your final answers to the nearest whole number. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) a. Balance in fund b. Withdrawl amount c. Receive Payments Years Table 1 Future value of $1 FV = $1(1+i)- n/i 1 2.5% 3.0% 4.0% 1.0% 1.01000 1.5% 1.01500 1.03022 1.03030 1.04568 2.0% 1.02000 1.04040 5.0% 1.05000 1.10250 5.5% 1.05500 1.11303 1.02010 1.04060 12.0% 1.12000 1.25440 1.40493 1.57352 1.76234 1.97382 2.21068 20.0% 1.20000 1.44000 1.72800 2.07360 2.48832 2.98598 3.58318 4.29982 5.15978 8 1.79085 1.96715 2.15892 2.36736 3.5% 4.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 1.02500 1.03000 1.03500 1.04000 1.04500 1.06000 1.07000 1.08000 1.09000 1.10000 1.11000 1.05063 1.06090 1.07123 1.08160 1.09203 1.12360 1.14490 1.16640 1.18810 1.21000 1.23210 1.06121 1.07689 1.09273 1.10872 1.12486 1.14117 1.15763 1.17424 1.19102 1.22504 1.25971 1.29503 1.33100 1.36763 1.06136 1.08243 1.10381 1.12551 1.14752 1.16986 1.19252 1.21551 1.23882 1.26248 1.31080 1.36049 1.41158 1.46410 1.51807 1.05101 1.07728 1.10408 1.13141 1.15927 1.18769 1.21665 1.24618 1.27628 1.30696 1.33823 1.40255 1.46933 1.53862 1.61051 1.68506 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 1.26532 1.30226 1.34010 1.37884 1.41852 1.50073 1.58687 1.67710 1.77156 1.87041 1.07214 1.10984 1.14869 1.18869 1.22987 1.27228 1.31593 1.36086 1.40710 1.45468 1.50363 1.60578 1.71382 1.82804 1.94872 2.07616 1.08286 1.12649 1.17166 1.21840 1.26677 1.31681 1.36857 1.42210 1.47746 1.53469 1.59385 1.71819 1.85093 1.99256 2.14359 2.30454 2.47596 9 1.09369 1.14339 1.19509 1.24886 1.30477 1.36290 1.42331 1.48610 1.55133 1.61909 1.68948 1.83846 1.99900 2.17189 2.35795 2.55804 2.77308 10 1.10462 1.16054 1.21899 1.28008 1.34392 1.41060 1.48024 1.55297 1.62889 1.70814 2.59374 2.83942 3.10585 1.11567 1.17795 1.24337 131209 1.38423 1.45997 1.53945 1.62285 1.71034 1.80209 1.89830 2.10485 2.33164 2.58043 2.85312 3.15176 3.47855 1.12683 1.19562 1.26824 1.34489 1.42576 1.51107 1.60103 1.69588 1.79586 1.90121 2.01220 2.25219 2.51817 2.81266 3.13843 3.49845 3.89598 13 1.13809 1.21355 1.29361 1.37851 1.46853 1.56396 1.66507 1.77220 1.88565 2.00577 2.13293 2.40985 2.71962 3.06580 3.45227 3.88328 4.36349 14 1.14947 1.23176 1.31948 1.41297 1.51259 1.61869 1.73168 1.85194 1.97993 2.11609 2.26090 2.57853 2.93719 3.34173 3.79750 4.31044 4.88711 15 1.16097 1.25023 1.34587 1.44830 1.55797 1.67535 1.80094 1.93528 2.07893 2.23248 2.39656 2.75903 3.17217 3.64248 4.17725 4.78459 5.47357 16 1.17258 1.26899 1.37279 1.48451 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 2.54035 2.95216 3.42594 3.97031 4.59497 5.31089 6.13039 17 1.18430 1.28802 1.52162 1.65285 1.79468 2.11338 2.29202 2.48480 2.69277 3.15882 3.70002 4.32763 5.05447 5.89509 6.86604 18 1.19615 1.30734 1.55966 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 2.85434 3.37993 3.99602 4.71712 5.55992 6.54355 