2 7. Alvarez Corporation issued $120,000 par value, 10%, four-year bonds (i.e., there were 120 $1,000 par value bonds in the issue). Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period, on July 1. Determine the issue price of the bonds if the market rate of interest is 8%. 3 4 (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Future Value of an Ordinary Annuity table.) (Click the icon to view the Future Value of an Annuity Due table.) (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Present Value of an Ordinary Annuity table.) (Click the icon to view the Present Value of an Annuity Due table.) 6 Determine the issue price of the bonds. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answers to the nearest whole dollar.) The issue price of the bonds is $ L 1: Future Value of $1 Future Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 1 1.010001.020001.03000 1.04000 1.05000 1.06000 1.07000 1.08000 1.09000 1.10000 1.11000 1.12000 1.13000 1.14000 1.1 2 1.02010 1.040401.06090 1.08160 1.10250 1.12360 1.14490 1.16640 1.18810 1.21000 1.23210 1.25440 1.276901.29960 1.3 3 1.030301.06121 1.09273 1.12486 1.15763 1.19102 1.22504 1.25971 1.29503 1.33100 1.36763 1.40493 1.44290 1.48154 1.5 1.040601.082431.12551 1.16986 1.21551 1.26248 1.31080 1.36049 1.41158 1.46410 1.51807 1.57352 1.63047 1.68896 1.051011.10408 1.15927 1.21665 1.27628 1.33823 1.40255 1.46933 1.53862 1.61051 1.68506 1.76234 1.84244 1.92541 1.061521.126161.19405 1.26532 1.34010 1.41852 1.50073 1.58687 1.67710 1.77156 1.87041 1.97382 2.08195 2.19497 11.072141.148691.22987 1.31593 1.40710 1.50363 1.60578| 1.71382 1.82804 1.948721 2.07616 2.21068 2.35261 2.50227 8 1.082861.171661.26677 1.36857 1.47746 1.59385 1.71819 1.85093 1.99256 2.14359 2.30454 2.47596 2.65844 2.85259 9 11.093691.195091.30477| 1.42331 1.55133 1.68948 1.83846 1.99900 2.17189 2.35795 2.55804 2.77308 3.00404 3.25195 3.5 10 1.104621.21899|1,34392 1.48024 1.62889 1.79085 1.96715 2.15892 2.36736 2.59374 2.83942 3.10585 3.39457 3.70722 1.11567 1.243371.38423 1.53945 1.71034 1.89830 2.10485 2.33164 2.58043 2.85312 3.15176 3.47855 3.83586 4.22623 12 1.126831.268241.42576 1.60103 1.79586 2.01220 2.25219 2.51817 2.81266 3.13843 3.49845 3.89598 4.33452 4.81790 5.3 13 1.138091.29361/1.468531.66507 1.88565 2.13293 2.40985 2.71962 3.06580 3.45227 3.88328 4.36349 4.89801 5.49241 6.1 1.14947|1.31948|1.51259 1.73168 1.97993 2.26090 2.57853 2.93719 3.34173 3.79750 4.31044 4.88711 5.53475 6.26135 7.0 15 1.16097|1.34587|1.55797 1.80094 2.07893 2.39656 2.75903 3.17217 3.64248 4.17725 4.78459 5.47357 6.25427 7.13794 11.17258/1.37279|1.60471 1.87298 2.18287 2.54035 2.95216 3.42594 3.97031 4.59497 5.31089 6.13039 7.06733 8.13725 17 1.184301.40024 1.65285 1.94790 2.29202 2.69277 3.15882 3.70002 4.32763 5.05447 5.89509 6.86604 7.986089 27646 10.7 18 1.196151.428251.70243 2.02582 2.40662 2.85434 3.37993 3.99602 4.71712 5.55992 6.54355 7.68997 9.02427 10.57517| 12.3 11.20811|1.45681/1.75351 2.10686 2.52695 3.02560 3.61653 4.31570 5.14166 6.11591 7.26334 8.612761 10.19742| 12.05569 14.2 20 122019 1.485951.80611 2.19112 2.65330 3.20714 3.86968 4.66096 5.60441 