At January 1, 2021, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $25,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $180,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. (Because the lease term is only nine years, the asset does have an expected residual value at the end of the lease term of $50,995.) Crescent seeks a 10% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. Required: 1. What will be the effects of the lease on Crescents (lessors) earnings for the first year (ignore taxes)? 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Crescent (ignore taxes)?

TABLE 1 Future Value of $1 FV = $1(1 + i)" mi 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 1 1.01000 1.01500 1.02000 1.02500 1.03000 1.03500 1.04000 1.04500 1.05000 1.05500 1.06000 1.07000 1.08000 1.09000 1.10000 1.11000 1.12000 1.20000 2 3 4 5 1.02010 1.03022 1.03030 1.04568 1.04060 1.06136 1.05101 1.07728 1.04040 1.05063 1.06090 1.07123 1.06121 1.07689 1.09273 1.10872 1.08243 1.10381 1.12551 1.14752 1.10408 1.13141 1.15927 1.18769 1.08160 1.09203 1.10250 1.11303 1.12486 1.14117 1.15763 1.17424 1.16986 1.19252 1.21551 1.23882 1.21665 1.24618 1.27628 1.30696 1.12360 1.14490 1.191021.22504 1.26248 1.31080 133823 1.40255 1.16640 1.25971 1.36049 1.46933 1.18810 1.21000 1.295031.33100 1.41158 1.46410 1.53862 1.61051 1.23210 1.36763 1.51807 1.68506 1.25440 1.40493 1.57352 1.76234 1.44000 1.72800 2.07360 2.48832 6 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 1.97382 2.98598 3.58318 7 8 9 1.07214 1.08286 1.09369 4.29982 1.10984 1.14869 1.12649 1.17166 1.14339 1.19509 6054 1.21899 1.18869 1.21840 1.24886 1.28008 1.22987 1.26677 1.30477 1.34392 1.27228 1.31593 1.36086 1.31681 1.36857 1.42210 1.36290 1.42331 1.48610 1.41060 1.48024 1.55297 1.40710 1.47746 1.55133 1.62889 1.45468 1.50363 1.53469 1.59385 1.619091.68948 1.70814 1.79085 1.60578 1.71819 1.83846 1.96715 1.71382 1.85093 1.99900 2.15892 1.82804 1.948722.07616 1.99256 2.14359 2.30454 2.171892.357952.55804 2.36736 2.59374 2.83942 2.21068 2.47596 2.77308 3.10585 5.15978 6.19174 11 12 13 14 15 1.11567 1.17795 1.12683 1.19562 1.13809 1.21355 1.14947 1.23176 1.16097 1.25023 1.24337 1.31209 1.26824 1.34489 1.29361 1.37851 1.31948 1.41297 1.34587 1.44830 1.38423 1.45997 1.53945 1.62285 1.71034 1.802091.89830 1.42576 1.51107 1.60103 1.69588 1.79586 1.90121 2.01220 1.46853 1.56396 1.66507 1.77220 1.88565 2.00577 2.13293 1.51259 1.61869 1.73168 1.85194 1.97993 2.11609 2.26090 1.55797 1.67535 1.80094 1.93528 2.07893 2.23248 2.39656 2.10485 2.25219 2.40985 2.57853 2.75903 2.33164 2.51817 2.71962 2.93719 3.17217 2.58043 2.81266 3.06580 3.34173 3.64248 2.85312 3.13843 3.45227 3.79750 4.17725 3.15176 3.47855 3.49845 3.89598 3.88328 4.36349 4.31044 4.88711 4.784595.47357 7.43008 8.91610 10.69932 12.83918 15.40702 16 1.17258 17 1.18430 18 1.19615 19 1.20811 20 122019 1.26899 1.28802 1.30734 1.32695 1.34686 1.37279 1.48451 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 1.40024 1.52162 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 1.42825 1.55966 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 1.45681 1.59865 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 