7.68997 19 1.20811 1.32695 1.45681 1.59865 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 3.02560 3.61653 4.31570 5.14166 6.11591 7.26334 8.61276 20 1.22019 1.34686 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 3.20714 3.86968 4.66096 5.60441 6.72750 8.06231 9.64629 21 1.23239 1.36706 1.51567 1.67958 1.86029 2.05943 2.27877 2.52024 2.78596 3.07823 3.39956 4.14056 5.03383 6.10881 7.40025 8.94917 10.80385 25 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 3.00543 3.38635 3.81339 4.29187 5.42743 6.84848 8.62308 10.83471 13.58546 17.00006 30 1.34785 1.56308 1.81136 2.09757 2.42726 2.80679 3.24340 3.74532 4.32194 4.98395 5.74349 7.61226 10.06266 13.26768 17.44940 22.89230 29.95992 40 1.48886 1.81402 2.20804 2.68506 3.26204 3.95926 4.80102 5.81636 7.03999 8.51331 10.28572 14.97446 21.72452 31.40942 45.25926 65.00087 93.05097 1469.77160 11 12 6.19174 7.43008 8.91610 10.69932 12.83918 15.40702 18.48843 22.18611 26.62333 31.94800 38.33760 46.00512 95.39622 237.37631 1.94790 1.40024 1.42825 2 3 4 5 6 7 www TABLE 2 Present value of $1 PV = $1/(1 + i)" n/i 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 24 25 28 29 30 31 40 1.0% 0.99010 0.98030 0.97059 0.96098 0.95147 0.94205 0.93272 0.92348 0.91434 0.90529 0.89632 0.88745 0.87866 0.86996 0.86135 0.85282 0.84438 0.83602 0.82774 0.81954 0.81143 0.78757 0.77977 0.75684 0.74934 0.74192 0.73458 0.67165 1.5% 0.98522 0.97066 0.95632 0.94218 0.92826 0.91454 0.90103 0.88771 0.87459 0.86167 0.84893 0.83639 0.82403 0.81185 0.79985 0.78803 0.77639 0.76491 0.75361 0.74247 0.73150 0.69954 0.68921 0.65910 0.64936 0.63976 0.63031 0.55126 2.0% 0.98039 0.96117 0.94232 0.92385 0.90573 0.88797 0.87056 0.85349 0.83676 0.82035 0.80426 0.78849 0.77303 0.75788 0.74301 0.72845 0.71416 0.70016 0.68643 0.67297 0.65978 0.62172 0.60953 0.57437 0.56311 0.55207 0.54125 0.45289 2.5% 0.97561 0.95181 0.92860 0.90595 0.88385 0.86230 0.84127 0.82075 0.80073 0.78120 0.76214 0.74356 0.72542 0.70773 0.69047 0.67362 0.65720 0.64117 0.62553 0.61027 0.59539 0.55288 0.53939 0.50088 0.48866 0.47674 0.46511 0.37243 3.0% 0.97087 0.94260 0.91514 0.88849 0.86261 0.83748 0.81309 0.78941 0.76642 0.74409 0.72242 0.70138 0.68095 0.66112 0.64186 0.62317 0.60502 0.58739 0.57029 0.55368 0.53755 0.49193 0.47761 0.43708 0.42435 0.41199 0.39999 0.30656 3.5% 0.96618 0.93351 0.90194 0.87144 0.84197 0.81350 0.78599 0.75941 0.73373 0.70892 0.68495 0.66178 0.63940 0.61778 0.59689 0.57671 0.55720 0.53836 0.52016 0.50257 0.48557 0.43796 0.42315 0.38165 0.36875 0.35628 0.34423 0.25257 4.0% 0.96154 0.92456 0.88900 0.85480 0.82193 0.79031 0.75992 0.73069 0.70259 0.67556 0.64958 0.62460 0.60057 0.57748 0.55526 0.53391 0.51337 0.49363 0.47464 0.45639 0.43883 0.39012 0.37512 0.33348 0.32065 0.30832 0.29646 0.20829 4.5% 0.95694 0.91573 0.87630 0.83856 0.80245 0.76790 0.73483 0.70319 0.67290 0.64393 0.61620 0.58966 