6.72750 8.06231 9.64629 11.52309 13.74349 16.3 1.282431.640612.09378 2.66584 3.38635 4.29187 5.42743 6.84848 8.62308 10.83471 13.58546 17.00006 21.23054 26.46192 32.9 1.34785 1.811362.42726 3.24340 4.32194 5.74349 7.61226 10.06266 13.26768 17.44940 22.89230 29.95992 39.11590 50.9501666.2 35 1.416601.99989 2.81386 3.94609 5.51602 7.6860910.67658 14.78534 20.41397 28.10244 38.57485 527996272.06851 9810018 133.1 40 1.48886|2.208043.26204 4.80102 7.03999|10.28572|14.97446 21.72452 31.40942/ 45.25926 65.00087 93.05097| 132.78155 188.88351 267.8 45 1.564812.43785[3.78160 5.84118 8.98601 13.76461|21.00245 31.92045 48.32729 72.89048 109.5302416398760 244.64140 363.67907 538.7 50 1.644632.69159|4.38391) 7.10668 11.46740|18.42015|29.45703 46.90161 74.35752 117.39085|184.56483|289.00219| 450.73593 700.232991,083.6 60 1.81670 3.281035.8916010.51963 18.6791932.9876957.94643101.25706176.03129304.48164524.05724|097.59693,530.053472,595.91866 4,383.9 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 2: Present Value of $1 Present Value of $1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 0.99010 0.98039 0.97087 0.96154 0.95238 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.88496 0.87719 0.86957 0.8 0.98030 0.96117 0.94260 0.92456 0.90703 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.78315 0.76947 0.75614 0.1 0.97059 0.94232 0.91514 0.88900 0.86384 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.69305 0.67497 0.65752 0. 0.96098 0.92385 0.88849 0.85480 0.82270 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.61332 0.59208 0.57175 0.5 0.95147 0.90573 0.86261 0.82193 0.78353 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.54276 0.51937 0.49718 0.4 0.94205 0.88797 0.83748 0.79031 0.74622 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.48032 0.45559 0.43233 0. 0.93272 0.87056 0.81309 0.75992 0.71068 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.42506 0.39964 0.375940 0.92348 0.85349 0.78941 0.73069 0.67684 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.37616 0.35056 0.32690 0 0.91434 0.83676 0.76642 0.70259 0.64461 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.33288 0.30751 0.28426 0.90529 0.82035 0.74409 0.67556 0.61391 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.29459 0.26974 0.24718 0.1 0.89632 0.80426 0.72242 0.64958 0.58468 0.52679 0.475090.42888 0.38753 0.35049 0.31728 0.28748 0.26070 0.23662 0.21494 0. 0.88745 0.78849 0.70138 0.62460 0.55684 0.49697 0.44401 0.39711 0.35553 0.31863 0.28584 0.25668 0.23071 0.20756 0.18691 0.: 0.87866 0.77303 0.68095 0.60057 0.53032 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.20416 0.18207 0.16253 0. 0.86996 0.75788 0.66112 0.57748 0.50507 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.18068 0.15971 0.14133 0. 0.86135 0.74301 0.64186 0.55526 0.481020.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.15989 0.14010 0.12289 0. 0.85282 0.72845 0.62317 0.53391 0.45811 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.14150 0.12289 0.10686 0. 0.84438 0.71416 0.60502 0.51337 0.43630 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.12522 0.10780 0.09293 0. 