Bonita Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated useful life of new asset Estimated annual net operating cash inflows Discount rate Tax rate Cost of old asset $11,200 Book value of old asset $2,000 $2,000 $20,900 $1,800 5 $3,200 9% 20% Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. years /year for 5 years Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated annual net operating cash inflows Then, find the NPV of the new investment. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places e.g. 5,125.36. Enter negative amounts using either a negative sign preceding the number, e.g. -5,125.36 or parentheses, e.g. (5,125.36).) Click here to view the factor table NPV $ (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 11 16 17 18 19 20 21 29 23 24 Future value of a single sum (FV) = Present value x (1 + R)N 6% 8% 1.06000 1.08000 1.12360 1.16640 1.19102 1.25971 1.26248 1.36049 1.33823 1.46933 2% 2% 1.02000 1.02500 1.04040 1.05063 1.06090 3% 4% 5% 1.03000 1.04000 1.05000 1.08160 1.10250 1.06121 1.07689 1.09273 1.12486 1.15763 1.08243 1.10381 1.12551 1.16986 1.21551 1,10408 1.13141 1.15927 1.21665 1.27628 1.12616 1.15969 1.19405 1.26532 1.34010 1.41852 1.58687 1.14869 1.18869 1.22987 1.31593 1.40710 1.50363 1.71382 1.17166 1.21840 1.26677 1.36857 1.47746 1.59385 1.19509 1.24886 1.30477 1.42331 1.55133 1.68948 1.21899 1.28008 1.31392 1.48024 1.62889 1.79085 1.37279 1.48451 1.60471 1.40024 1.52162 1.65285 1.42825 1.55966 1.70243 1.45681 1.59865 1.48595 1.63862 1.24337 1.31209 1.38423 1.53945 1.71034 1.89830 2.33164 2.58043 2.85312 3.15176 3.47855 4.65239 1.26824 1.34489 1.42576 1.60103 1.79586 2.01220 2.51817 2.81267 3.13843 3.49845 3.89598 5.35025 1.29361 1.37851 1.46853 1.66507 1.88565 2.13293 2.71962 3.06581 3,45227 3.88328 4.36349 6.15279 1.31948 1.41297 1.51259 1.73168 1.97993 2.26090 2.93719 3.34173 3,79750 4.31044 4.88711 7.07571 1.34587 1.44830 1.55797 1.80094 2.07893 2.39656 3.17217 3.64248 4.17725 4.78459 5.47357 8.13706 1.87298 2.18287 2.54035 1.94790 2.29202 2.69277 2.02582 2.10662 1.75351 2.10685 2.52695 1.80611 2.19112 2.65330 9% 10% 11% 12% 15% 1.09000 1.10000 1.11000 1.12000 1.15000 1.18810 1.21000 1.23210 1.25440 1.32250 1.29503 1.33100 1.36763 1.40493 1.52088 1.41158 1,46410 1.51807 1.57352 1.74901 1.53862 1.61051 1.68506 1.76234 2.01136 1.67710 1.77156 1.87041 1.97382 2.31306 1.82804 1.94872 2.07616 2.21068 2.66002 1.85093 1.99256 2.14359 2.30454 2.47596 3.05902 1.99900 2.17189 2.35795 2.55803 2.77308 3.51788 2.15892 2.36736 2.59374 2.83912 3.10585 1.01556 3.42594 3.97031 4.59497 5.31089 6.13039 9.35762 3.70002 4.32763 5.05447 5.89509 6.86601 10.76126 2.85134 3.99602 1.71712 5.55992 6.54355 7.68997 3.02560 4.31570 5.14166 6.11591 7.26334 8.61276 3.20714 4.66096 5.60441 6.72750 8.06231 9.64629 12.37545 14.23177 16.36654 1,51567 1.67958 2.27877 1.86029 1.91610 1.54598 1.72157 2.78596 3.39956 5.03383 2.36992 2.92526 3.60354 5.43654 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 6.10881 7.40025 8.94917 10.80385 18.82152 6.65860 8.14028 9.93357 12.10031 21.64475 7.25787 8.95430 11.02627 11.02627 13.55235 24.89146 7.91108 9.84973 12.23916 15.17863 28.62518 (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 16 17 18 19 20 21 22 23 24 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 7.25787 8.95430 11.02627 13.55235 24.89146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 7.91108 9.84973 12.23916 15.17863 28.62518 1.64061 1.85391 2.09378 2.66584 3.38635 1.29187 6.81817 8.62308 10.83171 13.58516 17.00000 32.91895 1.67342 1.90029 2.15659 2.77247 3.55567 4.54938 7.39635 9.39916 11.91818 15.07986 19.04007 37.85680 1.70689 1.94780 2.22129 2.88337 3.73346 4.82235 7.98806 10.24508 13.10999 16.73865 21.32488 43.53532 1,74102 1.99650 2.28793 2.99870 3.92013 5.11169 8.62711 11.16714 11.16714 14.42099 18.57990 23.88387 50.06561 1.77584 2.04641 2.35657 3.11865 4.11614 5.41839 9.31727 12.17218 15.86309 20.62369 26.74993 57.57545 1.81136 2,09757 2.42726 3.24340 4.32194 5.74349 10.06266 13.26768 17.44940 22.89230 29.95992 66.21177 1.84759 2.15001 1.88454 2.20376 1.92223 2.25885 1.96068 2.31532 1.99989 2.37321 2.50008 3.37313 4.33804 6.08810 10.86767 14.46177 19.19434 25.41045 33.55511 76.14354 2.57508 3.50806 4.76494 6.45339 11.73708 15.76333 21.11378 28.20560 37.58173 87.56507 2.65234 3.64838 5.00319 6.81059 12.67605 17.18203 23.22515 31.30821 42.09153 100.69983. 2.73191 3.79432 5.25335 7.25103 13.69013 18.72841 25.54767 34.75212 47.14252 115.804801 2.81306 3.94609 5.51602 7.68609 14.78534 20.41397 28.10244 38.57485 52.79962 133.17552 2.03989 2.43254 2.89828 4.10393 5.79182 8.14725 15.96817 22.25123 30.91268 42.81808 59.13557 153.15185 2.08069 2.49335 2.98523 4.26809 6.08141 8.63609 17.24563 24.25384 34.00395 47.52807 66.23184 176.12463 2.12230 2.55568 3,07478 4.43881 6.38548 9.15425 18.62528 26.43668 37.40434 52.75616 74.17966 202.54332 2.16474 2.61957 3.16703 4.61637 6.70475 9.70351 20.11530 28.81598 41.14479 58.55934 83.08122 232.92482 2.20804 2.68506 3.26204 4.80102 7.03999 10.28572 21.72452 31.40942 45.25926 65.00087 93.05097 267.86355 TABLE 7.2 Present Value of 1 (Present Value of a Single Sum) (n)Periods 2% 2% 3% Present value of a single sum (PV) = 4% 5% 6% 8% Future value (1 + R)* 9% 10% 11% 12% 15% (1) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (n)Periods 2% 2% 3% 98039 97561 96117 95181 1 2 91232 92860 91514 92385 90595 88849 90573 88385 86261 3 4 5 7 8 9 10 11 n 12 3 4 5 13 14 15 16 17 18 19 20 21 22 97087 94260 .88797 86230 83748 .87056 84127 81309 .85349 82075 78941 83676 80073 76642 82035 78120 74409 .80126 .76211 72242 78849 74356 70138 77303 .72542 .68095 .75788 70773 66112 .74301 .69047 64186 Present value of a single sum (PV) = 4% 5% 6% 8% 9% 10% 96154 95238 94340 92593 91743. .90909 92456 90703 89000 85734 84168 82645 92456 .86381 82270 78353 88900 85480 82193 Future value. (1 + R) (n) 11% 12% 15% Periods 90090 89286 86957 1 81162 79719 75614 2 3 4 5 .83962 79383 .77218 75132 73119 71178 65752 79209 73503 .70843 .68301 65873 .63552 57175 74726 68058 64993 62092 59345 56743 49718 79031 .74622 70496 63017 59627 56447 53464 50663 43233 75992 71068 .66506 58349 54703 51316 48166 45235 .37594 73069 67684 62741 54027 50187 46651 43393 40388 .32690 70259 64461 59190 50025 46043 42410 39092 36061 28426 .67556 61391 55839 46319 42241 38554 35218 32197 24719 .65978 59539 53755 43883 35894 .64684 58086 52189 42196 34185 61958 58168 52679 12888 38753 35019 31728 28748 21494 .62460 55684 49697 39711 35554 31863 28584 25668 18691 .60057 53032 46884 36770 32618 28966 25751 22917 16253 57748 50507 44230 34046 29925 26333 23199 20462 14133 55526 48102 41727 31524 27454 23939 20900 18270 12289 29416 19866 27751 18394 6 7 8 9 10 16 72845 .67362 62317 53391 45811 .39365 29189 25187 21763 18829 16312 .10687 71416 65720 60502 51337 43630 37136 27027 23107 19785 16963 14564 09293 17 70016 64117 58739 49363 41552 .35034 23025 21199 17986 15282 13004 .08081 18 .68643 .62553 57029 47464 39573 33051 23171 19449 16351 .13768 11611 .07027 19 .67297 61027 55368 45639 37689 31180 21455 17843 14861 12403 10367 06110 20 11 12 13 14 15 16370 13513 11174 09256 05313 21 15018 12285 12285 10067 08264 04620 22 15018 (22) Partade 22 23 24 25 2% 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 15018 .61681 58086 52189 12196 34185 27751 18394 15018 12285 10067 08261 08261 01620 22 .63416 56670 50669 40573 32557 26180 17032 13778 .11168 09069 07379 04017 23 .62172 55288 49193 39012 31007 24698 15770 12641 .10153 08170 06588 03493 24 60953 53939 47761 37512 29530 23300 14602 11597 09230 07361 05882 03038 25 21/% 59758 52623 46369 36069 28124 21981 13520 