0.56427 0.53997 0.51672 0.49447 0.47318 0.45280 0.43330 0.41464 0.39679 0.34770 0.33273 0.29157 0.27902 0.26700 0.25550 0.17193 5.0% 0.95238 0.90703 0.86384 0.82270 0.78353 0.74622 0.71068 0.67684 0.64461 0.61391 0.58468 0.55684 0.53032 0.50507 0.48102 0.45811 0.43630 0.41552 0.39573 0.37689 0.35894 0.31007 0.29530 0.25509 0.24295 0.23138 0.22036 0.14205 5.5% 0.94787 0.89845 0.85161 0.80722 0.76513 0.72525 0.68744 0.65160 0.61763 0.58543 0.55491 0.52598 0.49856 0.47257 0.44793 0.42458 0.40245 0.38147 0.36158 0.34273 0.32486 0.27666 0.26223 0.22332 0.21168 0.20064 0.19018 0.11746 6.0% 0.94340 0.89000 0.83962 0.79209 0.74726 0.70496 0.66506 0.62741 0.59190 0.55839 0.52679 0.49697 0.46884 0.44230 0.41727 0.39365 0.37136 0.35034 0.33051 0.31180 0.29416 0.24698 0.23300 0.19563 0.18456 0.17411 0.16425 0.09722 7.0% 0.93458 0.87344 0.81630 0.76290 0.71299 0.66634 0.62275 0.58201 0.54393 0.50835 0.47509 0.44401 0.41496 0.38782 0.36245 0.33873 0.31657 0.29586 0.27651 0.25842 0.24151 0.19715 0.18425 0.15040 0.14056 0.13137 0.12277 0.06678 8.0% 0.92593 0.85734 0.79383 0.73503 0.68058 0.63017 0.58349 0.54027 0.50025 0.46319 0.42888 0.39711 0.36770 0.34046 0.31524 0.29189 0.27027 0.25025 0.23171 0.21455 0.19866 0.15770 0.14602 0.11591 0.10733 0.09938 0.09202 0.04603 9.0% 0.91743 0.84168 0.77218 0.70843 0.64993 0.59627 0.54703 0.50187 0.46043 0.42241 0.38753 0.35553 0.32618 0.29925 0.27454 0.25187 0.23107 0.21199 0.19449 0.17843 0.16370 0.12640 0.11597 0.08955 0.08215 0.07537 0.06915 0.03184 10.0% 0.90909 0.82645 0.75131 0.68301 0.62092 0.56447 0.51316 0.46651 0.42410 0.38554 0.35049 0.31863 0.28966 0.26333 0.23939 0.21763 0.19784 0.17986 0.16351 0.14864 0.13513 0.10153 0.09230 0.06934 0.06304 0.05731 0.05210 0.02209 11.0% 0.90090 0.81162 0.73119 0.65873 0.59345 0.53464 0.48166 0.43393 0.39092 0.35218 0.31728 0.28584 0.25751 0.23199 0.20900 0.18829 0.16963 0.15282 0.13768 0.12403 0.11174 0.08170 0.07361 0.05382 0.04849 0.04368 0.03935 0.01538 12.0% 0.89286 0.79719 0.71178 0.63552 0.56743 0.50663 0.45235 0.40388 0.36061 0.32197 0.28748 0.25668 0.22917 0.20462 0.18270 0.16312 0.14564 0.13004 0.11611 0.10367 0.09256 0.06588 0.05882 0.04187 0.03738 0.03338 0.02980 0.01075 20.0% 0.83333 0.69444 0.57870 0.48225 0.40188 0.33490 0.27908 0.23257 0.19381 0.16151 0.13459 0.11216 0.09346 0.07789 0.06491 0.05409 0.04507 0.03756 0.03130 0.02608 0.02174 0.01258 0.01048 0.00607 0.00506 0.00421 0.00351 0.00068 Table 3 Future Value of an Ordinary Annuity of $1 FVA = ((1+i) 1)/i n/i 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 30 40 1.0% 1.0000 2.0100 3.0301 4.0604 5.1010 6.1520 7.2135 8.2857 9.3685 10.4622 11.5668 12.6825 13.8093 14.9474 16.0969 17.2579 18.4304 19.6147 20.8109 22.0190 23.2392 34.7849 48.8864 1.5% 1.0000 2.0150 3.0452 4.0909 2.0% 1.0000 2.0200 3.0604 4.1216 5.2040 5.1523 6.2296 6.3081 7.3230 7.4343 8.4328 8.5830 9.7546 