0.83602 0.70016 0.58739 0.49363) 0.41552 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.110811 0.09456 0.08081 0. 0.82774 0.68643 0.57029 0.47464 0.39573 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.09806 0.08295 0.07027 0.1 0.81954 0.67297 0.55368 0.45639 0.37689 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.08678 0.07276 0.06110 0.0 0.77977 0.60953 0.47761 0.37512 0.29530 0.23300 0.18425 0.14602 0.11597 0.09230 0.07361 0.05882 0.04710 0.03779 0.03038 0.0 0.74192 0.55207 0.41199 0.30832 0.23138 0.17411 0.13137) 0.09938 0.07537 0.05731 0.04368 0.03338 0.02557 0.01963 0.01510 0. 0.70591 0.50003 0.35538 0.25342 0.18129 0.13011 0.09366 0.06763 0.04899 0.03558 0.02592 0.01894 0.01388 0.01019 0.00751 0.0 0.67165 0.45289 0.30656 0.20829 0.14205 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00753 0.00529 0.00373 0.C 0.63905 0.41020 0.26444 0.17120 0.11130 0.07265 0.04761 0.03133 0.02069 0.01372 0.00913 0.00610 0.00409 0.00275 0.00186 0.1 50 0.60804 0.37153 0.22811 0.14071 0.08720 0.05429 0.03395 0.02132 0.01345 0.00852 0.00542 0.00346 0.00222 0.00143 0.00092 0.1 60 0 .55045 0.30478 0.16973 0.09506] 0.05354 0.03031 0.017261 0.00988 0.00568 0.00328 0.001911 0.001111 0.000651 0.000391 0.00023 04 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 3: Future Value of an Ordinary Annuity 00W Future Value of an ordinary Annuity Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 1 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2.01000 2.02000 2.03000 2.04000 2.05000 2.06000 2.07000 2.08000 2.09000 2.10000 2.11000 2.12000 2.13000 3 3.03010 3.06040 3.09090 3.12160 3.15250 3.18360 3.21490 3.24640 3.27810 3.31000 3.34210 3.37440 3.40690 4.060401 4.12161 4.18363 4.24646 4.31013 4.37462 4.43994 4.506111 4.57313 4.64100 4.70973 4.77933 4.84980 5 5.101011 5.20404 5.30914 5.41632) 5.52563 5.63709 5.75074 5.866601 5.98471 6.105101 6.22780 6.35285 6.48027 6 6.15202 6.30812 6.46841 6.63298 6.80191 6.97532 7.153297.33593 7.52333 7.71561 7.91286 8.11519 8.32271 7 7.21354 7.43428 7.66246 7.89829 8.14201 8.39384 8.65402 8.92280) 9.20043 9.487179.78327 10.08901 10.40466 8 8.28567 8.58297 8.89234 9.21423 9.54911 9.89747 10.25980 10.63663 11.02847 11.43589 11.85943 12.29969 12.75726 9 9.36853 9.75463 10.15911 10.58280 11.02656 11.49132 11.97799 12.48756 13.02104 13.57948 14.16397| 14.77566 15.41571 110.46221| 10.94972 11.4638812.0061112.57789| 13.18079| 13.81645 14.48656 15.19293 15.93742 16.72201 17.54874 18.41975 11 11.56683) 12.16872 12.80780 13.48635 14.20679 14.97164 15.78360 16.64549 17.56029 18.53117 19.56143 20.65458 21.81432 12 12.68250 13.41209 14.19203 15.02581 15.91713 16.86994 17.88845 18.97713 20.1407221.38428 22.71319 24.13313 25.650181 13 13.80933 14.68033 15.61779 16.62684 17.71298 18.88214 20.14064 21.49530 22.95338 24.52271 26.21164 28.02911 29.98470 14 14.94742 15.97394 17.08632 18.291911 19.59863 21.01507 22.55049 24.21492 26.01919 27.97498 30.09492 32.39260 34.88271 16.09690 17.29342| 18.59891 20.02359 21.57856 23.27597 25.12902| 27.152111 29.36092 31.77248 34.40536 37.27971 40.41746 16 17.25786) 18.63929 20.15688 21.82453 23.65749 25.67253 