10639 08391 06631 05252 02642 26 58586 51340 45019 34682 26785 20737 12519 09761 07628 05974 04689 02297 27 57437 50088 43708 33348 25509 19563 11591 08955 .06934 05382 04187 01997 28 56311 48866 42435 32065 24295 18456 10733 08216 06304 .04849 03738 01737 29 55207 47674 41199 .30832 23138 17411 09938 07537 05731 04368 03338 01510 30 TABLE 7.3 Future Value of an Ordinary Annuity of 1 54125 46511 39999 29646 22036 16425 09202 06915 05210 03935 02980 01313 53063 45377 38834 28506 20987 15496 08520 06344 04736 03545 02661 01142 52023 44270 37703 27409 19987 14619 07889 05820 .04306 03194 02376 00993 51003 43191 36604 26355 19035 13791 07305 05340 03914 02878 02121 00864 50003 42137 35538 25342 18129 13011 06763 04899 .03558 02592 01894 00751 01691 .00653 36 37 49022 41109 34503 .24367 17266 12274 06262 04494 03235 02335 48061 40107 33498 23430 16444 11579 05799 04123 02941 02104 01510 .00568 47119 39128 32523 22529 15661 10924 05369 03783 02674 01896 01348 00494 16195 38174 .31575 21662 14915 .10306 04971 03470 02430 01708 01204 00129 45289 37243 30656 20829 14205 09722 04603 03184 02210 01538 01075 00373 40 38 39 20 Future value of an ordinary annuity (FVA) = 4% 5% 60% 9% Payment x [(1 + R)-1] R 0% 10% 11% 31 32 33 34 35 12% 15% (12) Periods (02) Periods 2% 1 2 3 4 5 6 7 8 9 10 16 17 18 19 20 Future value of an ordinary annuity (FVA) = 21 22 11 12.16872 12.48347 12.80780 13.48635 14.20679 12 13.41209 13.79555 14.19203 15.02581 15.91713 13 14.68033 15.14044 15.61779 16.62684 17.71298 14 15.97394 16.51895 17.08632 18.29191 19.59863 15 17.29342 17.93193 18.59891 20.02359 21.57856 2% 3% 4% 5% 6% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2.02000 2.02500 2.03000 2.04000 2.05000 2.06000 3.06040 3.07563 3.09090 3.12160 3.15250 3,18360 4.12161 4.15252 4.18363 4.24646 4.31013 4.37462 4.50611 5.20404 5.25633 5.30914 5,41632 5.52563 5.63709 5.86660 N Payment x[(1+R)-1] 6.30812 6.38774 6.46841 6.63298 6.80191 6.97532 7.33592 7.52334 7.71561 7.91286 8.11519 7.43428 7.54743 7.66246 7.89829 8.14201 8.39384 8.92280 9.20044 9.48717 9.78327 10.08901 8.58297 8.73612 8.89234 9.21123 9.51911 9.897417 10.63663 11.02817 11.43589 11.85943. 12.29969 9.75463 9.95452 10.15911 10.58280 11.02656 11.49132 12.48756 13.02104 13.57948 14.16397 14.77566 10.94972 11.20338 11.46338 12.00611 12.57789 13.18079 14.48656 15.19293 15.93743 16.72201 17.54874 25.78332 27.18327 28.67649 31.96920 27.29898 28.86286 30.53678 34.24797 R 12% 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 2.08000 2.09000 2.10000 2.11000 2.12000 3.24640 3.27810 3.31000 3.34210 3.37440 4.57313 4.64100 4.70973 4.77933 5.98471 6.10510 6.22780 6.35285 35.71925 39.99273 38.50521 43.39229 14.97164 16.64549 17.56029 18.53117 19.56143 20.65458 16.86994 18.97713 20.14072 21.38428 22.71319 24.13313 18.88214 21.49530 22.95339 24.52271 26.21164 28.02911 21.01507 24.21492 26.01919 27.97498 30.09492 32.39260 23.27597 27.15211 29.36092 31.77248 34.40536 37.27972 15% 1.00000 2.15000 3.47250 4.99338 6.74238 18.63929 19.38022 20.15688 21.82453 23.65749 25.67253 30.32428 33.00340 35.91973 39.18995 12.75328 55.71747 20.01207 20.86473 21.76159 23.69751 25.84037 28.21288 33.75023 36.97371 40.54470 44.50084 40.88367 65.07509 21.41231 22.38635 23.41444 25.64541 28.13238 30.90565 37.45024 41.30134 45.59917 50.39593 55.74972 75.83636 22.84056 23.94601 25.11687 27.67123 30.53900 33.75999 41.44626 46.01846 51.15909 56.93949 63.43968 88.21181 24.29737 25.54466 26.87037 29.77808 33,06595 36.78559 45.76196 51,16012 57.27500 64.20283 72.05244 102.44358 50.42292 56.76453 64.00250 72.26514 81.69874 55.45676 62.87334 71.40275 81.21431 92.50258 8.75374 11.06680 13.72682 16.78584 20.30372 24.34928 29.00167 34.35192 40.50471 47.58041 118,81012 137.63164 (22) Periods 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 31 32 33 34 35 28.84496 30.58443 30.42186 32.34904 32.03030 34.15776 36 37 38 39 40 26 33.67091 36.01171 38.55304 44.31174 51.11345 59.15638 27 35.34432 37.91200 40.70963 47.08421 54.66913 63.70577 28 37.05121 39.85980 42.93092 49.96758 58.40258 68.52811 29 38.79223 41.85630 45.21885 52.96629 62.32271 73.63980 103.96594 124.13536 148.63093 178.39719 211.58275 377.16969 30 40.56808 43.90270 47.57542 56.08494 66.43885 79.05819 113.28321 136.30754 164.49402 199.02088 241.33268 434.74515. 79.95442 93.32398 109.18177 127.99877 150.33393 245.71197 26 87.35077 102.72314 121.09994 143.07864 169.37401 283.56877 27 95.33883 112.96822 134.20994 159.81729 190.69889 327.10408 28 29 30 32.45288 36.61789 41.43048 46.99583 34.42647 34.42647 39,08260 44.50200 50.81558 36.45926 41.64591 47.72710 54.86451 42.37944 46.00027 50.00268 59.32834 44.22703 48.15028 52.50276 62.70147 46.11157 50.35403 55.07784 66.20953 48.03380 52.61289 57.73018 69.85791 49.99448 54.92821 60.46208 73.65222 TABLE 7.4 Present Value of an Ordinary Annuity of 1 (22) Periods 2% 51.99437 57.30141 63.27594 77.59831 95.83632 119.12087 187.10215 236.12472 299.12681 380.16441 380.16441 184.16312 1014.34568 54.03425 59.73395 66.17122 81.70225 101.62814 127.26812 203.07032 258.37595 330.039419 422.98249 543.59869 1167.19753 56.11494 62.22730 69.15945 85.97034 107.70955 135.90421 220.31595 282.62978 364.04343 470.51056 609.83053 1343.62216 58.23724 64.78298 72.23423 90.40915 114.09502 145.05846 238.94122 309.06646 401.44778 523.26673 684.01020 1546.16549 60.40198 67.40255 75.40126 95.02552 120.79977 154.76197 259.05652 337.88245 442.59256 581.82607 767.09142 1779.09031 08030 2% 07561 3% 07087 500.95692 577.10046 70.76079 84.80168 123.34587 149.57522 181.94343 221.91317 271.29261 75.29883 90.88978 134.21354 134.21354 164.03699 201.13777 247.32362 304.84772 80.06377 97.34316 145.95062 179.80032 222.25154 275.52922 342.42945 644.66553 85.06696 104.18376 158.62667 196.98234 245.47670 306.83744 384.520981 765.36535 90.32031 111.43478 172.31680 215.71076 271.02437 341.58955 431.66350 881.17016 Present value of an ordinary annuity (PVA) = 4% 06154 60.89330 69.53194 79.54302 91.14788 104.60289 159.27638 66.76476 76.78981 88,49733 102.17415 118,15524 184,16784 73.10594 84.70090 98.34706 114.41331 133.33387 212.79302 5% 05029 6% 04240 8% 09502 Payment x 1. R 9% 01712 1 1+RN 10% anana 11% 90000 23 24 25 12% (22) 15% Periods 90286 86957 ch. 31 32 33 34 35 36 37 38 39 40 (2) Periods 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Present value of an ordinary annuity (PVA) = Payment x1- R (n) 2% .98039 .97561 1.94156 1.92742 3% 4% 5% 6% 8% 9% 10% 11% 12% 15% Periods. .97087 .96154 95238 94340 .92593 91743 .90909 .90090 .89286 86957 1 1.91347 1.88609 1.85941 1.83339 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 2 2.88388 2.85602 2.82861 2.77509 2.72325 2.67301 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.80773 3.76197 3.71710 3.62990 3.54595 3.46511 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 1.71316 4.64583 4.57971 1.45182 1.32918 4.21236 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 3 4 5 5.60143 5.50013 5.41719 5.24214 5.07569 6.47199 6.34939 6.23028 6.00205 5.78637 7.32548 7.17014 7.01969 6.73274 6.46321 8,16224 7.97087 7.78611 7.43533 7.10782 8.98259 8.75206 8.53020 8.11090 1 1+RN 4.91732 4.62288 4.48592 4.35526 5.58238 5.20637 5.03295 4.86842 6.20979 5.74664 5.53482 5.33493 6.80169 6.24689 5.99525 5.75902 7.72173 7.36009 6.71008 6.41766 6.14457 9.78685 9.51421 9.25262 8.76048 8.30641 7.88687 7.13896 6.80519 6.49506 10.57534 10.25776 9.95100 9.38507 8.86325 8.38384 7.53608 7.16073 6.81369 11.34837 10.98319 10.63196 9.98565 9.39357 8.85268 7.90378 7.18690 7.10336 12.10625 11.69091 11.29607 10.56812 9.89864 9.29498 8.24424 7.78615 7.36669 12.84926 12.38138 12.38138 11.93794 11.11839 10.37966 9.71225 8.55948 8.06069 7.60608 4.23054 4.11141 3.78448 4.71220 4.56376 4.16042 5.14612 4.96764 4.48732 5.53705 5.32825 4.77158 5,88923 5.65022 5.01877 6.20652 5.93770 5.23371 6.49236 6.19437 5.42062 6.71987 6.12355 5.58315 6.98187 6.62817 5.72448 7.19087 6.81086 5.84737 13.57771 13.05500 12.56110 11.65230 10.83777 10.10590 8.85137 8.31256 7.82371 14.29187 13.71220 13.16612 12.16567 11.27407 11.27407 10.47726 9,12164 8.54363 8,02155 7.54879 14.99203 14.35336 13.75351 12.65930 11.68959 10.82760 9.37189 8.75563 8.20141 7.70162 15.67846 14.97889 14.32380 13.13394 12.08532 11.15812 9.60360 8.95012 8.36492 7.83929 16.35143 15.58916 14.87747 13.59033 12.46221 11.46992 9.81815 9.12855 8.51356 7.96333 7.37916 6.97399 5.95424 7.11963 6.04716 7.24967 6.12797 7.36578 6.19823 7.46944 6.25933 17.01121 16.18455 15.41502 14.02916 12.82115 11.76408 10.01680 9.29224 8.61869 8.07507 7.56200 6.31216 17.65805 16.76541 15.93692 14 45112 13 16300 12.04158 10 20074 944243 877154 817574 7.61165. 