9.5593 10.7027 10.9497 11.8633 12.1687 13.0412 14.2368 13.4121 14.6803 15.4504 15.9739 16.6821 17.2934 17.9324 18.6393 19.2014 20.0121 20.4894 21.4123 21.7967 22.8406 23.1237 24.2974 24.4705 25.7833 37.5387 40.5681 54.2679 60.4020 2.5% 1.0000 2.0250 3.0756 4.1525 5.2563 6.3877 7.5474 8.7361 9.9545 11.2034 12.4835 13.7956 15.1404 16.5190 17.9319 19.3802 20.8647 22.3863 23.9460 25.5447 27.1833 43.9027 67.4026 3.0 % 1.0000 2.0300 3.0909 4.1836 5.3091 6.4684 7.6625 8.8923 10.1591 11.4639 12.8078 14.1920 15.6178 17.0863 18.5989 20.1569 21.7616 23.4144 25.1169 26.8704 28.6765 47.5754 75.4013 3.5% 1.0000 2.0350 3.1062 4.2149 5.3625 6.5502 7.7794 9.0517 10.3685 11.7314 13.1420 14.6020 16.1130 17.6770 19.2957 20.9710 22.7050 24.4997 26.3572 28.2797 30.2695 51.6227 84.5503 4.0% 1.0000 2.0400 3.1216 4.2465 5.4163 6.6330 7.8983 9.2142 10.5828 4.5% 1.0000 2.0450 3.1370 4.2782 5.4707 6.7169 8.0192 9.3800 10.8021 5.0% 1.0000 2.0500 3.1525 4.3101 5.5256 6.8019 8.1420 9.5491 11.0266 12.5779 14.2068 13.8412 5.5% 6.0% 1.0000 1.0000 2.0550 2.0600 3.1680 3.1836 4.3423 4.3746 5.5811 5.6371 6.8881 6.9753 8.2669 8.3938 9.7216 9.8975 11.2563 11.4913 12.0061 12.2882 12.8754 13.1808 13.4864 14.5835 14.9716 15.0258 15.4640 15.9171 16.3856 16.8699 16.6268 17.1599 17.7130 18.2868 18.8821 18.2919 18.9321 19.5986 20.2926 21.0151 20.0236 20.7841 21.5786 22.4087 23.2760 21.8245 22.7193 23.6575 24.6411 25.6725 23.6975 24.7417 25.8404 26.9964 28.2129 25.6454 26.8551 28.1324 29.4812 30.9057 27.6712 29.0636 30.5390 32.1027 33.7600 29.7781 31.3714 33.0660 34.8683 36.7856 31.9692 33.7831 35.7193 37.7861 39.9927 56.0849 61.0071 66.4388 72.4355 79.0582 95.0255 107.0303 120.7998 136.6056 154.7620 7.0% 1.0000 2.0700 3.2149 4.4399 5.7507 7.1533 8.6540 10.2598 11.9780 13.8164 15.7836 17.8885 20.1406 22.5505 25.1290 27.8881 30.8402 33.9990 37.3790 40.9955 44.8652 94.4608 199.6351 8.0% 1.0000 2.0800 3.2464 4.5061 5.8666 7.3359 8.9228 10.6366 12.4876 14.4866 16.6455 18.9771 21.4953 24.2149 27.1521 30.3243 33.7502 37.4502 41.4463 45.7620 50.4229 113.2832 259.0565 9.0% 1.0000 2.0900 3.2781 4.5731 5.9847 7.5233 9.2004 11.0285 13.0210 15.1929 17.5603 20.1407 22.9534 26.0192 29.3609 33.0034 36.9737 41.3013 46.0185 51.1601 56.7645 136.3075 337.8824 10.0% 1.0000 2.1000 3.3100 4.6410 6.1051 7.7156 9.4872 11.4359 13.5795 15.9374 18.5312 21.3843 24.5227 27.9750 31.7725 35.9497 40.5447 45.5992 51.1591 57.2750 64.0025 164.4940 442.5926 11.0% 1.0000 2.1100 3.3421 4.7097 6.2278 7.9129 9.7833 11.8594 14.1640 16.7220 19.5614 22.7132 26.2116 30.0949 34.4054 39.1899 44.5008 50.3959 56.9395 64.2028 72.2651 199.0209 581.8261 12.0% 1.0000 2.1200 3.3744 4.7793 6.3528 8.1152 10.0890 12.2997 14.7757 17.5487 20.6546 24.1331 28.0291 32.3926 37.2797 42.7533 48.8837 55.7497 63.4397 72.0524 81.6987 241.3327 767.0914 20.0% 1.0000 2.2000 3.6400 5.3680 7.4416 9.9299 12.9159 16.4991 