27.88805 30.32428 33.00340 35.94973 39.18995 42.75328 46.67173 17 118.43044 20.01207) 21.76159 23.6975125.84037) 28.21288) 30.840221 33.75023) 36.97370| 40.544701 44.50084 48.88367/ 53.739061 18 19.61475 21.41231 23.41444 25.64541 28.13238 30.90565 33.99903) 37.45024 41.30134 45.59917 50.39594 55.74971 61.72514 20.81090 22.84056 25.11687 27.67123 30.53900 33.75999 37.37896 41.44626 46.01846 51.15909/ 56.93949 63.43968 70.74941 20 22.01900 24.29737 26.87037 29.77808 33.06595 36.78559 40.99549 45.76196 51.1601257.27500 64.2028372.05244 80.94683 ! 25 58.24320 32.0303036.45926 41.64591) 47.72710 54.86451 63.24904 73.10594 84.70090 98.34706 114.41331 133.33387 155.61956 11 30 34.78489| 40.56808) 47.57542 56.08494) 66.43885) 79.05819 94.46079 113.28321 136.307541 164.49402 199.02088 241.33268 293.19922 3! 35 61.66028l 49.99448 60.46208) 73.65222 90.32031 111.43478138.23688 172.31680 215.71075) 271.02437] 341.58955 431.66350546.680821 6! 40 48.88637 60.4019875.40126 95.02552 120.79977154.76197 199.63511 259.05652 337.88245 442.59256 581.82607 767.09142 1,013.70424 1,3 45 56.48107 71.89271 92.71986 121.02939159.70016212.74351285.74931 386.50562 525.85873 718.90484 986.638561,358.23003 1,874.16463 2,5 50 64.46318 84.57940|112.79687152.66708209.34800290.33590|406.52893 573.77016 815.083561,163.908531,668.771152,400.01825 3,459.50712 4,99 60 81.66967 h 14.05154 163.05344237.99069 353.58372533.128181813.52038 1,253.213301,944.792133,034.816404,755.065847,471.64111 11,761.9497918,5 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 4: Present Value of an Ordinary Annuity Present Value of an Ordinary Annuity Periods _19 _24 _3%[ 4% _sm _sm _18 _84 _99 _10 _114 _1280 _134 _14% 15%. 1 10.99010[ 0:98039[ 0:97087] 0:96154[ 0:95238] 0:94340 0:93458[ 0:92593_0.91743[ 0:90909] 0:90090[ 0.89286[ 0,88496[ 0,87719[ 0.86957j0. 1.97040/ 1.94155[ 1.91347 1.88609 1.85941[ 1.83339 1.80802 1.78326[ 1.75911[ 1.73554 1.71252 1.69005[ 1.65810/ 1.64666 1.62571[ 1. 294099 2.88388| 282861] 2.77509[ 272325, 2.67301] 2.62432 2:57710_253129[ 248685[ 244371[ 240183[ 2.36115[ 2.32163 228323[ 2. 13.90197\ 3.80773/ 3.71710] 3.62990 3,54595[ 3,46511] 3.38721[ 3.31213, 3.23972[ 3.16987| 3.10245[ 3.03735[ 2.97447| 2.91371[ 2.85498] 2. 4.85343 4,71345; 4.57971[ 4.45182 4.32948[ 4.21236[ 4.10020[ 3.992713.88965, 3.79079[ 3.69590[ 3.60478| 3.51723 3.43308. 3.35216 5.79548' 5.80143, 5.41719[ 5.24214 5.07569[ 4.91732 4.76654 4.62288| 4.48592, 4.35526 4.23054 4.11141 3.99755, 3.88867) 3.78448/ 6 . 72819 | 6 . 47199_ 6 . 23028_| 6 . 00205_/ ] 5 . 78637 \ 5 . 58238 / 5 . 38929 ] 5 . 20637 \ 5 . 03295 ; 4 . 86842 4 , 71220 ( 4 . 56376 / 4 , 42261 ] 4 . 28830 4 . 16042 ] 4 ] 7,65168 1.32548/1.01969] 6.73274_6.46321/ | 6.20979, 5.97130[ 5.74664 5.53482[ 5.33493 5.14612 4.96764 4.79877, 4.63886, 448732 8.56602[ 8.16224, 7.78611[ 7,43533 1.10782[ 6.80169[_6.51523]_6.24689[ 5.99525[ 5:75902 5.53705[ 5:32825[ 5.13166/ 4.94637\ 4:77158 1 9 . 47130 8 . 98259 ] 8 . 530207 8 . 11090_ 1 . 72173 , 7 . 36009 ] 7 . 02358 6 . 71008_| 6 . 41766_ 6 . 14457 | 5 . 88923 5 . 65022 5 . 42624 [ 5 . 21612 5 . 