291776 2.54035 2.69277 2.85434 3.02560 3.20714 2.95216 3.15882 3.37993 3.61653 3.86968 3.42594 3.70002 3.99602 4.31570 4.66096 3.97031 4.32763 4.71712 5.14166 5.60441 4.59497 5.05447 5.55992 6.11591 6.72750 5.31089 6.13039 5.895096.86604 6.54355 7.68997 726334 8.61276 8.06231 9.64629 18.48843 22.18611 26,62333 31.94800 38.33760 21 123239 1.36706 1.51567 1.67958 1.86029 2.05943 2.27877 2.52024 2.78596 3.07823 3.39956 4.14056 5.03383 25 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 3.00543 3.386353.813394.291875.427436.84848 30 1.34785 1.56308 1.81136 2.09757 2.42726 2.806793.24340 3.74532 4.32194 4.98395 5.74349 7.61226 10.06266 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 6.10881 8.62308 13.26768 31.40942 7.40025 10.83471 17.44940 45.25926 8.94917 13.58546 22.89230 65.00087 10.80385 46.00512 17.00006 95.39622 29.95992 237.37631 93.05097 1469.77160 TABLE 2 Present Value of $1 $1 PV (1+i)" wi 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 10.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 2 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 3 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 4 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 5 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 0.91573 0.90703 0.89845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 0.87630 0.86384 0.85161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 0.80245 0.78353 0.76513 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.40188 6 7 8 9 10 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.70319 0.67684 0.65160 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 0.64461 0.61763 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.64393 0.61391 0.58543 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.33490 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.27908 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.23257 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.19381 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 11 12 13 14 15 0.89632 0.84893 0.80426 0.76214 0.88745 0.83639 0.78849 0.74356 0.87866 0.82403 0.77303 0.72542 0.86996 0.81185 0.75788 0.70773 0.86135 0.79985 0.74301 0.69047 0.72242 0.68495 0.64958 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.38753 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.49697 0.44401 0.39711 0.35553 0.68095 0.63940 0.60057 0.56427 0.53032 0.49856 0.46884 0.41496 0.36770 0.32618 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.29925 0.64186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.27454 0.35049 0.31728 0.28748 0.13459 0.31863 0.28584 0.25668 0.11216 0.28966 0.25751 0.22917 0.09346 0.26333 0.23199 0.20462 0.07789 0.23939 0.20900 0.18270 0.06491 16 17 18 19 20 0.85282 0.78803 0.72845 0.84438 0.77639 0.71416 0.83602 0.76491 0.70016 0.82774 0.75361 0.68643 0.81954 0.74247 0.67297 0.67362 0.65720 0.64117 0.62553 0.61027 0.62317 0.57671 0.53391 0.60502 0.55720 0.51337 0.58739 0.53836 0.49363 0.57029 0.52016 0.47464 0.55368 0.50257 0.45639 0.49447 0.45811 0.42458 0.47318 0.43630 0.40245 0.45280 0.41552 0.38147 0.43330 0.39573 0.36158 0.41464 0.37689 0.34273 0.39365 