20.7989 25.9587 32.1504 39.5805 48.4966 59.1959 72.0351 87.4421 105.9306 128.1167 154.7400 186.6880 225.0256 1181.8816 7343.8578 Table 4 Present Value of an Ordinary Annuity of $1 PVA = (1 - (1/(1 + i)"))/i n/i 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 25 30 40 1.0% 0.99010 1.97040 2.94099 3.90197 4.85343 5.79548 6.72819 7.65168 8.56602 9.47130 10.36763 11.25508 12.13374 13.00370 13.86505 14.71787 15.56225 16.39827 17.22601 18.04555 18.85698 22.02316 25.80771 32.83469 1.5% 0.98522 1.95588 2.91220 3.85438 4.78264 5.69719 6.59821 7.48593 8.36052 9.22218 10.07112 10.90751 11.73153 12.54338 13.34323 14.13126 14.90765 15.67256 16.42617 17.16864 17.90014 20.71961 24.01584 29.91585 2.0% 0.98039 1.94156 2.88388 3.80773 4.71346 5.60143 6.47199 7 32548 8.16224 8.98259 9.78685 10.57534 11.34837 12.10625 12.84926 13.57771 14.29187 14.99203 15.67846 16.35143 17.01121 19 52346 22.39646 27.35548 2.5% 0.97561 1.92742 2.85602 3.76197 4.64583 5.50813 6.34939 7.17014 7.97087 8.75206 9.51421 10.25776 10.98319 11.69091 12.38138 13.05500 13.71220 14.35336 14.97889 15.58916 16.18455 18.42438 20.93029 25.10278 3.0% 0.97087 1.91347 2.82861 3.71710 4.57971 5.41719 6.23028 7.01969 7.78611 8.53020 9.25262 9.95400 10.63496 11.29607 11.93794 12.56110 13.16612 13.75351 14.32380 14.87747 15.41502 17.41315 19.60044 23.11477 3.5% 0.96618 1.89969 2.80164 3.67308 4.51505 5.32855 6.11454 6.87396 7.60769 8.31661 9.00155 9.66333 10.30274 10.92052 11.51741 12.09412 12.65132 13.18968 13.70984 14.21240 14.69797 16.48151 18.39205 21.35507 4.0% 0.96154 1.88609 2.77509 3.62990 4.45182 5.24214 6.00205 6.73274 7.43533 8.11090 8.76048 9.38507 9.98565 10.56312 11.11839 11.65230 12.16567 12.65930 13.13394 13.59033 14.02916 15.62208 17.29203 19.79277 4.5% 0.95694 1.87267 2.74896 3.58753 4.38998 5.15787 5.89270 6.59589 7.26879 7.91272 8.52892 9.11858 9.68285 10.22283 10.73955 11.23402 11.70719 12.15999 12.59329 13.00794 13.40472 14.82821 16.28889 18.40158 5.0% 0.95238 1.85941 2.72325 3.54595 4.32948 5.07569 5.78637 6.46321 7.10782 7.72173 8.30641 8.86325 9.39357 9.89864 10.37966 10.83777 11.27407 11.68959 12.08532 12.46221 12.82115 14.09394 15.37245 17.15909 5.5% 0.94787 1.84632 2.69793 3.50515 4.27028 4.99553 5.68297 6.33457 6.95220 7.53763 8.09254 8.61852 9.11708 9.58965 10.03758 10.46216 10.86461 11.24607 11.60765 11.95038 12.27524 13.41393 14.53375 16.04612 6.0% 0.94340 1.83339 2.67301 3.46511 4.21236 4.91732 5.58238 6.20979 6.80169 7.36009 7.88687 8.38384 8.85268 9.29498 9.71225 10.10590 10.47726 10.82760 11.15812 11.46992 11.76408 12.78336 13.76483 15.04630 7.0% 0.93458 1.80802 2.62432 3.38721 4.10020 4.76654 5.38929 5.97130 6.51523 7.02358 7.49867 7.94269 8.35765 8.74547 9.10791 9.44665 9.76322 10.05909 10.33560 10.59401 10.83553 11.65358 12.40904 13.33171 8.0% 0.92593 1.78326 2.57710 3.31213 3.99271 4.62288 5.20637 5.74664 6.24689 6.71008 