01877 4 ]10.36763| 9.78685[ 9.25262 8.76048 8.30641| 7.88687| 749867| 7.13896, 6.80519[ 6:49506[ 6.20652, 5.93770[ 5.68694[ 5.45273 5.23371[ 5. 111.25508/10.57534[ 9.95400[ 9.38507, 8.85325[ 8.38384 7.94269[ 1:53608| 7.16073[ 6.81369 649236, 6.19437\ 5.91765[ 5.66029/ 5.42062] 5. ]12.13374111.34837/10.634[ 9.98565[ 9.393571 8.85268|8.35765 1.90378/748690] 7,10336| 6,74987| 6,42355[ 6.12181[ 5,84236[ 5.58315[ 5. 14 J13.00370012-10625/11.29607010.563129.898641 9.29498/ 8.74547/ 8:24424, 7.78615[7.36669 6.98187 6.62817\ 6.30249[ 6.00207[ 5,72448] 5. 13.86505/1284926,11.93794[11.11839/10.37966| 9.71225[ 9.10791] 8.55948/_8.06069[ 7.60608| 7.19087\ 6.81086[ 6.46238_6.14217' 5.84737 14.71787'13.57771[12.5611011.65230] 10.83777/10.10590] 9.44665| 8.85137\_8.31256| 7.82371[ 7.379167 6.97399[ 6.60388| 6.26506[ 5:95423 15.56225/14.2918713.16612/12.16567|11.27407l10,47726/ 9,763221_9.12164_8.54363[ 8.02155, 7.54879[ 7.11963[ 6.72909[ 6.37286/_6.04716[ 5. ]16.3982714.99203'13,75351]12.65930]11.68959/10,82760] 10.05909] 9.37189/_8.75563] 8.20141] 7,70162[ 7.2497[ 6.83991] 6.,46742. 6.12797) 5. 17.22601[15.67846| 14.32380[13.13394[ 12.08532[11.1581210.33560| 9.60360|_8.95011[ 8.36492 7.83929/ 1.36578| 6.9379776.55037| 6.19823/ 18.04555[16.35143]14.87747/13.59033/12/46221'11.48992010.59401[ 9.81815[ 9:12855[ 8.51356[ 7:63337 1.46944 1.02475[ 6.62313[ 6.25933 22,02316/19.52346/17.41315[15:62208/14,09394[12.78336|11.65358|10.67478| 9.82258[ 9:07704, 8.42174[ 7.84314! 7.32998/_6.87293[ 6.45415 25.8077122.39646| 19.60044117.2920315.37245]13.764831 12.4090411.25778, 10.27365[ 9.42691 8.69379[ 8.05518 1.49565, 7.00266] 6.56598 29.40858724.99862[21.48722_18.66461716.37419114.49825/12.94767|11.65457010.56682[ 9.64416, 8.85524[ 8.17550[ 7.58557, 7.07005[ 6.61661 40 ]32,83469127.35548_23.11477/19.79277.17.15909'15.04630/ 13.33171[11.92461/10.757369.77905, 8:95105 8.24378| 7.63438 1.10504] 6.64178| 6. 36.09451129.49016/24.5187120.720041 17.77407015.45583/13.60552]12.10840] 10.88120] 9.86281 9.00791 8.28252[ 7.66086| 7.12322 6.65429/ 39.19612131.42361125,72976[21.48218/18.25593|15:76186[ 13.80075/12.23348' 10.96168, 9.91481/ 9.04165 8.30450[ 7.67524 7,13266[ 6.66051] 44.95504134.76089_27.67556/22.62349| 18.92929[16,161430 14.03918012/37655) 11.04799, 9.96716, 9.073561 8.32405[ 7.68728] 7.14011[ 6.66515[ 6. [Periods| 1% 2% 3%_44 58 _s4 _19s4 9% _10_4 _114 _1280_134_149_15% _ G G G G G & 5: Future Value of an Annuity Due Future Value of an Annuity Due Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 1.01000 1.02000 1.03000 1.04000 1.05000 1.06000 1.07000 1.08000 1.09000 1.10000 1.11000 1.12000 1.13000 2.03010 2.06040 2.09090 2.12160 2.152502.18360 2.21490 2.24640 2.27810 2.31000) 2.34210 2.37440 2.40690 3.06040 3.12161 3.18363 3.24646 3.31013 3.37462 3.43994 3.50611 3.57313 3.64100 3.70973 3.77933 3.84980 4.101011 4.20404 4.30914 4.41632 4.52563 4.63709 4.75074 4.86660 4.98471 5.10510 5.22780 5.35285 5.48027 5.15202 5.30812 5.46841 5.63298 5.80191 5.97532 6.15329 6.33593 6.52333 6.71561 6.91286 7.11519 7.32271 6 6.21354 6.43428 6.662466.89829 7.14201 7.39384 7.65402 7.922808.20043 8.48717 8.78327 9.08901 9.40466 7 17.285671 7.58297| 7.892348.21423 8.549111 8.897471 9.25980 9.63663 10.02847' 10.43589 10.85943) 11.29969 11.75726| 8 8.36853 8.75463 9.15911 9.58280 10.02656 10.49132 10.97799 11.48756 12.02104 12.57948 13.16397 13.77566 14.41571 9 9.46221 9.94972) 10.46388) 11.00611 11.57789 12.18079 12.81645 13.48656) 14.19293) 14.93742! 