6.35866 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods Present Value of an Annuity Due of 1 3 4 5 6 (22) (22) Periods 2% 2% 3% 4% 1.00000 1.00000 1.00000 1.97561 1.97087 1.96151 1.95238 1.94340 5% 6% 1.00000 1.00000 12% 1.00000 15% Periods 1.00000 1 1 2 2 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 1.98039 1.92593 1.917413 1.90909 1.90090 1.89286 1.86957 2.94156 2.92742 2.91347 2.88609 2.85941 2.83339 2.78326 2.75911 2.73554 2.71252 2.69005 2.62571 3.88388 3.85602 3.82861 3.77509 3.72325 3.67301 3.57710 3.53130 3.48685 3.44371 3.40183 3.28323 4.80773 4.76197 4.71710 4.62990 4.54595 4.46511 4.31213 4.23972 4.16986 4.10245 4.03735 3.85498 3 4 5 7 8 9 10 11 12345 16 17 18 19 20 Present value of an annuity (PVA) due = Payment + 21 Payment x1- R 5.71346 5.64583 5.57971 5.45182 5.32948 5.21236 6.60143 6.50813 6.41719 6.24214 6.07569 5.91732 7.47199 7.34939 7.23028 7.00205 6.78637 6.58238 8.32548 8.17014 8.01969 7.73274 7.46321 7.20979 9.16224 8.97087 8.78611 8.43533 8.10782 7.80169 4.99271 4.88965 5.62288 5.48592 6.20637 6.03295 6.74664 6.53482 7.24689 6.99525 1 1+RN-1 4.79079 4.69590 4.60478 4.35216 5.35526 5.23054 5.11141 4.78448 5.86842 5.71220 5.56376 5.16042 6.33493 6.14612 5.96764 5.48732 6.75902 6.53705 6.32825 5.77158 9.98259 9.75206 9.53020 9.11090 8.72173 8.36009 7.71008 7.41766 10.78685 10.51421 10.25262 9.76048 9.30641 8.88687 8.13896 7.80519 11.57534 11.25776 10.95400 10.38507 9.86325 9.38384 8.53608 8.16073 12.34837 11.98319 11.63496 10.98565 10.39357 9.85268 8.90378 8.48690 8.10336 7.74987 7.42355 6.58315 13.10625 12.69091 12.29607 11.56312 10.89864 10.29498 9.24424 8,78615 8.36669 7.98187 7.62817 6.72448 7.14457 6.80923 6.65022 6.01877 7.49506 7.20652 6.93770 6.23371 7.81369 7.49236 7.19437 6.42062 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 6.84737 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97399 6.95424 15.29187 14.71220 14.71220 14.16612 14.16612 13.16567 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32300 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 9.51356 8.96333 8.46944 7.25933 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 6.84737 17 18 16 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97999 6.95424 15.29187 14.71220 14.16612 13.16567 12.27407 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32380 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 9.51356 8.96333 8.46944 7.25933 18.01121 17.18455 16.41502 15.02916 13.82115 12.76408 11.01680 10.29224 9.64869 9.07507 8.56200 7.31246 18.65805 17.76541 16.93692 15.45112 14.16300 14.16300 13.04158 11.20074 10.44243 9.77154 9.17574 8.64465 7.35866 19.29220 18.33211 17.44361 15.85684 14.48857 13.30338 11.37106 10.58021 9.88322 9.26643 8.71843 7.39884 19.91393 18.88499 17.93554 16.24696 14.79864 13.55036 11.52876 10.70661 9.98474 9.34814 8.78432 7.43377 20.52316 19.42438 18.41315 16.62208 15.09394 13.78336 11.67478 10.82258 10.07704 9.42174 21.12104 19.95061 18.87681 16.98277 15.37519 14.00317 11.80998 10.92897 10.16095 9.18806 21.70690 20.46401 19.32703 17.32959 15.64303 14.21053 11.93518 11.02658 10.23722 9.54780 22.28127 20.96489 19.76411 17.66306 15.89813 15.89813 14.40616 12.05108 14.40616 12.05108 11.11613 10.30657 9.60162 22.84438 21.45355 20.18845 17.98371 16.14107 14.59072 12.15841 11.19828 10.36961 9.65011 8.84314 7.46415 8.89566 7.19056 8.94255 7.51353 8.90442 7.53351 9.02181 7.55088 23.39646 21.93029 20.60044 18.29203 16.37245 14.76483 12.25778 11.27365 10.42691 9.69379 9.05518 7.56598 23.93770 22.39541 21.00043 18.58849 16.59281 14.92909 12.34980 11.34280 10.47901 9.73315 9.08499 7.57911 24.46833 22.84918 21.38877 18.87355 16.80268 15.08404 12.43500 11.40624 10.52638 9.76860 9.11159 7.59053 24.98856 23.29188 21.76579 19.14765 17.00255 15.23023 12.51389 11.46444 10.56943 9.80054 9.13535 7.60046 25.49859 23.72379 22.13184 19.41120 17.19290 15.36814 12.58693 11.51784 10.60858 9.82932 9.15656 7.60910 25.99862 24.14516 22.48722 19.66461 17.37419 15.49825 17.37419 15.49825 12.65457 11.56682 10.64416 9.85524 9.17550 7.61661 26.48884 24.55625 22.83225 19.90828 17.54685 17.54685 15.62099 12.71719 11.61176 10.67651 9.87859 9.19241 7.62314 26.96945 24.95732 23.16724 20.14258 17.71129 15.73678 12.77518 11.65299 10.70592 9.89963 9.20751 7.62882 27.44064 25.34860 23.49246 20.36786 17.86789 15.84602 12.82887 11.69082 10.73265 9.91859 9.22099 7.63375 27.90259 25.73034 23.80822 20.58448 18.01704 15.94907 12.87858 11.72552 10.75697 9.93567 9.23303 7.63805 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Bonita Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated useful life of new asset Estimated annual net operating cash inflows Discount rate Tax rate Cost of old asset $11,200 Book value of old asset $2,000 $2,000 $20,900 $1,800 5 $3,200 9% 20% Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. years /year for 5 years Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated annual net operating cash inflows Then, find the NPV of the new investment. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places e.g. 5,125.36. Enter negative amounts using either a negative sign preceding the number, e.g. -5,125.36 or parentheses, e.g. (5,125.36).) Click here to view the factor table NPV $ (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 11 16 17 18 19 20 21 29 23 24 Future value of a single sum (FV) = Present value x (1 + R)N 6% 8% 1.06000 1.08000 1.12360 1.16640 1.19102 1.25971 1.26248 1.36049 1.33823 1.46933 2% 2% 1.02000 1.02500 1.04040 1.05063 1.06090 3% 4% 5% 1.03000 1.04000 1.05000 1.08160 1.10250 1.06121 1.07689 1.09273 1.12486 1.15763 1.08243 1.10381 1.12551 1.16986 1.21551 1,10408 1.13141 1.15927 1.21665 1.27628 1.12616 1.15969 1.19405 1.26532 1.34010 1.41852 1.58687 1.14869 1.18869 1.22987 1.31593 1.40710 1.50363 1.71382 1.17166 1.21840 1.26677 1.36857 1.47746 1.59385 1.19509 1.24886 1.30477 1.42331 1.55133 1.68948 1.21899 1.28008 1.31392 1.48024 1.62889 1.79085 1.37279 1.48451 1.60471 1.40024 1.52162 1.65285 1.42825 1.55966 1.70243 1.45681 1.59865 1.48595 1.63862 1.24337 1.31209 1.38423 1.53945 1.71034 1.89830 2.33164 2.58043 2.85312 3.15176 3.47855 4.65239 1.26824 1.34489 1.42576 1.60103 1.79586 2.01220 2.51817 2.81267 3.13843 3.49845 3.89598 5.35025 1.29361 1.37851 1.46853 1.66507 1.88565 2.13293 2.71962 3.06581 3,45227 3.88328 4.36349 6.15279 1.31948 1.41297 1.51259 1.73168 1.97993 2.26090 2.93719 3.34173 3,79750 4.31044 4.88711 7.07571 1.34587 1.44830 1.55797 1.80094 2.07893 2.39656 3.17217 3.64248 4.17725 4.78459 5.47357 8.13706 1.87298 2.18287 2.54035 1.94790 2.29202 2.69277 2.02582 2.10662 1.75351 2.10685 2.52695 1.80611 2.19112 2.65330 9% 10% 11% 12% 