7.13896 7.53608 7.90378 8.24424 8.55948 8.85137 9.12164 9.37189 9.60360 9.81815 10.01680 10.67478 11.25778 11.92461 9.0% 0.91743 1.75911 2.53129 3.23972 3.88965 4.48592 5.03295 5.53482 5.99525 6.41766 6.80519 7.16073 7.48690 7.78615 8.06069 8.31256 8.54363 8.75563 8.95011 9.12855 9.29224 9.82258 10.27365 10.75736 10.0% 0.90909 1.73554 2.48685 3.16987 3.79079 4.35526 4.86842 5.33493 5.75902 6.14457 6.49506 6.81369 7.10336 7.36669 7.60608 7.82371 8.02155 8.20141 8.36492 8.51356 8.64869 9.07704 9.42691 9.77905 11.0% 0.90090 1.71252 2.44371 3.10245 3.69590 4.23054 4.71220 5.14612 5.53705 5.88923 6.20652 6.49236 6.74987 6.98187 7.19087 7.37916 7.54879 7.70162 7.83929 7.96333 8.07507 8.42174 8.69379 8.95105 12.0% 0.89286 1.69005 2.40183 3.03735 3.60478 4.11141 4.56376 4.96764 5.32825 5.65022 5.93770 6.19437 6.42355 6.62817 6.81086 6.97399 7.11963 7.24967 7.36578 7.46944 7.56200 7.84314 8.05518 8.24378 20.0% 0.83333 1.52778 2.10648 2.58873 2.99061 3.32551 3.60459 3.83716 4.03097 4.19247 4.32706 4.43922 4.53268 4.61057 4.67547 4.72956 4.77463 4.81219 4.84350 4.86958 4.89132 4.94759 4.97894 4.99660 Table 5 Future Value of an Annuity Due of $1 FVAD = (((1+i) - 1/i) x (1 + i)) n/i 1 1.0 % 1.0100 2.0301 1.5% 1.0150 2.0452 3.0909 2.5% 1.0250 2.0756 3.1525 4.2563 3.0% 1.0300 2.0909 3.1836 4.3091 3.0604 4.1010 4.1523 5.1520 5.3081 5.4684 5.3877 6.5474 6.2135 6.4343 6.6625 7.2857 7.5830 7.7361 7.8923 3.5% 4.0% 1.0350 1.0400 2.1062 2.1216 3.2149 3.2465 4.3625 44163 5.5502 5.6330 6.7794 6.8983 8.0517 8.2142 9.1591 9.3685 9.5828 9.4622 9.7027 9.9497 10.2034 104639 10.7314 11.0061 10.5668 10.8633 11.1687 11.4835 11.8078 12.1420 12.4864 13.1920 13.6020 14.0258 13.6803 14.1404 14.6178 15.1130 15.6268 14.9739 15.5190 16.0863 16.6770 17.2919 15.0969 15.6821 16.2934 16.9319 17.5989 18.2957 19.0236 16.2579 16.9324 17.6393 18.3802 19.1569 17.4304 8.3685 8.5593 8.7546 8.9545 11.6825 12.0412 12.4121 12.7956 12.8093 13.2368 13.9474 14.4504 18.2014 19.0121 19.8647 20.7616 19.9710 20.8245 21.7050 22.6975 23.4997 24.6454 25.3572 26.6712 18.6147 194894 21.3863 22.4144 19.8109 20.7967 22.9460 24.1169 21.0190 22.1237 23.2974 24.5447 25.8704 27.2797 28.7781 22.2392 23.4705 24.7833 26.1833 27.6765 29.2695 30.9692 23.4716 24.8376 26.2990 27.8629 29.5368 31.3289 33.2480 28.5256 30.5140 32.6709 35.0117 37.5530 40.3131 43.3117 35.1327 38.1018 41.3794 45.0003 49.0027 53.4295 58.3283 61.6100 69.0876 77.6633 87.5095 98.8265 49.3752 55.0819 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 25 30 40 5.2296 6.3230 7.4328 2.0% 1.0200 2.0604 3.1216 4.2040 20.4123 21.8406 4.5% 1.0450 2.1370 3.2782 4.4707 5.7169 7.0192 8.3800 9.8021 11.2882 12.8412 14.4640 16.1599 17.9321 19.7841 21.7193 23.7417 25.8551 28.0636 30.3714 32.7831 35.3034 46.5706 63.7524 111.8467 5.0% 1.0500 2.1525 3.3101 4.5256 5.8019 7.1420 8.5491 10.0266 11.5779 13.2068 14.9171 16.7130 18.5986 