15.722011 16.54874) 17.41975 10 10.56683 11.16872 11.80780 12.48635 13.20679 13.97164 14.78360 15.64549 16.56029 17.53117 18.56143 19.65458 20.81432 11 11.68250 12.41209 13.19203 14.02581 14.91713 15.86994 16.88845 17.97713 19.14072 20.38428 21.71319 23.13313 24.65018 12 12.80933) 13.68033 14.61779 15.62684 16.71298 17.88214 19.14064 20.49530 21.95338 23.522711 25.21164 27.02911 28.98470 13 13.94742 14.97394 16.08632 17.29191 18.59863 20.01507 21.55049 23.21492 25.01919 26.97498 29.09492 31.39260 33.88271 14 15.09690 16.29342 17.59891 19.02359 20.57856 22.27597) 24.129021 26.152111 28.36092 30.77248) 33.40536 36.27971 39.41746 16.25786 17.63929 19.15688 20.82453 22.65749 24.67253 26.88805 29.32428 32.00340 34.94973 38.18995 41.75328 45.67173 16 57.43044 19.01207 20.76159 22.69751 24.84037 27.21288 29.84022 32.75023 35.97370 39.54470 43.50084 47.88367 52.73906 118.61475 20.41231 22.41444 24.64541 27.13238 29.90565 32.99903 36.45024 40.30134 44.59917 49.39594 54.74971 60.725141 119.81090 21.84056| 24.11687 26.67123 29.53900 32.75999 36.37896| 40.44626 45.01846 50.15909 55.93949 62.43968 69.74941 : 19 61.01900 23.29737 25.87037 28.77808 32.06595 35.78559 39.99549 44.76196 50.16012 56.27500 63.20283 71.05244 79.94683 ! 20 2.23919 24.78332 27.67649 30.96920 34.71925 38.99273 43.86518 49.42292 55.76453 63.00250 71.26514 80.69874 91.46992 11 28.52563 32.67091 37.55304 43.31174 50.11345 58.15638 67.67647| 78.95442 92.32398 108.18177 126.99877 149.33393 175.85010 21 35.13274 41.3794449.00268 58.32834 69.76079 83.80168101.07304 122.34587| 148.57522| 180.94342| 220.91317 270.29261 331.31511 41 35 2.07688 50.99437 62.27594 76.59831 94.83632 118.12087147.91346 186.10215 235.12472 298.12681 379.16441 483.46312 617.74933 7! 40 49.37524 61.61002) 77.66330 98.82654 126.83976164.04768|213.60957 279.78104 368.29187 486.85181 645.82693 859.14239 1,145.48579 1,5 45 57.04589 73.33056 95.50146125.87057167.6851625.50812305.75176 417.42607 573.18602 790.79532|1,095.168801,521.21764 2,117.80603 2,9 65.10781 86.27099 116.18077158.77377 219.81540307.75606434.98595 619.67177 888.44108 1,280.299381,852.335982,688.02044 3,909.24304 5,6 82.48637 116.33257167.94504247.51031 371.26290565.11587 870.466811,353.470362,119.823423,338.298035,278.123088,368.2380513,291.00327|21,1 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 6: Present Value of an Annuity Due Present Value of an Annuity Due Periods 1% 2% 3% 4% 5% 6% 7 8% 9% 10% 11% 12% 13% 14% 15% 1.00000 1.00000 100000 1.00000 100000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1. 1.99010 1.98039 1.97087 1.96154 1.95238 1.94340 1.93458 1.92593) 1.91743 1.90909 1.90090 1.89286 1.88496 1.87719 1.86957 1. 2.97040 2.94156 2.91347 2.88609 2.85941 2.83339 2.80802 2.78326 2.75911 2.73554 2.71252 2.69005 2.66810 2.64666 2.62571 2. | 3.94099 3.88388 3.82861 3.77509 3.72325 3.67301 3.62432 3.57710 3.53129 3.48685 3.44371 3.40183 3.36115 3.32163 3.28323 3. 