15% 1.09000 1.10000 1.11000 1.12000 1.15000 1.18810 1.21000 1.23210 1.25440 1.32250 1.29503 1.33100 1.36763 1.40493 1.52088 1.41158 1,46410 1.51807 1.57352 1.74901 1.53862 1.61051 1.68506 1.76234 2.01136 1.67710 1.77156 1.87041 1.97382 2.31306 1.82804 1.94872 2.07616 2.21068 2.66002 1.85093 1.99256 2.14359 2.30454 2.47596 3.05902 1.99900 2.17189 2.35795 2.55803 2.77308 3.51788 2.15892 2.36736 2.59374 2.83912 3.10585 1.01556 3.42594 3.97031 4.59497 5.31089 6.13039 9.35762 3.70002 4.32763 5.05447 5.89509 6.86601 10.76126 2.85134 3.99602 1.71712 5.55992 6.54355 7.68997 3.02560 4.31570 5.14166 6.11591 7.26334 8.61276 3.20714 4.66096 5.60441 6.72750 8.06231 9.64629 12.37545 14.23177 16.36654 1,51567 1.67958 2.27877 1.86029 1.91610 1.54598 1.72157 2.78596 3.39956 5.03383 2.36992 2.92526 3.60354 5.43654 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 6.10881 7.40025 8.94917 10.80385 18.82152 6.65860 8.14028 9.93357 12.10031 21.64475 7.25787 8.95430 11.02627 11.02627 13.55235 24.89146 7.91108 9.84973 12.23916 15.17863 28.62518 (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 16 17 18 19 20 21 22 23 24 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 7.25787 8.95430 11.02627 13.55235 24.89146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 7.91108 9.84973 12.23916 15.17863 28.62518 1.64061 1.85391 2.09378 2.66584 3.38635 1.29187 6.81817 8.62308 10.83171 13.58516 17.00000 32.91895 1.67342 1.90029 2.15659 2.77247 3.55567 4.54938 7.39635 9.39916 11.91818 15.07986 19.04007 37.85680 1.70689 1.94780 2.22129 2.88337 3.73346 4.82235 7.98806 10.24508 13.10999 16.73865 21.32488 43.53532 1,74102 1.99650 2.28793 2.99870 3.92013 5.11169 8.62711 11.16714 11.16714 14.42099 18.57990 23.88387 50.06561 1.77584 2.04641 2.35657 3.11865 4.11614 5.41839 9.31727 12.17218 15.86309 20.62369 26.74993 57.57545 1.81136 2,09757 2.42726 3.24340 4.32194 5.74349 10.06266 13.26768 17.44940 22.89230 29.95992 66.21177 1.84759 2.15001 1.88454 2.20376 1.92223 2.25885 1.96068 2.31532 1.99989 2.37321 2.50008 3.37313 4.33804 6.08810 10.86767 14.46177 19.19434 25.41045 33.55511 76.14354 2.57508 3.50806 4.76494 6.45339 11.73708 15.76333 21.11378 28.20560 37.58173 87.56507 2.65234 3.64838 5.00319 6.81059 12.67605 17.18203 23.22515 31.30821 42.09153 100.69983. 2.73191 3.79432 5.25335 7.25103 13.69013 18.72841 25.54767 34.75212 47.14252 115.804801 2.81306 3.94609 5.51602 7.68609 14.78534 20.41397 28.10244 38.57485 52.79962 133.17552 2.03989 2.43254 2.89828 4.10393 5.79182 8.14725 15.96817 22.25123 30.91268 42.81808 59.13557 153.15185 2.08069 2.49335 2.98523 4.26809 6.08141 8.63609 17.24563 24.25384 34.00395 47.52807 66.23184 176.12463 2.12230 2.55568 3,07478 4.43881 6.38548 9.15425 18.62528 26.43668 37.40434 52.75616 74.17966 202.54332 2.16474 2.61957 3.16703 4.61637 6.70475 9.70351 20.11530 28.81598 41.14479 58.55934 83.08122 232.92482 2.20804 2.68506 3.26204 4.80102 7.03999 10.28572 21.72452 31.40942 45.25926 65.00087 93.05097 267.86355 TABLE 7.2 Present Value of 1 (Present Value of a Single Sum) (n)Periods 2% 2% 3% Present value of a single sum (PV) = 4% 5% 6% 8% Future value (1 + R)* 9% 10% 11% 12% 15% (1) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (n)Periods 2% 2% 3% 98039 97561 96117 95181 1 2 91232 92860 91514 92385 90595 88849 90573 88385 86261 3 4 5 7 8 9 10 11 n 12 3 4 5 13 14 15 16 17 18 19 20 21 22 97087 94260 .88797 86230 83748 .87056 84127 81309 .85349 82075 78941 83676 80073 76642 82035 78120 74409 .80126 .76211 72242 78849 74356 70138 77303 .72542 .68095 .75788 70773 66112 .74301 .69047 64186 Present value of a single sum (PV) = 4% 5% 6% 8% 9% 10% 96154 95238 94340 92593 91743. .90909 92456 90703 89000 85734 84168 82645 92456 .86381 82270 78353 88900 85480 82193 Future value. (1 + R) (n) 11% 12% 15% Periods 90090 89286 86957 1 81162 79719 75614 2 3 4 5 .83962 79383 .77218 75132 73119 71178 65752 79209 73503 .70843 .68301 65873 .63552 57175 74726 68058 64993 62092 59345 56743 49718 79031 .74622 70496 63017 59627 56447 53464 50663 43233 75992 71068 .66506 58349 54703 51316 48166 45235 .37594 73069 67684 62741 54027 50187 46651 43393 40388 .32690 70259 64461 59190 50025 46043 42410 39092 36061 28426 .67556 61391 55839 46319 42241 38554 35218 32197 24719 .65978 59539 53755 43883 35894 .64684 58086 52189 42196 34185 61958 58168 52679 12888 38753 35019 31728 28748 21494 .62460 55684 49697 39711 35554 31863 28584 25668 18691 .60057 53032 46884 36770 32618 28966 25751 22917 16253 57748 50507 44230 34046 29925 26333 23199 20462 14133 55526 48102 41727 31524 27454 23939 20900 18270 12289 29416 19866 27751 18394 6 7 8 9 10 16 72845 .67362 62317 53391 45811 .39365 29189 25187 21763 18829 16312 .10687 71416 65720 60502 51337 43630 37136 27027 23107 19785 16963 14564 09293 17 70016 64117 58739 49363 41552 .35034 23025 21199 17986 15282 13004 .08081 18 .68643 .62553 57029 47464 39573 33051 23171 19449 16351 .13768 11611 .07027 19 .67297 61027 55368 45639 37689 31180 21455 17843 14861 12403 10367 06110 20 11 12 13 14 15 16370 13513 11174 09256 05313 21 15018 12285 12285 10067 08264 04620 22 15018 (22) Partade 22 23 24 25 2% 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 15018 .61681 58086 52189 12196 34185 27751 18394 15018 12285 10067 08261 08261 01620 22 .63416 56670 50669 40573 32557 26180 17032 13778 .11168 09069 07379 04017 23 .62172 55288 49193 39012 31007 24698 15770 12641 .10153 08170 06588 03493 24 60953 53939 47761 37512 29530 23300 14602 11597 09230 07361 05882 03038 25 21/% 59758 52623 46369 36069 28124 21981 13520 10639 08391 06631 05252 02642 26 58586 51340 45019 34682 26785 20737 12519 09761 07628 05974 04689 02297 27 57437 50088 43708 33348 25509 19563 11591 08955 .06934 05382 04187 01997 28 56311 48866 42435 32065 24295 18456 10733 08216 06304 .04849 03738 01737 29 55207 47674 41199 .30832 23138 17411 09938 07537 05731 04368 03338 01510 30 TABLE 7.3 Future Value of an Ordinary Annuity of 1 54125 46511 39999 29646 22036 16425 09202 06915 05210 03935 02980 01313 53063 45377 38834 28506 20987 15496 08520 06344 04736 03545 02661 01142 52023 44270 37703 27409 19987 14619 07889 05820 .04306 03194 02376 00993 51003 43191 36604 26355 19035 13791 07305 05340 03914 02878 02121 00864 50003 42137 35538 25342 18129 13011 06763 04899 .03558 02592 01894 00751 01691 .00653 36 37 49022 41109 34503 .24367 17266 12274 06262 04494 03235 02335 48061 40107 33498 23430 16444 11579 05799 04123 02941 02104 01510 .00568 47119 39128 32523 22529 15661 10924 05369 03783 02674 01896 01348 00494 16195 38174 .31575 21662 14915 .10306 04971 03470 02430 01708 01204 00129 45289 37243 30656 20829 14205 09722 04603 03184 02210 01538 01075 00373 40 38 39 20 Future value of an ordinary annuity (FVA) = 4% 5% 60% 9% Payment x [(1 + R)-1] R 0% 10% 11% 31 32 33 34 35 12% 15% (12) Periods (02) Periods 2% 1 2 3 4 5 6 7 8 9 10 16 17 18 19 20 Future value of an ordinary annuity (FVA) = 21 22 11 12.16872 12.48347 12.80780 13.48635 14.20679 12 13.41209 13.79555 14.19203 15.02581 15.91713 13 14.68033 15.14044 15.61779 16.62684 17.71298 14 15.97394 16.51895 17.08632 18.29191 19.59863 15 17.29342 17.93193 18.59891 20.02359 21.57856 2% 3% 4% 5% 6% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2.02000 2.02500 2.03000 2.04000 2.05000 2.06000 3.06040 3.07563 3.09090 3.12160 3.15250 3,18360 4.12161 4.15252 4.18363 4.24646 4.31013 4.37462 4.50611 5.20404 5.25633 5.30914 5,41632 5.52563 5.63709 5.86660 N Payment x[(1+R)-1] 6.30812 6.38774 6.46841 6.63298 6.80191 6.97532 7.33592 7.52334 7.71561 7.91286 8.11519 7.43428 7.54743 7.66246 7.89829 8.14201 8.39384 8.92280 9.20044 9.48717 9.78327 10.08901 8.58297 8.73612 8.89234 9.21123 9.51911 9.897417 10.63663 11.02817 11.43589 11.85943. 