20.5786 22.6575 24.8404 27.1324 29.5390 32.0660 34.7193 37.5052 50.1135 69.7608 126.8398 5.5% 1.0550 2.1680 3.3423 4.5811 5 8881 7.2669 8.7216 10.2563 11.8754 13.5835 15.3856 17.2868 19.2926 21.4087 23.6411 25.9964 28.4812 31.1027 33.8683 36.7861 39.8643 53.9660 76.4194 144.1189 6.0% 1.0600 2.1836 3.3746 4.6371 5.9753 7.3938 8.8975 10.4913 12.1808 13.9716 15.8699 17.8821 20.0151 22.2760 24.6725 27.2129 29.9057 32.7600 35.7856 38.9927 42.3923 58.1564 83.8017 164.0477 7.0% 1.0700 2.2149 3.4399 4.7507 6.1533 7.6540 9.2598 10.9780 12.8164 14.7836 16.8885 19.1406 21.5505 24.1290 26.8881 29.8402 32.9990 36.3790 39.9955 43.8652 48.0057 67.6765 101.0730 213.6096 8.0% 1.0800 2.2464 3.5061 4.8666 6.3359 7.9228 9.6366 114876 13.4866 15.6455 17.9771 20.4953 23.2149 26.1521 29.3243 32.7502 36.4502 40.4463 44.7620 49.4229 54.4568 78.9544 122.3459 279.7810 9.0% 1.0900 2.2781 3.5731 4.9847 6.5233 8.2004 10.0285 12.0210 14.1929 16.5603 19.1407 21.9534 25.0192 28.3609 32.0034 35.9737 40.3013 45.0185 50.1601 55.7645 61.8733 92.3240 148.5752 368.2919 10.0% 1.1000 2.3100 3.6410 5.1051 6.7156 8.4872 10.4359 12.5795 14.9374 17.5312 20.3843 23.5227 26.9750 30.7725 34.9497 39.5447 44.5992 50.1591 56.2750 63.0025 70.4027 108.1818 180.9434 486.8518 11.0% 1.1100 2.3421 3.7097 5.2278 6.9129 8.7833 10.8594 13.1640 15.7220 18.5614 21.7132 25.2116 29.0949 33.4054 38.1899 43.5008 49.3959 55.9395 63.2028 71.2651 80.2143 126.9988 220.9132 645.8269 20.0% 12.0% 1.1200 1.2000 2.3744 2.6400 3.7793 4.3680 5.3528 6.4416 7.1152 8.9299 9.0890 11.9159 11.2997 154991 13.7757 19.7989 16.5487 24.9587 19.6546 31.1504 23.1331 38.5805 27.0291 474966 31.3926 58.1959 36.2797 71.0351 41.7533 86.4421 47.8837 104.9306 54.7497 127.1167 62.4397 153.7400 71.0524 185.6880 80.6987 224.0256 91.5026 270.0307 149.3339 566.3773 270.2926 1418.2579 859.1424 8812.6294 Table 6 Present Value of an Annuity Due of $1 PVAD = ((1 - (1/(1 + i)n))/i) (1 + i) n/i 4.0% 1 1.0% 1.00000 1.99010 2 3 2.97040 1.5% 1.00000 1.98522 2.95588 3.91220 4.85438 5.78264 4 3.94099 5 4.90197 6 5.85343 7 4.5% 1.00000 1.95694 2.87267 3.74896 4.58753 5.38998 6.15787 6.89270 7.59589 8.26879 8.91272 9.52892 10.11858 6.79548 6.69719 7.59821 1.00000 1.96154 2.88609 3.77509 4.62990 5.45182 6.24214 7.00205 7.73274 8.43533 9.11090 9.76048 10.38507 8 7.72819 8.65168 9 10 8.48593 9.56602 9.36052 11 10.47130 10.22218 2.0% 2.5% 3.0% 3.5% 5.0% 5.5% 6.0% 7.0% 8.0% 10.0% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.98039 1.97561 1.97087 1.96618 1.95238 1.94787 1.94340 1.93458 1.92593 1.90909 2.94156 2.92742 2.91347 2.89969 2.85941 2.84632 2.83339 2.80802 2.78326 2.73554 3.88388 3.85602 3.82861 3.80164 3.72325 3.69793 3.67301 3.62432 3.57710 3.48685 4.80773 4.76197 4.71710 4.67308 4.54595 4.50515 4.46511 4.38721 4.31213 4.16987 5.71346 5.64583 5.57971 5.51505 5.32948 5.27028 5.21236 5.10020 4.99271 4.79079 