4.90197 4.80773 4.71710 4.62990 4.54595 4.46511 4.38721 4.31213 4.23972 4.16987 4.10245 4.03735 3.97447 3.91371 3.85498 3. 5.85343 5.71346 5.57971 5.45182 5.32948 5.21236 5.100204.99271 4.88965 4.79079 4.69590 4.60478 4.51723 4.43308 4.35216 4. 6.79548 6.60143 6.41719 6.24214 6.07569 5.91732 5.76654 5.62288) 5.48592 5.35526 5.23054 5.11141| 4.99755 4.88867) 4.78448) 4. 7.72819 7.47199 7.23028 7.00205 6.78637 6.58238 6.389296.20637 6.03295 5.86842 5.71220 5.56376 5.42261 5.28830 5.16042 5. 8.65168) 8.32548 8.01969 7.73274 7.46321 7.20979 6.97130 6.74664 6.53482 6.33493 6.14612 5.96764 5.79877 5.63886 5.48732 5. 9.56602 9.16224 8.78611] 8.43533 8.10782 7.801697.51523 7.24689 6.99525 6.75902 6.53705 6.32825 6.13166 5.94637 5.77158 5. 10.471309.98259 9.53020 9.11090 8.72173 8.36009 8.02358 7.71008 7.41766 7.14457 6.88923 6.65022 6.42624 6.21612 6.01877 5. 11.36763|10.7868510.25262 9.76048 9.30641 8.886871 8.49867| 8.13896 7.80519 7.495067.20652 6.93770 6.68694 6.45273 6.23371 6. 13 12.25508 11.57534 10.95400 10.38507 9.86325) 9.38384) 8.94269 8.53608 8.16073 7.813697.49236| 7.19437 6.91765 6.66029 6.42062 6. 13.13374 12.34837 11.63496 10.98565 10.39357 9.85268 9.35765 8.90378 8.48690 8.10336 7.749877.42355 7.12181 6.84236 6.58315 6. 14.00370 13.1062512.29607 11.56312 10.89864 10.29498 9.74547 9.24424 8.78615 8.366697.98187 7.62817 7.30249 7.00207 6.72448 6. 14.86505 13.84926 12.93794] 12.11839 11.3796610.71225 10.10791 9.55948/ 9.06069 8.60608 8.19087| 7.81086 7.46238 7.14217 6.84737 6. 15.71787 14.57771 13.56110 12.65230 11.83777 11.10590 10.44665 9.85137) 9.31256 8.82371 8.379167.97399 7.60388 7.26506 6.95423 6. 16.5622515.29187 14.16612 13.16567 12.27407 11.47726 10.76322 10.12164 9.54363 9.02155 8.54879 8.11963 7.72909 7.37286 7.04716 6. 17.39827 15.99203 14.75351 13.65930 12.6895911.82760 11.05909 10.37189 9.75563 9.20141 8.70162 8.24967 7.83991 7.46742 7.12797 6. 18.2260116.67846|15.32380|14.13394 13.08532 12.1581211.33560 10.60360 9.95011 9.36492 8.83929 8.36578| 7.93797 7.55037 7.19823) 6. 22.2433919.91393|17.9355416,24696 14.79864|13.55036 12.46933 11.52876|10.70661 9.98474 9.34814 8.78432 8.28288 7.83514 7.43377| 7. 26.06579|22.84438|20.18845 17.98371 16.1410714.5907213.27767 12.1584111.19828 10.36961 9.65011 9.02181| 8.47009 7.98304 7.55088 7. 29.70267 25.4985922.13184 19.4112017.19290|15.3681413.85401| 12.58693 11.51784/10.60857] 9.82932 9.15656 8.57170 8.05985 7.60910 7. 33.16303/27.90259|23.80822|20.58448|18.0170415.94907|14.26493 12.87858 11.72552 10.75696 9.93567 9.23303| 8.62684/ 8.09975) 7.63805) 7. 36.45545 30.07996 25.25427 21.54884 18.6627716.3831814.55791 13.07707 11.86051 10.84909 9.99878 9.27642 8.65678 8.12047 7.65244 7. |39.58808| 32.05208|26.50166|22.34147|19.16872 16.70757|14.76680 13.21216|11.94823/10.9063010.03624 9.30104 8.67302 8.13123 7.65959 7. 60 45.40459 35.45610 28.5058323.5284319.87575 17.1311115.02192 13.36668 12.0423110.9638710.07165 9.32294 8.68663 8.13972 7.66492 7. Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%