12.29969 9.75463 9.95452 10.15911 10.58280 11.02656 11.49132 12.48756 13.02104 13.57948 14.16397 14.77566 10.94972 11.20338 11.46338 12.00611 12.57789 13.18079 14.48656 15.19293 15.93743 16.72201 17.54874 25.78332 27.18327 28.67649 31.96920 27.29898 28.86286 30.53678 34.24797 R 12% 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 2.08000 2.09000 2.10000 2.11000 2.12000 3.24640 3.27810 3.31000 3.34210 3.37440 4.57313 4.64100 4.70973 4.77933 5.98471 6.10510 6.22780 6.35285 35.71925 39.99273 38.50521 43.39229 14.97164 16.64549 17.56029 18.53117 19.56143 20.65458 16.86994 18.97713 20.14072 21.38428 22.71319 24.13313 18.88214 21.49530 22.95339 24.52271 26.21164 28.02911 21.01507 24.21492 26.01919 27.97498 30.09492 32.39260 23.27597 27.15211 29.36092 31.77248 34.40536 37.27972 15% 1.00000 2.15000 3.47250 4.99338 6.74238 18.63929 19.38022 20.15688 21.82453 23.65749 25.67253 30.32428 33.00340 35.91973 39.18995 12.75328 55.71747 20.01207 20.86473 21.76159 23.69751 25.84037 28.21288 33.75023 36.97371 40.54470 44.50084 40.88367 65.07509 21.41231 22.38635 23.41444 25.64541 28.13238 30.90565 37.45024 41.30134 45.59917 50.39593 55.74972 75.83636 22.84056 23.94601 25.11687 27.67123 30.53900 33.75999 41.44626 46.01846 51.15909 56.93949 63.43968 88.21181 24.29737 25.54466 26.87037 29.77808 33,06595 36.78559 45.76196 51,16012 57.27500 64.20283 72.05244 102.44358 50.42292 56.76453 64.00250 72.26514 81.69874 55.45676 62.87334 71.40275 81.21431 92.50258 8.75374 11.06680 13.72682 16.78584 20.30372 24.34928 29.00167 34.35192 40.50471 47.58041 118,81012 137.63164 (22) Periods 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 31 32 33 34 35 28.84496 30.58443 30.42186 32.34904 32.03030 34.15776 36 37 38 39 40 26 33.67091 36.01171 38.55304 44.31174 51.11345 59.15638 27 35.34432 37.91200 40.70963 47.08421 54.66913 63.70577 28 37.05121 39.85980 42.93092 49.96758 58.40258 68.52811 29 38.79223 41.85630 45.21885 52.96629 62.32271 73.63980 103.96594 124.13536 148.63093 178.39719 211.58275 377.16969 30 40.56808 43.90270 47.57542 56.08494 66.43885 79.05819 113.28321 136.30754 164.49402 199.02088 241.33268 434.74515. 79.95442 93.32398 109.18177 127.99877 150.33393 245.71197 26 87.35077 102.72314 121.09994 143.07864 169.37401 283.56877 27 95.33883 112.96822 134.20994 159.81729 190.69889 327.10408 28 29 30 32.45288 36.61789 41.43048 46.99583 34.42647 34.42647 39,08260 44.50200 50.81558 36.45926 41.64591 47.72710 54.86451 42.37944 46.00027 50.00268 59.32834 44.22703 48.15028 52.50276 62.70147 46.11157 50.35403 55.07784 66.20953 48.03380 52.61289 57.73018 69.85791 49.99448 54.92821 60.46208 73.65222 TABLE 7.4 Present Value of an Ordinary Annuity of 1 (22) Periods 2% 51.99437 57.30141 63.27594 77.59831 95.83632 119.12087 187.10215 236.12472 299.12681 380.16441 380.16441 184.16312 1014.34568 54.03425 59.73395 66.17122 81.70225 101.62814 127.26812 203.07032 258.37595 330.039419 422.98249 543.59869 1167.19753 56.11494 62.22730 69.15945 85.97034 107.70955 135.90421 220.31595 282.62978 364.04343 470.51056 609.83053 1343.62216 58.23724 64.78298 72.23423 90.40915 114.09502 145.05846 238.94122 309.06646 401.44778 523.26673 684.01020 1546.16549 60.40198 67.40255 75.40126 95.02552 120.79977 154.76197 259.05652 337.88245 442.59256 581.82607 767.09142 1779.09031 08030 2% 07561 3% 07087 500.95692 577.10046 70.76079 84.80168 123.34587 149.57522 181.94343 221.91317 271.29261 75.29883 90.88978 134.21354 134.21354 164.03699 201.13777 247.32362 304.84772 80.06377 97.34316 145.95062 179.80032 222.25154 275.52922 342.42945 644.66553 85.06696 104.18376 158.62667 196.98234 245.47670 306.83744 384.520981 765.36535 90.32031 111.43478 172.31680 215.71076 271.02437 341.58955 431.66350 881.17016 Present value of an ordinary annuity (PVA) = 4% 06154 60.89330 69.53194 79.54302 91.14788 104.60289 159.27638 66.76476 76.78981 88,49733 102.17415 118,15524 184,16784 73.10594 84.70090 98.34706 114.41331 133.33387 212.79302 5% 05029 6% 04240 8% 09502 Payment x 1. R 9% 01712 1 1+RN 10% anana 11% 90000 23 24 25 12% (22) 15% Periods 90286 86957 ch. 31 32 33 34 35 36 37 38 39 40 (2) Periods 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Present value of an ordinary annuity (PVA) = Payment x1- R (n) 2% .98039 .97561 1.94156 1.92742 3% 4% 5% 6% 8% 9% 10% 11% 12% 15% Periods. .97087 .96154 95238 94340 .92593 91743 .90909 .90090 .89286 86957 1 1.91347 1.88609 1.85941 1.83339 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 2 2.88388 2.85602 2.82861 2.77509 2.72325 2.67301 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.80773 3.76197 3.71710 3.62990 3.54595 3.46511 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 1.71316 4.64583 4.57971 1.45182 1.32918 4.21236 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 3 4 5 5.60143 5.50013 5.41719 5.24214 5.07569 6.47199 6.34939 6.23028 6.00205 5.78637 7.32548 7.17014 7.01969 6.73274 6.46321 8,16224 7.97087 7.78611 7.43533 7.10782 8.98259 8.75206 8.53020 8.11090 1 1+RN 4.91732 4.62288 4.48592 4.35526 5.58238 5.20637 5.03295 4.86842 6.20979 5.74664 5.53482 5.33493 6.80169 6.24689 5.99525 5.75902 7.72173 7.36009 6.71008 6.41766 6.14457 9.78685 9.51421 9.25262 8.76048 8.30641 7.88687 7.13896 6.80519 6.49506 10.57534 10.25776 9.95100 9.38507 8.86325 8.38384 7.53608 7.16073 6.81369 11.34837 10.98319 10.63196 9.98565 9.39357 8.85268 7.90378 7.18690 7.10336 12.10625 11.69091 11.29607 10.56812 9.89864 9.29498 8.24424 7.78615 7.36669 12.84926 12.38138 12.38138 11.93794 11.11839 10.37966 9.71225 8.55948 8.06069 7.60608 4.23054 4.11141 3.78448 4.71220 4.56376 4.16042 5.14612 4.96764 4.48732 5.53705 5.32825 4.77158 5,88923 5.65022 5.01877 6.20652 5.93770 5.23371 6.49236 6.19437 5.42062 6.71987 6.12355 5.58315 6.98187 6.62817 5.72448 7.19087 6.81086 5.84737 13.57771 13.05500 12.56110 11.65230 10.83777 10.10590 8.85137 8.31256 7.82371 14.29187 13.71220 13.16612 12.16567 11.27407 11.27407 10.47726 9,12164 8.54363 8,02155 7.54879 14.99203 14.35336 13.75351 12.65930 11.68959 10.82760 9.37189 8.75563 8.20141 7.70162 15.67846 14.97889 14.32380 13.13394 12.08532 11.15812 9.60360 8.95012 8.36492 7.83929 16.35143 15.58916 14.87747 13.59033 12.46221 11.46992 9.81815 9.12855 8.51356 7.96333 7.37916 6.97399 5.95424 7.11963 6.04716 7.24967 6.12797 7.36578 6.19823 7.46944 6.25933 17.01121 16.18455 15.41502 14.02916 12.82115 11.76408 10.01680 9.29224 8.61869 8.07507 7.56200 6.31216 17.65805 16.76541 15.93692 14 45112 13 16300 12.04158 10 20074 944243 877154 817574 7.61165. 