0.37136 0.35034 0.33051 0.31180 0.33873 0.29189 0.25187 0.31657 0.27027 0.23107 0.29586 0.25025 0.21199 0.27651 0.23171 0.19449 0.25842 0.21455 0.17843 0.21763 0.18829 0.16312 0.19784 0.16963 0.14564 0.17986 0.15282 0.13004 0.16351 0.13768 0.11611 0.14864 0.12403 0.10367 0.05409 0.04507 0.03756 0.03130 0.02608 21 24 25 28 29 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.75684 0.65910 0.57437 0.50088 0.43708 0.38165 0.74934 0.64936 0.56311 0.48866 0.42435 0.36875 0.43883 0.39679 0.35894 0.32486 0.29416 0.24151 0.19866 0.16370 0.13513 0.11174 0.09256 0.02174 0.39012 0.34770 0.31007 0.27666 0.24698 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 0.37512 0.33273 0.29530 0.26223 0.233000.18425 0.14602 0.11597 0.09230 0.07361 0.05882 0.01048 0.33348 0.29157 0.25509 0.22332 0.19563 0.15040 0.11591 0.08955 0.06934 0.05382 0.04187 0.00607 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.10733 0.08215 0.06304 0.04849 0.03738 0.00506 30 0.74192 31 0.73458 40 0.67165 0.63976 0.55207 0.47674 0.41199 0.63031 0.54125 0.46511 0.39999 0.55126 0.45289 0.37243 0.30656 0.35628 0.30832 0.34423 0.29646 0.25257 0.20829 0.267000.23138 0.20064 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 0.25550 0.22036 0.19018 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02980 0.17193 0.14205 0.11746 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00421 0.00351 0.00068 TABLE 3 Future Value of an Ordinary Annuity of $1 FVA = (1+1)"-1 w 1 2 3 4 5 1.0% 1.0000 2.0100 3.0301 4.0604 5.1010 1.5% 2.0% 1.0000 1.0000 2.0150 2.0200 3.0452 3.0604 4.09094.1216 5.1523 5.2040 2.5% 1.000 2.0250 3.0756 4.1525 5.2563 3.0% 1.0000 2.0300 3.0909 4.1836 5.3091 3.5% 4.0% 1.0000 1.0000 2.0350 2.0400 3.1062 3.1216 4.21494.2465 5.3625 5.4163 4.5% 5.0% 5.5% 6.0% 1.000 1.000 1.0000 1.000 2.0450 2 .0500 2.0550 2.0600 3.1370 3.15253.16803.1836 4.2782 4.3101 4.34234.3746 5.47075.5256 5.5811 5.6371 7.0% 8.0% 0.0% 1.0000 1.000 1.0000 2.0700 2.0800 2.0900 3.21493.2464 3.2781 4.4399 4.50614.5731 5.7507 5.8666 59847 0.0% 1.000 2.1000 3.3100 4.6410 6.1051 11.0% 1.000 2.1100 3.3421 4.7097 6.2278 12.0% 1.0000 2.1200 3.3744 20.0% 1.0000 2.2000 3.6400 5.3680 6.3528 7.4416 8.1152 9.9299 66 .1520 7 7.2135 6.2296 7.3230 6.3081 6.38776 .4684 7.43437.5474 7.6625 6.55026 .6330 7.7794 7.8983 12.9159 8 8.2857 8.4328 8.5830 8.73618.89239.0517 9.2142 6.71696.80196.8881 8.0192 8.1420 9.3800 9.5491 9.7216 10.8021 11.0266 11.2563 12.2882 12.5779 12.8754 69753 8.3938 9.8975 11.4913 13.1808 7.1533 8.6540 10.2598 11.9780 13.8164 7.33597.52337.71567.9129 8.9228 9.2004 9.4872 10.6366 11.0285 11.435911.8594 12.4876 13.0210 13.5795 14.1640 14.4866 15.1929 15.9374 16.7220 9 10 9.3685 10.4622 9.5593 10.7027 9.7546 10.9497 9.9545 11.2034 10.1591 11.4639 10.3685 11.7314 10.5828 12.0061 12.2997 14.7757 17.5487 16.4991 20.7989 25.9587 20.6546 24.1331 11 11.5668 12 12.6825 13 13.8093 14 14.9474 15 16.0969 11.8633 12.1687 12.4835 13.0412 13.4121 13.7956 14.2368 14.6803 15.1404 15.4504 15.9739 16.5190 16.6821 17.2934 17.9319 12.8078 14.1920 15.6178 17.0863 18.5989 13.1420 13.4864 13.8412 14.6020 15.0258 15.4640 16.1130 16.6268 17.1599 17.6770 18.291918.9321 19.2957 20.0236 