6.60143 6.50813 6.41719 6.32855 6.07569 5.99553 5.91732 5.76654 5.62288 5.35526 7.47199 7.34939 7.23028 7.11454 6.78637 6.68297 6.58238 6.38929 6 20637 5.86842 8.32548 8.17014 8.01969 7.87396 7.46321 7.33457 7.20979 6.97130 6.74664 6.33493 9.16224 8.97087 8.78611 8.60769 8.10782 7.95220 7.80169 7.51523 7.24689 6.75902 9.98259 9.75206 9.53020 9.31661 8.72173 8.53763 8.36009 8.02358 7.71008 7.14457 11.07112 10.78685 10.51421 10.25262 10.00155 9.30641 9.09254 8.88687 8.49867 8.13896 7.49506 11.90751 11.57534 11.25776 10.95400 10.66333 9.86325 9.61852 9.38384 8.94269 8.53608 7.81369 12.73153 12.34837 11.98318 11.63496 11.30274 10.98565 10.68285 10.39357 10.11708 9.85268 9.35765 8.90378 8.10336 14.00370 13.54338 13.10625 12.69091 12.29607 11.92052 11.56312 11.22283 10.89864 10.58965 10.29498 9.74547 9.24424 8.36669 14.86505 14.34323 13.84926 13.38138 12.93794 12.51741 12.11839 11.73955 11.37966 11.03758 10.71225 10.10791 9.55948 8.60608 15.71787 13.56110 13.09412 12.65230 12.23402 11.83777 11.46216 11.10590 10.44665 9.85137 8.82371 16.56225 14.16612 13.65132 13.16567 12.70719 12.27407 11.86461 11.47726 10.76322 10.12164 9.02155 17.39827 16.67256 15.99203 15.35336 14.75351 14.18968 13.65930 13.15999 12.68959 12.24607 11.82760 11.05909 10.37189 9.20141 18.22601 17.42617 16.67846 15.97889 15.32380 14.70984 14.13394 13.59329 13.08532 12.60765 12.15812 11.33560 10.60360 9.36492 19.04555 18.16864 17.35143 16.58916 15.87747 15.21240 14.59033 14.00794 13.46221 12.95038 12.46992 11.59401 10.81815 10.12855 9.51356 22.24339 21.03041 19.91393 18.88499 17.93554 17.05837 16.24696 15.49548 14.79864 14.15170 13.55036 12.46933 11.52876 10.70661 9.98474 26.06579 24.37608 22.84438 21.45355 20.18845 19.03577 17.98371 17.02189 16.14107 15.33310 14.59072 13.27767 12.15841 11.19828 10.36961 33.16303 30.36458 27.90259 25.73034 23.80822 22.10250 20.58448 19.22966 18.01704 16.92866 15.94907 14.26493 12.87858 11.72552 10.75696 12 11.36763 13 12.25508 14 13.13374 15 16 17 18 19 20 15.13126 15.90765 14.57771 15.29187 14.05500 14.71220 21 25 30 40 9.0% 1.00000 1.91743 2.75911 3.53129 4.23972 4.88965 5.48592 6.03295 6.53482 6.99525 7.41766 7.80519 8.16073 8.48690 8.78615 9.06069 9.31256 9.54363 9.75563 9.95011 11.0% 1.00000 1.90090 2.71252 3.44371 4.10245 4.69590 5.23054 5.71220 6.14612 6.53705 6.88923 7.20652 7.49236 7.74987 7.98187 8.19087 8.37916 8.54879 8.70162 8.83929 8.96333 9.34814 9.65011 9.93567 12.0% 1.00000 1.89286 2.69005 3.40183 4.03735 4.60478 5.11141 5.56376 5.96764 6.32825 6.65022 6.93770 7.19437 7.42355 7.62817 7.81086 7.97399 8.11963 8.24967 8.36578 8.46944 8.78432 9.02181 9.23303 20.0% 1.00000 1.83333 2.52778 3.10648 3.58873 3.99061 4.32551 4.60459 4.83716 5.03097 5.19247 5.32706 5.43922 5.53268 5.61057 5.67547 5.72956 5.77463 5.81219 5.84350 5.86958 5.93710 5.97472 5.99592

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