6.35866 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods Present Value of an Annuity Due of 1 3 4 5 6 (22) (22) Periods 2% 2% 3% 4% 1.00000 1.00000 1.00000 1.97561 1.97087 1.96151 1.95238 1.94340 5% 6% 1.00000 1.00000 12% 1.00000 15% Periods 1.00000 1 1 2 2 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 1.98039 1.92593 1.917413 1.90909 1.90090 1.89286 1.86957 2.94156 2.92742 2.91347 2.88609 2.85941 2.83339 2.78326 2.75911 2.73554 2.71252 2.69005 2.62571 3.88388 3.85602 3.82861 3.77509 3.72325 3.67301 3.57710 3.53130 3.48685 3.44371 3.40183 3.28323 4.80773 4.76197 4.71710 4.62990 4.54595 4.46511 4.31213 4.23972 4.16986 4.10245 4.03735 3.85498 3 4 5 7 8 9 10 11 12345 16 17 18 19 20 Present value of an annuity (PVA) due = Payment + 21 Payment x1- R 5.71346 5.64583 5.57971 5.45182 5.32948 5.21236 6.60143 6.50813 6.41719 6.24214 6.07569 5.91732 7.47199 7.34939 7.23028 7.00205 6.78637 6.58238 8.32548 8.17014 8.01969 7.73274 7.46321 7.20979 9.16224 8.97087 8.78611 8.43533 8.10782 7.80169 4.99271 4.88965 5.62288 5.48592 6.20637 6.03295 6.74664 6.53482 7.24689 6.99525 1 1+RN-1 4.79079 4.69590 4.60478 4.35216 5.35526 5.23054 5.11141 4.78448 5.86842 5.71220 5.56376 5.16042 6.33493 6.14612 5.96764 5.48732 6.75902 6.53705 6.32825 5.77158 9.98259 9.75206 9.53020 9.11090 8.72173 8.36009 7.71008 7.41766 10.78685 10.51421 10.25262 9.76048 9.30641 8.88687 8.13896 7.80519 11.57534 11.25776 10.95400 10.38507 9.86325 9.38384 8.53608 8.16073 12.34837 11.98319 11.63496 10.98565 10.39357 9.85268 8.90378 8.48690 8.10336 7.74987 7.42355 6.58315 13.10625 12.69091 12.29607 11.56312 10.89864 10.29498 9.24424 8,78615 8.36669 7.98187 7.62817 6.72448 7.14457 6.80923 6.65022 6.01877 7.49506 7.20652 6.93770 6.23371 7.81369 7.49236 7.19437 6.42062 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 6.84737 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97399 6.95424 15.29187 14.71220 14.71220 14.16612 14.16612 13.16567 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32300 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 9.51356 8.96333 8.46944 7.25933 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 6.84737 17 18 16 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97999 6.95424 15.29187 14.71220 14.16612 13.16567 12.27407 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32380 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 9.51356 8.96333 8.46944 7.25933 18.01121 17.18455 16.41502 15.02916 13.82115 12.76408 11.01680 10.29224 9.64869 9.07507 8.56200 7.31246 18.65805 17.76541 16.93692 15.45112 14.16300 14.16300 13.04158 11.20074 10.44243 9.77154 9.17574 8.64465 7.35866 19.29220 18.33211 17.44361 15.85684 14.48857 13.30338 11.37106 10.58021 9.88322 9.26643 8.71843 7.39884 19.91393 18.88499 17.93554 16.24696 14.79864 13.55036 11.52876 10.70661 9.98474 9.34814 8.78432 7.43377 20.52316 19.42438 18.41315 16.62208 15.09394 13.78336 11.67478 10.82258 10.07704 9.42174 21.12104 19.95061 18.87681 16.98277 15.37519 14.00317 11.80998 10.92897 10.16095 9.18806 21.70690 20.46401 19.32703 17.32959 15.64303 14.21053 11.93518 11.02658 10.23722 9.54780 22.28127 20.96489 19.76411 17.66306 15.89813 15.89813 14.40616 12.05108 14.40616 12.05108 11.11613 10.30657 9.60162 22.84438 21.45355 20.18845 17.98371 16.14107 14.59072 12.15841 11.19828 10.36961 9.65011 8.84314 7.46415 8.89566 7.19056 8.94255 7.51353 8.90442 7.53351 9.02181 7.55088 23.39646 21.93029 20.60044 18.29203 16.37245 14.76483 12.25778 11.27365 10.42691 9.69379 9.05518 7.56598 23.93770 22.39541 21.00043 18.58849 16.59281 14.92909 12.34980 11.34280 10.47901 9.73315 9.08499 7.57911 24.46833 22.84918 21.38877 18.87355 16.80268 15.08404 12.43500 11.40624 10.52638 9.76860 9.11159 7.59053 24.98856 23.29188 21.76579 19.14765 17.00255 15.23023 12.51389 11.46444 10.56943 9.80054 9.13535 7.60046 25.49859 23.72379 22.13184 19.41120 17.19290 15.36814 12.58693 11.51784 10.60858 9.82932 9.15656 7.60910 25.99862 24.14516 22.48722 19.66461 17.37419 15.49825 17.37419 15.49825 12.65457 11.56682 10.64416 9.85524 9.17550 7.61661 26.48884 24.55625 22.83225 19.90828 17.54685 17.54685 15.62099 12.71719 11.61176 10.67651 9.87859 9.19241 7.62314 26.96945 24.95732 23.16724 20.14258 17.71129 15.73678 12.77518 11.65299 10.70592 9.89963 9.20751 7.62882 27.44064 25.34860 23.49246 20.36786 17.86789 15.84602 12.82887 11.69082 10.73265 9.91859 9.22099 7.63375 27.90259 25.73034 23.80822 20.58448 18.01704 15.94907 12.87858 11.72552 10.75697 9.93567 9.23303 7.63805 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Bonita Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated useful life of new asset Estimated annual net operating cash inflows Discount rate Tax rate Cost of old asset $11,200 Book value of old asset $2,000 $2,000 $20,900 $1,800 5 $3,200 9% 20% Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. years /year for 5 years Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated annual net operating cash inflows Then, find the NPV of the new investment. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places e.g. 5,125.36. Enter negative amounts using either a negative sign preceding the number, e.g. -5,125.36 or parentheses, e.g. (5,125.36).) Click here to view the factor table NPV $ (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 11 16 17 18 19 20 21 29 23 24 Future value of a single sum (FV) = Present value x (1 + R)N 6% 8% 1.06000 1.08000 1.12360 1.16640 1.19102 1.25971 1.26248 1.36049 1.33823 1.46933 2% 2% 1.02000 1.02500 1.04040 1.05063 1.06090 3% 4% 5% 1.03000 1.04000 1.05000 1.08160 1.10250 1.06121 1.07689 1.09273 1.12486 1.15763 1.08243 1.10381 1.12551 1.16986 1.21551 1,10408 1.13141 1.15927 1.21665 1.27628 1.12616 1.15969 1.19405 1.26532 1.34010 1.41852 1.58687 1.14869 1.18869 1.22987 1.31593 1.40710 1.50363 1.71382 1.17166 1.21840 1.26677 1.36857 1.47746 1.59385 1.19509 1.24886 1.30477 1.42331 1.55133 1.68948 1.21899 1.28008 1.31392 1.48024 1.62889 1.79085 1.37279 1.48451 1.60471 1.40024 1.52162 1.65285 1.42825 1.55966 1.70243 1.45681 1.59865 1.48595 1.63862 1.24337 1.31209 1.38423 1.53945 1.71034 1.89830 2.33164 2.58043 2.85312 3.15176 3.47855 4.65239 1.26824 1.34489 1.42576 1.60103 1.79586 2.01220 2.51817 2.81267 3.13843 3.49845 3.89598 5.35025 1.29361 1.37851 1.46853 1.66507 1.88565 2.13293 2.71962 3.06581 3,45227 3.88328 4.36349 6.15279 1.31948 1.41297 1.51259 1.73168 1.97993 2.26090 2.93719 3.34173 3,79750 4.31044 4.88711 7.07571 1.34587 1.44830 1.55797 1.80094 2.07893 2.39656 3.17217 3.64248 4.17725 4.78459 5.47357 8.13706 1.87298 2.18287 2.54035 1.94790 2.29202 2.69277 2.02582 2.10662 1.75351 2.10685 2.52695 1.80611 2.19112 2.65330 9% 10% 11% 12% 15% 1.09000 1.10000 1.11000 1.12000 1.15000 1.18810 1.21000 1.23210 1.25440 1.32250 1.29503 1.33100 1.36763 1.40493 1.52088 1.41158 1,46410 1.51807 1.57352 1.74901 1.53862 1.61051 1.68506 1.76234 2.01136 1.67710 1.77156 1.87041 1.97382 2.31306 1.82804 1.94872 2.07616 2.21068 2.66002 1.85093 1.99256 2.14359 2.30454 2.47596 3.05902 1.99900 2.17189 2.35795 2.55803 2.77308 3.51788 2.15892 2.36736 2.59374 2.83912 3.10585 1.01556 3.42594 3.97031 4.59497 5.31089 6.13039 9.35762 3.70002 4.32763 5.05447 5.89509 6.86601 10.76126 2.85134 3.99602 1.71712 5.55992 6.54355 7.68997 3.02560 4.31570 5.14166 6.11591 7.26334 8.61276 3.20714 4.66096 5.60441 6.72750 8.06231 9.64629 12.37545 14.23177 16.36654 1,51567 1.67958 2.27877 1.86029 1.91610 1.54598 1.72157 2.78596 3.39956 5.03383 2.36992 2.92526 3.60354 5.43654 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 6.10881 7.40025 8.94917 10.80385 18.82152 6.65860 8.14028 9.93357 12.10031 21.64475 7.25787 8.95430 11.02627 11.02627 13.55235 24.89146 7.91108 9.84973 12.23916 15.17863 28.62518 (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 16 17 18 19 20 21 22 23 24 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 7.25787 8.95430 11.02627 13.55235 24.89146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 7.91108 9.84973 12.23916 15.17863 28.62518 1.64061 1.85391 2.09378 2.66584 3.38635 1.29187 6.81817 8.62308 10.83171 13.58516 17.00000 32.91895 1.67342 1.90029 2.15659 2.77247 3.55567 4.54938 7.39635 9.39916 11.91818 15.07986 19.04007 37.85680 1.70689 1.94780 2.22129 2.88337 3.73346 4.82235 7.98806 10.24508 13.10999 16.73865 21.32488 43.53532 1,74102 1.99650 2.28793 2.99870 3.92013 5.11169 8.62711 11.16714 11.16714 14.42099 18.57990 23.88387 50.06561 1.77584 2.04641 2.35657 3.11865 4.11614 5.41839 9.31727 12.17218 15.86309 20.62369 26.74993 57.57545 1.81136 2,09757 2.42726 3.24340 4.32194 5.74349 10.06266 13.26768 17.44940 22.89230 29.95992 66.21177 1.84759 2.15001 1.88454 2.20376 1.92223 2.25885 1.96068 2.31532 1.99989 2.37321 2.50008 3.37313 4.33804 6.08810 10.86767 14.46177 19.19434 25.41045 33.55511 76.14354 2.57508 3.50806 4.76494 6.45339 11.73708 15.76333 21.11378 28.20560 37.58173 87.56507 2.65234 3.64838 5.00319 6.81059 12.67605 17.18203 23.22515 31.30821 42.09153 100.69983. 