20.7841 14.2068 15.9171 17.7130 19.5986 21.5786 14.5835 16.3856 18.2868 20.2926 22.4087 14.9716 16.8699 18.8821 21.0151 23.2760 15.7836 17.8885 20.1406 22.5505 25.1290 16.6455 18.9771 21.4953 24.2149 27.1521 17.5603 18.531219.5614 20.1407 21.3843 22.7132 22.9534 24.5227 26.0192 27.9750 30.0949 29.360931.7725 34.4054 32.1504 39.5805 48.4966 59.1959 7 2.0351 32.3926 37.2797 16 17.2579 17.9324 18.639319.3802 20.1569 20.9710 21.8245 17 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 18 19.6147 20.4894 21.4123 22.3863 23.4144 24.4997 25.6454 19 20.8109 21.7967 22.8406 23.9460 25.1169 26.3572 27.6712 20 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 22.7193 24.7417 26. 29.0636 31.3714 23.6575 24.6411 25.6725 27.8881 30.324333.0034 25.8404 26.9964 28.212930.8402 33.7502 36.9737 41.3013 30.539032.102733.7600 37.3790 41.4463 33.0660 34.868336.7856 40.9955 45.7620 51.1601 35.9497 39.189942.7533 87.4421 40.5447 44.5008 48.8837 105.9306 45.599250.395955.7497 128.1167 57.2750 64.2028 72.0524 186.6880 21 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.969233.7831 30 347849 37.5387 40.5681 43.9027 47.5754 51.6227 56.084961.0071 40 48.8864 54.2679 60.4020 67.4026 75.4013 84.5503 95.0255 107.0303 35.7193 66.4388 120.7998 37.7861 72.4355 136.6056 39.9927 79.0582 154.7620 44.8652 50.4229 56.7645 64.0025 94.4608 113.2832 136,3075 164.4940 199.6351 259.0565 337.8824 442.5926 72.265181.6987 199.0209 241 3327 581.8261 767.0914 225.0256 1181.8816 7343.8578 TABLE 4 Present Value of an Ordinary Annuity of $1 1- (+ PVA== wi 1 2 3 4 5 1.0% 1.5% 0.99010 0.98522 1.97040 1.95588 2.940992.91220 3.90197 3.85438 485343 4.78264 2.0% 2.5% 3.0% 0.980390.97561 0.97087 1.94156 1.927421.91347 2.88388 2.85602 2.82861 3.80773 3.76197 3.71710 4.71346 4.64583 4.57971 3.5% 4.0% 4.5% 5.0% 0.96618 0.96154 0.95694 0.95238 1.899691.886091.872671.85941 2.80164 2.77509 2.74896 2.72325 3.67308 3.62990 3.58753 3.54595 4.51505 4.45182 438998 4.32948 5.5% 0.94787 1.84632 2.69793 3.50515 4.27028 6.0% 0.94340 1.83339 2.67301 3.46511 4.21236 7.0% 8.0% 0.93458 0.92593 1.808021.78326 2.62432 2.57710 3.38721 3.31213 4.10020 3.99271 0.0% 10.0% 0.91743 0.90909 1.75911 1.73554 2.53129 2.48685 3.23972 3.16987 3.88965 3.79079 11.0% 12.0% 20.0% 0.90090 0.89286 0.83333 1.71252 1.69005 1.52778 2.44371 2.40183 2.10648 3.10245 3.03735 2.58873 3.69590 3.60478 2.99061 6 7 8 9 10 5.79548 6.72819 7.65168 8.56602 9.47130 5.69719 6.59821 7.48593 8.36052 9.22218 5.60143 6.47199 732548 8.16224 8.98259 5.50813 5.41719 6.349396.23028 7.170147.01969 7.97087 7.78611 8.75206 8.53020 5.32855 6.11454 6.87396 7.60769 8.31661 5.24214 5.15787 5.07569 4.99553 6.00205 5.89270 5.78637 5.68297 6.73274 6.595896.46321 633457 7.435337.26879 7.10782 6.95220 8.11090 7.91272 7.721737.53763 4.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.32551 5.58238 5.389295.20637 5.03295 4.86842 4.712204.56376 3.60459 6.20979 5.97130 5.746645.53482 5.33493 5.14612 4.96764 3.83716 6.801696.51523 6.24689 5.99525 5.759025 .53705 5.32825 4.03097 7.360097.02358 6.71008 6.41766 6.14457 5.88923 5.65022 4.19247 11 12 13 14 15 10.36763 11.25508 12.13374 13.00370 13.86505 10.07112 9.78685 10.90751 10.57534 11.73153 11.34837 12.54338 12.10625 13.34323 12.84926 9.51421 10.25776 10.98319 11.69091 12.38138 9.25262 9.95400 10.63496 11.29607 11.93794 0.00155 9.66333 10.30274 10.92052 11.51741 8.76048 8.52892 8.30641 9385079.11858 8.86325 9.98565 9.68285 9.39357 10.56312 10.22283 9.89864 9.89864 11.11839 10.73955 10.37966 8.09254 7.88687 7.49867 7.13896 6.80519 6.49506 6.20652 5.93770 4.32706 8.61852 8.38384 794269 7.536087.160736.81369 6.49236 6.19437 4.43922 9.11708 8.852688.35765 7.90378 7.486907.10336 6.74987 6.42355 4.53268 9.58965 9.589659.294988.745478.24424 7.78615 7.36669 6.98187 6.62817 4.61057 10.03758 9.712259.10791 8.55948 8.06069 7.60608 7.19087 6.81086 4.67547 16 17 18 19 20 14.71787 15.56225 16 39827 17.22601 18.04555 14.13126 14.90765 15 67256 16.42617 17.16864 13.57771 14.29187 14.99203 15.67846 16.35143 13.05500 12.56110 13.7122013.16612 14.35336 13.75351 14.97889 14.32380 15.58916 14.87747 12.09412 12.65132 13 18968 13.70984 14.21240 11.65230 12.16567 12.65930 13.13394 13.59033 11.23402 11.70719 12.15999 12.59329 13.00794 10.83777 10.46216 11.27407 10.86461 11.68959 11.24607 12.08532 11.60765 12.46221 11.95038 10.10590 10.47726 1082760 11.15812 11.46992 9.446658.85137 8.31256 7.82371 7.37916 6.97399 4.72956 9.763229.12164 8.54363 8.02155 7.54879 7.11963 4.77463 10.059099.371898.75563 8.20141 7.701627.24967 4.81219 10.33560 9.60360 8.95011 8.36492 7.839297.36578 4.84350 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 4.86958 21 18.85698 17.90014 17.01121 25 22.02316 20.71961 19.52346 30 25.80771 24.01584 22.39646 40 32.83469 29.91585 27.35548 16.18455 15.41502 14.69797 14.02916 18.42438 17.41315 16.48151 15.62208 20.93029 19.60044 18.39205 17.29203 25.10278 23.11477 21.35507 19.79277 13.40472 14.82821 16.28889 18.40158 12.82115 12.27524 14.09394 13.41393 15.37245 14.53375 17.15909 16.04612 11.76408 12.78336 13.76483 15.04630 10.83553 11.65358 12.40904 13.33171 10.01680 10.67478 11.25778 11.92461 9.29224 8.64869 8.07507 7.56200 9.82258 9.07704 8.42174 7.84314 10.27365 9.42691 8.69379 8.05518 10.75736 9.77905 8.95105 8.24378 4.89132 4.94759 4.97894 4.99660 TABLE 5 Future Value of an Annuity Due of $1 FVAD = (1+1) = x (1 + i) wi 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5,5% 6.0% 7.0% 8.0% 9.0% 0.0% 11.0% 12.0% 20.0% 1.2000 2.6400 1 2 3 4 5 1.0100 2.0301 3.0604 4.1010 5.1520 1.0150 2.0452 3.0909 4.1523 52296 1.0200 2.0604 3.1216 4.2040 5.3081 1.0250 2.0756 3.1525 4.2563 53877 1.0300 1.0350 1.0400 2.0909 2.1062 2.1216 3.1836 3.21493.2465 4.30914.3625 4.4163 5.4684 5.5502 5.6330 1.0450 2.1370 3.2782 4.4707 5.7169 1.0500 2.1525 3.3101 4.5256 5.8019 1.0550 2.1680 3.3423 4.5811 5.8881 1.0600 2.1836 3.3746 4.6371 59753 1.0700 1.0800 1.0900 1.1000 2.21492.2464 2.2781 2.3100 3.4399 3.5061 3.57313.6410 4.7507 4.8666 4.9847 5.1051 6.1533 633596.5233 67156 1.1100 1.1200 2.3421 2.3744 3.7097 3.7793 5.2278 53528 091297.1152 4.3680 6.4416 8.9299 6 7 8 9 10 6.21356.3230 7.2857 7.4328 8.3685 8.5593 9.4622 9.7027 10.5668 10.8633 6.4343 7.5830 8.7546 9.9497 11.1687 6.5474 7.7361 89545 10.2034 11.4835 6.6625 6.7794 78923 8.0517 9.1591 9.3685 10.4639 10.7314 11.807812.1420 6.89837.0192 