2.73191 3.79432 5.25335 7.25103 13.69013 18.72841 25.54767 34.75212 47.14252 115.804801 2.81306 3.94609 5.51602 7.68609 14.78534 20.41397 28.10244 38.57485 52.79962 133.17552 2.03989 2.43254 2.89828 4.10393 5.79182 8.14725 15.96817 22.25123 30.91268 42.81808 59.13557 153.15185 2.08069 2.49335 2.98523 4.26809 6.08141 8.63609 17.24563 24.25384 34.00395 47.52807 66.23184 176.12463 2.12230 2.55568 3,07478 4.43881 6.38548 9.15425 18.62528 26.43668 37.40434 52.75616 74.17966 202.54332 2.16474 2.61957 3.16703 4.61637 6.70475 9.70351 20.11530 28.81598 41.14479 58.55934 83.08122 232.92482 2.20804 2.68506 3.26204 4.80102 7.03999 10.28572 21.72452 31.40942 45.25926 65.00087 93.05097 267.86355 TABLE 7.2 Present Value of 1 (Present Value of a Single Sum) (n)Periods 2% 2% 3% Present value of a single sum (PV) = 4% 5% 6% 8% Future value (1 + R)* 9% 10% 11% 12% 15% (1) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (n)Periods 2% 2% 3% 98039 97561 96117 95181 1 2 91232 92860 91514 92385 90595 88849 90573 88385 86261 3 4 5 7 8 9 10 11 n 12 3 4 5 13 14 15 16 17 18 19 20 21 22 97087 94260 .88797 86230 83748 .87056 84127 81309 .85349 82075 78941 83676 80073 76642 82035 78120 74409 .80126 .76211 72242 78849 74356 70138 77303 .72542 .68095 .75788 70773 66112 .74301 .69047 64186 Present value of a single sum (PV) = 4% 5% 6% 8% 9% 10% 96154 95238 94340 92593 91743. .90909 92456 90703 89000 85734 84168 82645 92456 .86381 82270 78353 88900 85480 82193 Future value. (1 + R) (n) 11% 12% 15% Periods 90090 89286 86957 1 81162 79719 75614 2 3 4 5 .83962 79383 .77218 75132 73119 71178 65752 79209 73503 .70843 .68301 65873 .63552 57175 74726 68058 64993 62092 59345 56743 49718 79031 .74622 70496 63017 59627 56447 53464 50663 43233 75992 71068 .66506 58349 54703 51316 48166 45235 .37594 73069 67684 62741 54027 50187 46651 43393 40388 .32690 70259 64461 59190 50025 46043 42410 39092 36061 28426 .67556 61391 55839 46319 42241 38554 35218 32197 24719 .65978 59539 53755 43883 35894 .64684 58086 52189 42196 34185 61958 58168 52679 12888 38753 35019 31728 28748 21494 .62460 55684 49697 39711 35554 31863 28584 25668 18691 .60057 53032 46884 36770 32618 28966 25751 22917 16253 57748 50507 44230 34046 29925 26333 23199 20462 14133 55526 48102 41727 31524 27454 23939 20900 18270 12289 29416 19866 27751 18394 6 7 8 9 10 16 72845 .67362 62317 53391 45811 .39365 29189 25187 21763 18829 16312 .10687 71416 65720 60502 51337 43630 37136 27027 23107 19785 16963 14564 09293 17 70016 64117 58739 49363 41552 .35034 23025 21199 17986 15282 13004 .08081 18 .68643 .62553 57029 47464 39573 33051 23171 19449 16351 .13768 11611 .07027 19 .67297 61027 55368 45639 37689 31180 21455 17843 14861 12403 10367 06110 20 11 12 13 14 15 16370 13513 11174 09256 05313 21 15018 12285 12285 10067 08264 04620 22 15018 (22) Partade 22 23 24 25 2% 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 15018 .61681 58086 52189 12196 34185 27751 18394 15018 12285 10067 08261 08261 01620 22 .63416 56670 50669 40573 32557 26180 17032 13778 .11168 09069 07379 04017 23 .62172 55288 49193 39012 31007 24698 15770 12641 .10153 08170 06588 03493 24 60953 53939 47761 37512 29530 23300 14602 11597 09230 07361 05882 03038 25 21/% 59758 52623 46369 36069 28124 21981 13520 10639 08391 06631 05252 02642 26 58586 51340 45019 34682 26785 20737 12519 09761 07628 05974 04689 02297 27 57437 50088 43708 33348 25509 19563 11591 08955 .06934 05382 04187 01997 28 56311 48866 42435 32065 24295 18456 10733 08216 06304 .04849 03738 01737 29 55207 47674 41199 .30832 23138 17411 09938 07537 05731 04368 03338 01510 30 TABLE 7.3 Future Value of an Ordinary Annuity of 1 54125 46511 39999 29646 22036 16425 09202 06915 05210 03935 02980 01313 53063 45377 38834 28506 20987 15496 08520 06344 04736 03545 02661 01142 52023 44270 37703 27409 19987 14619 07889 05820 .04306 03194 02376 00993 51003 43191 36604 26355 19035 13791 07305 05340 03914 02878 02121 00864 50003 42137 35538 25342 18129 13011 06763 04899 .03558 02592 01894 00751 01691 .00653 36 37 49022 41109 34503 .24367 17266 12274 06262 04494 03235 02335 48061 40107 33498 23430 16444 11579 05799 04123 02941 02104 01510 .00568 47119 39128 32523 22529 15661 10924 05369 03783 02674 01896 01348 00494 16195 38174 .31575 21662 14915 .10306 04971 03470 02430 01708 01204 00129 45289 37243 30656 20829 14205 09722 04603 03184 02210 01538 01075 00373 40 38 39 20 Future value of an ordinary annuity (FVA) = 4% 5% 60% 9% Payment x [(1 + R)-1] R 0% 10% 11% 31 32 33 34 35 12% 15% (12) Periods (02) Periods 2% 1 2 3 4 5 6 7 8 9 10 16 17 18 19 20 Future value of an ordinary annuity (FVA) = 21 22 11 12.16872 12.48347 12.80780 13.48635 14.20679 12 13.41209 13.79555 14.19203 15.02581 15.91713 13 14.68033 15.14044 15.61779 16.62684 17.71298 14 15.97394 16.51895 17.08632 18.29191 19.59863 15 17.29342 17.93193 18.59891 20.02359 21.57856 2% 3% 4% 5% 6% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2.02000 2.02500 2.03000 2.04000 2.05000 2.06000 3.06040 3.07563 3.09090 3.12160 3.15250 3,18360 4.12161 4.15252 4.18363 4.24646 4.31013 4.37462 4.50611 5.20404 5.25633 5.30914 5,41632 5.52563 5.63709 5.86660 N Payment x[(1+R)-1] 6.30812 6.38774 6.46841 6.63298 6.80191 6.97532 7.33592 7.52334 7.71561 7.91286 8.11519 7.43428 7.54743 7.66246 7.89829 8.14201 8.39384 8.92280 9.20044 9.48717 9.78327 10.08901 8.58297 8.73612 8.89234 9.21123 9.51911 9.897417 10.63663 11.02817 11.43589 11.85943. 12.29969 9.75463 9.95452 10.15911 10.58280 11.02656 11.49132 12.48756 13.02104 13.57948 14.16397 14.77566 10.94972 11.20338 11.46338 12.00611 12.57789 13.18079 14.48656 15.19293 15.93743 16.72201 17.54874 25.78332 27.18327 28.67649 31.96920 27.29898 28.86286 30.53678 34.24797 R 12% 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 2.08000 2.09000 2.10000 2.11000 2.12000 3.24640 3.27810 3.31000 3.34210 3.37440 4.57313 4.64100 4.70973 4.77933 5.98471 6.10510 6.22780 6.35285 35.71925 39.99273 38.50521 43.39229 14.97164 16.64549 17.56029 18.53117 19.56143 20.65458 16.86994 18.97713 20.14072 21.38428 22.71319 24.13313 18.88214 21.49530 22.95339 24.52271 26.21164 28.02911 21.01507 24.21492 26.01919 27.97498 30.09492 32.39260 23.27597 27.15211 29.36092 31.77248 34.40536 37.27972 15% 1.00000 2.15000 3.47250 4.99338 6.74238 18.63929 19.38022 20.15688 21.82453 23.65749 25.67253 30.32428 33.00340 35.91973 39.18995 12.75328 55.71747 20.01207 20.86473 21.76159 23.69751 25.84037 28.21288 33.75023 36.97371 40.54470 44.50084 40.88367 65.07509 21.41231 22.38635 23.41444 25.64541 28.13238 30.90565 37.45024 41.30134 45.59917 50.39593 55.74972 75.83636 22.84056 23.94601 25.11687 27.67123 30.53900 33.75999 41.44626 46.01846 51.15909 56.93949 63.43968 88.21181 24.29737 25.54466 26.87037 29.77808 33,06595 36.78559 45.76196 51,16012 57.27500 64.20283 72.05244 102.44358 50.42292 56.76453 64.00250 72.26514 81.69874 55.45676 62.87334 71.40275 81.21431 92.50258 8.75374 11.06680 13.72682 16.78584 20.30372 24.34928 29.00167 34.35192 40.50471 47.58041 118,81012 137.63164 (22) Periods 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 31 32 33 34 35 28.84496 30.58443 30.42186 32.34904 32.03030 34.15776 36 37 38 39 40 26 33.67091 36.01171 38.55304 44.31174 51.11345 59.15638 27 35.34432 37.91200 40.70963 47.08421 54.66913 63.70577 28 37.05121 39.85980 42.93092 49.96758 58.40258 68.52811 29 38.79223 41.85630 45.21885 52.96629 62.32271 73.63980 103.96594 124.13536 148.63093 178.39719 211.58275 377.16969 30 40.56808 43.90270 47.57542 56.08494 66.43885 79.05819 113.28321 136.30754 164.49402 199.02088 241.33268 434.74515. 