8.2142 8.3800 9.5828 9.8021 11.0061 11.2882 12.4864 12.8412 7.1420 7.26697.3938 8.5491 8.7216 8.8975 10.0266 10.2563 10.4913 11.577911.8754 12.1808 13.2068 13.5835 13.9716 7.6540 9.2598 109780 12.8164 14.7836 7.9228 8.2004 9.6366 10.0285 11.4876 12.0210 13.4866 14.1929 15.645516.5603 8.4872 10.4359 12.5795 14.9374 17.5312 8.78339.0890 10.8594 11.2997 13.1640 13.7757 15.7220 16.5487 18.5614 19.6546 11.9159 15.4991 19.7989 24.9587 31.1504 38.5805 47.4966 11 12 13 14 15 11.6825 12.8093 13.9474 15.0969 16.2579 12.0412 13.2368 14.4504 15.6821 16.9324 12.4121 12.7956 13.6803 14.1404 14.9739 15.5190 16.2934 16.9319 17.6393 18.3802 13.1920 13.6020 14.6178 15.1130 16.0863 16.6770 17.5989 18.2957 19.1569 19.9710 14.0258 15.6268 17.2919 19.0236 20.8245 14.4640 14.9171 16.1599 16.7130 17.932118.5986 19.7841 20.5786 21.7193 22.6575 15.3856 17.2868 19.2926 21.4087 23.6411 15.8699 16.8885 17.882119.1406 20.0151 21.5505 22.2760 24.1290 24.6725 26.8881 17.9771 19.1407 20.4953 21.9534 23.2149 25.0192 26.152128.3609 29.3243 32.0034 20.3843 23.5227 26.9750 30.7725 34.9497 21.713223.1331 25.2116 27.0291 29.0949 31.3926 33.4054 36.2797 38.1899 41.7533 58.1959 71.0351 86.4421 16 17.4304 18.2014 19.012119.8647 20.7616 21.7050 22.697523.7417 17 18.6147 19.4894 20.4123 21.3863 22.4144 23.4997 24.6454 25.8551 18 19.8109 20.7967 21.8406 22.9460 24.1169 25.3572 26.6712 28.0636 19 21.0190 22.1237 23.2974 24.5447 25.8704 27.2797 287781 30.3714 20 22.2392 23.4705 24.7833 26.1833 27.6765 29.2695 30.9692 32.7831 24.8404 27.1324 29.5390 32.0660 34.7193 25.9964 28.4812 31.1027 33.8683 36.7861 27.2129 29.9057 32.7600 35.7856 38.9927 29.8402 32.9990 36.3790 39.9955 43.8652 32.7502 35.9737 39.5447 36.4502 40.301344.5992 40.4463 45.0185 50.1591 44.7620 50.1601 56 2750 49.422955.7645 63.0025 43.5008 49.3959 55.9395 63.2028 71.2651 47.8837 54.7497 62.4397 71.0524 80.6987 104.9306 127.1167 153.7400 185.6880 224.0256 21 23.4716 24.8376 26.2990 27.8629 29.5368 31.3289 33.2480 25 28.5256 30.5140 32.6709 35.0117 37.5530 40.3131 43.3117 30 35.1327 38.1018 41.3794 45.0003 49.0027 53.4295 58.3283 40 49.3752 55.0819 61.6100 69.0876 77.6633 87.5095 98.8265 35.3034 46.5706 63.7524 111.8467 37.5052 50.1135 69.7608 126.8398 39.8643 53.9660 76.4194 144.1189 42.3923 58.1564 83.8017 164.0477 48.0057 67.6765 101.0730 213.6096 54.4568 78.9544 122.3459 279.7810 61.8733 70.4027 80.2143 91.5026 270.0307 92.3240 108.1818 126.9988 149.3339 566.3773 148.5752 180.9434 220.9132 270.2926 1418.2579 368.2919 486.8518 645.8269 859.1424 8812.6294 TABLE 6 Present Value of an Annuity Due of $1 PVAD = x (1 + i) wi 1 2 3 4 5 1.0% 1.00000 1.99010 2.97040 3.94099 4.90197 1.5% 100000 1.98522 2.95588 3.91220 4.85438 2.0% 2.5% 3.0% 100000 100000 100000 1.98039 1.975611.97087 2.94156 2.92742 2.91347 3.88388 3.85602 3.82861 4.807734.76197 4.71710 3.5% 4.0% 4.5% 100000 1.00000 100000 1.96618 1.96154 1.95694 2.899692.886092.87267 3.80164 3.77509 3.74896 4.67308 4.62990 4.58753 5.0% 100000 1.95238 2.85941 3.72325 4.54595 5.5% 100000 1.94787 2.84632 3.69793 4.50515 6.0% 100000 1.94340 2.83339 3.67301 4.46511 7.0% 8.0% 0.0% 1.00000 100000 100000 1.93458 1.92593 1.91743 2.80802 2.78326 2.75911 3.62432 357710 3.53129 4.387214.312134.23972 0.0% 100000 1.90909 2.73554 3.48685 4.16987 11.0% 12.0% 100000 100000 1.90090 1.89286 2.71252 2.69005 3.44371 3.40183 4.10245 4.03735 20.0% 1.00000 1.83333 2.52778 3.10648 3.58873 6 7 8 9 10 5.85343 5.78264 5.71346 5.64583 5.57971 5.51505 5.45182 5.38998 5.32948 6.79548 6.697196.60143 6.50813 6.417196.32855 6.24214 6.157876.07569 7.72819 7.59821 7471997.349397.23028 7.11454 7.00205 6.89270 6.78637 8.65168 8.48593 8.32548 8.170148.01969 7.87396 7.73274 7.595897.46321 9.566029360529.16224 8.97087878611 8607698.435338.26879 8.10782 5.27028 5.21236 5.100204.99271 4.88965 4.79079 4.69590 4.60478 3.99061 5.99553 5.91732 5.76654 5.62288 5.48592 5.35526 5.23054 5.11141 4.32551 6.68297 6.58238 6.38929620637 6.032955.868425 .71220 5.56376 4.60459 7.33457 7.209796.971306.74664 6.53482 6.33493 6.14612 5.96764 4.83716 795220 7.801697.51523 7.246896.99525 6.75902 6.53705 6.328255 .03097 11 12 13 14 15 10.47130 11.36763 12.25508 13.13374 14.00370 10.22218 9.98259 11.07112 10.78685 11.90751 11.57534 12.73153 12.34837 13.54338 13.10625 9.75206 9.53020 10.51421 10.25262 11.25776 10.95400 11.98318 11.63496 12.69091 12.29607 9.31661 10.00155 10.66333 11.30274 11.92052 9.11090 891272 8.72173 9.76048 9.528929.30641 10.38507 10.11858 9.86325 10.98565 10.68285 10.39357 11.56312 11.22283 10.89864 8.537638.360098.02358 7.71008 9.09254 8.88687 8.49867 8.13896 9.61852 9.38384 8.942698.53608 10.11708 9.85268 9.35765 8.90378 10.58965 10.29498 9.74547 9.24424 7.41766 7.14457 6.88923 6.650225.19247 7.80519 7.49506 7.20652 6.93770 532706 8.160737.813697.49236 7.19437 5.43922 8.48690 8.10336 7.74987 7.42355 5.53268 8.78615 8.36669 7.98187 7.62817 5.61057 16 17 18 19 20 14.86505 14.34323 15.71787 15.13126 16.56225 15 90765 17.39827 16.67256 18.22601 17.42617 13.84926 13.38138 14.57771 14.05500 15.29187 14.71220 15.99203 15.35336 16.67846 15.97889 12.93794 13.56110 14.16612 14.75351 15.32380 12.51741 13.09412 13.65132 14.18968 14.70984 12.11839 11.73955 11.37966 12.65230 12.2340211.83777 13.16567 12.70719 12 27407 13.65930 13.65930 13.15999 12.68959 13.15999 12.68959 14.13394 13.59329 13.08532 11.03758 10.71225 11.46216 11.10590 11.86461 11.47726 12.24607 12.24607 11.82760 12.60765 12.15812 10.10791 10.44665 10.76322 9.55948 9.85137 10.12164 9.060698.60608 8.19087 7.81086 5.67547 9.31256 8.82371 8.37916 7.97399 5.72956 9.54363 902155 8.54879 8.11963 5.77463 11.05909 10.371899.755639.20141 8.70162 8.24967 5.81219 11.33560 10.60360 9.95011 9.36492 883929 8.36578 5.84350 21 25 30 40 19,04555 18.16864 17.35143 16.58916 15.87747 22.24339 21.03041 19.91393 18.88499 17.93554 26.06579 24.37608 22.84438 21.45355 20.18845 33.16303 30 36458 27.90259 25.73034 23.80822 15.21240 17.05837 19.03577 22.10250 14.59033 14.00794 16.24696 15.49548 17.98371 17.02189 20.58448 19.22966 13.46221 14.79864 16.14107 18 01704 12.95038 14.15170 15.33310 16.92866 12.46992 11.59401 10.81815 13.55036 12.46933 11.52876 14.59072 13.27767 12.15841 1594907 14.26493 12.87858 10.12855 10.70661 11.19828 11.72552 9.51356 8.96333 8.469445.86958 9.98474 934814 8.78432 5.93710 10.36961 9.65011 9.02181 5.97472 10.75696 993567 9.23303 599592