79.95442 93.32398 109.18177 127.99877 150.33393 245.71197 26 87.35077 102.72314 121.09994 143.07864 169.37401 283.56877 27 95.33883 112.96822 134.20994 159.81729 190.69889 327.10408 28 29 30 32.45288 36.61789 41.43048 46.99583 34.42647 34.42647 39,08260 44.50200 50.81558 36.45926 41.64591 47.72710 54.86451 42.37944 46.00027 50.00268 59.32834 44.22703 48.15028 52.50276 62.70147 46.11157 50.35403 55.07784 66.20953 48.03380 52.61289 57.73018 69.85791 49.99448 54.92821 60.46208 73.65222 TABLE 7.4 Present Value of an Ordinary Annuity of 1 (22) Periods 2% 51.99437 57.30141 63.27594 77.59831 95.83632 119.12087 187.10215 236.12472 299.12681 380.16441 380.16441 184.16312 1014.34568 54.03425 59.73395 66.17122 81.70225 101.62814 127.26812 203.07032 258.37595 330.039419 422.98249 543.59869 1167.19753 56.11494 62.22730 69.15945 85.97034 107.70955 135.90421 220.31595 282.62978 364.04343 470.51056 609.83053 1343.62216 58.23724 64.78298 72.23423 90.40915 114.09502 145.05846 238.94122 309.06646 401.44778 523.26673 684.01020 1546.16549 60.40198 67.40255 75.40126 95.02552 120.79977 154.76197 259.05652 337.88245 442.59256 581.82607 767.09142 1779.09031 08030 2% 07561 3% 07087 500.95692 577.10046 70.76079 84.80168 123.34587 149.57522 181.94343 221.91317 271.29261 75.29883 90.88978 134.21354 134.21354 164.03699 201.13777 247.32362 304.84772 80.06377 97.34316 145.95062 179.80032 222.25154 275.52922 342.42945 644.66553 85.06696 104.18376 158.62667 196.98234 245.47670 306.83744 384.520981 765.36535 90.32031 111.43478 172.31680 215.71076 271.02437 341.58955 431.66350 881.17016 Present value of an ordinary annuity (PVA) = 4% 06154 60.89330 69.53194 79.54302 91.14788 104.60289 159.27638 66.76476 76.78981 88,49733 102.17415 118,15524 184,16784 73.10594 84.70090 98.34706 114.41331 133.33387 212.79302 5% 05029 6% 04240 8% 09502 Payment x 1. R 9% 01712 1 1+RN 10% anana 11% 90000 23 24 25 12% (22) 15% Periods 90286 86957 ch. 31 32 33 34 35 36 37 38 39 40 (2) Periods 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Present value of an ordinary annuity (PVA) = Payment x1- R (n) 2% .98039 .97561 1.94156 1.92742 3% 4% 5% 6% 8% 9% 10% 11% 12% 15% Periods. .97087 .96154 95238 94340 .92593 91743 .90909 .90090 .89286 86957 1 1.91347 1.88609 1.85941 1.83339 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 2 2.88388 2.85602 2.82861 2.77509 2.72325 2.67301 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.80773 3.76197 3.71710 3.62990 3.54595 3.46511 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 1.71316 4.64583 4.57971 1.45182 1.32918 4.21236 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 3 4 5 5.60143 5.50013 5.41719 5.24214 5.07569 6.47199 6.34939 6.23028 6.00205 5.78637 7.32548 7.17014 7.01969 6.73274 6.46321 8,16224 7.97087 7.78611 7.43533 7.10782 8.98259 8.75206 8.53020 8.11090 1 1+RN 4.91732 4.62288 4.48592 4.35526 5.58238 5.20637 5.03295 4.86842 6.20979 5.74664 5.53482 5.33493 6.80169 6.24689 5.99525 5.75902 7.72173 7.36009 6.71008 6.41766 6.14457 9.78685 9.51421 9.25262 8.76048 8.30641 7.88687 7.13896 6.80519 6.49506 10.57534 10.25776 9.95100 9.38507 8.86325 8.38384 7.53608 7.16073 6.81369 11.34837 10.98319 10.63196 9.98565 9.39357 8.85268 7.90378 7.18690 7.10336 12.10625 11.69091 11.29607 10.56812 9.89864 9.29498 8.24424 7.78615 7.36669 12.84926 12.38138 12.38138 11.93794 11.11839 10.37966 9.71225 8.55948 8.06069 7.60608 4.23054 4.11141 3.78448 4.71220 4.56376 4.16042 5.14612 4.96764 4.48732 5.53705 5.32825 4.77158 5,88923 5.65022 5.01877 6.20652 5.93770 5.23371 6.49236 6.19437 5.42062 6.71987 6.12355 5.58315 6.98187 6.62817 5.72448 7.19087 6.81086 5.84737 13.57771 13.05500 12.56110 11.65230 10.83777 10.10590 8.85137 8.31256 7.82371 14.29187 13.71220 13.16612 12.16567 11.27407 11.27407 10.47726 9,12164 8.54363 8,02155 7.54879 14.99203 14.35336 13.75351 12.65930 11.68959 10.82760 9.37189 8.75563 8.20141 7.70162 15.67846 14.97889 14.32380 13.13394 12.08532 11.15812 9.60360 8.95012 8.36492 7.83929 16.35143 15.58916 14.87747 13.59033 12.46221 11.46992 9.81815 9.12855 8.51356 7.96333 7.37916 6.97399 5.95424 7.11963 6.04716 7.24967 6.12797 7.36578 6.19823 7.46944 6.25933 17.01121 16.18455 15.41502 14.02916 12.82115 11.76408 10.01680 9.29224 8.61869 8.07507 7.56200 6.31216 17.65805 16.76541 15.93692 14 45112 13 16300 12.04158 10 20074 944243 877154 817574 7.61165. 6.35866 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods Present Value of an Annuity Due of 1 3 4 5 6 (22) (22) Periods 2% 2% 3% 4% 1.00000 1.00000 1.00000 1.97561 1.97087 1.96151 1.95238 1.94340 5% 6% 1.00000 1.00000 12% 1.00000 15% Periods 1.00000 1 1 2 2 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 1.98039 1.92593 1.917413 1.90909 1.90090 1.89286 1.86957 2.94156 2.92742 2.91347 2.88609 2.85941 2.83339 2.78326 2.75911 2.73554 2.71252 2.69005 2.62571 3.88388 3.85602 3.82861 3.77509 3.72325 3.67301 3.57710 3.53130 3.48685 3.44371 3.40183 3.28323 4.80773 4.76197 4.71710 4.62990 4.54595 4.46511 4.31213 4.23972 4.16986 4.10245 4.03735 3.85498 3 4 5 7 8 9 10 11 12345 16 17 18 19 20 Present value of an annuity (PVA) due = Payment + 21 Payment x1- R 5.71346 5.64583 5.57971 5.45182 5.32948 5.21236 6.60143 6.50813 6.41719 6.24214 6.07569 5.91732 7.47199 7.34939 7.23028 7.00205 6.78637 6.58238 8.32548 8.17014 8.01969 7.73274 7.46321 7.20979 9.16224 8.97087 8.78611 8.43533 8.10782 7.80169 4.99271 4.88965 5.62288 5.48592 6.20637 6.03295 6.74664 6.53482 7.24689 6.99525 1 1+RN-1 4.79079 4.69590 4.60478 4.35216 5.35526 5.23054 5.11141 4.78448 5.86842 5.71220 5.56376 5.16042 6.33493 6.14612 5.96764 5.48732 6.75902 6.53705 6.32825 5.77158 9.98259 9.75206 9.53020 9.11090 8.72173 8.36009 7.71008 7.41766 10.78685 10.51421 10.25262 9.76048 9.30641 8.88687 8.13896 7.80519 11.57534 11.25776 10.95400 10.38507 9.86325 9.38384 8.53608 8.16073 12.34837 11.98319 11.63496 10.98565 10.39357 9.85268 8.90378 8.48690 8.10336 7.74987 7.42355 6.58315 13.10625 12.69091 12.29607 11.56312 10.89864 10.29498 9.24424 8,78615 8.36669 7.98187 7.62817 6.72448 7.14457 6.80923 6.65022 6.01877 7.49506 7.20652 6.93770 6.23371 7.81369 7.49236 7.19437 6.42062 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 6.84737 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97399 6.95424 15.29187 14.71220 14.71220 14.16612 14.16612 13.16567 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32300 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 9.51356 8.96333 8.46944 7.25933 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 6.84737 17 18 16 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97999 6.95424 15.29187 14.71220 14.16612 13.16567 12.27407 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32380 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 9.51356 8.96333 8.46944 7.25933 18.01121 17.18455 16.41502 15.02916 13.82115 12.76408 11.01680 10.29224 9.64869 9.07507 8.56200 7.31246 18.65805 17.76541 16.93692 15.45112 14.16300 14.16300 13.04158 11.20074 10.44243 9.77154 9.17574 8.64465 7.35866 19.29220 18.33211 17.44361 15.85684 14.48857 13.30338 11.37106 10.58021 9.88322 9.26643 8.71843 7.39884 19.91393 18.88499 17.93554 16.24696 14.79864 13.55036 11.52876 10.70661 9.98474 9.34814 8.78432 7.43377 20.52316 19.42438 18.41315 16.62208 15.09394 13.78336 11.67478 10.82258 10.07704 9.42174 21.12104 19.95061 18.87681 16.98277 15.37519 14.00317 11.80998 10.92897 10.16095 9.18806 21.70690 20.46401 19.32703 17.32959 15.64303 14.21053 11.93518 11.02658 10.23722 9.54780 22.28127 20.96489 19.76411 17.66306 15.89813 15.89813 14.40616 12.05108 14.40616 12.05108 11.11613 10.30657 9.60162 22.84438 21.45355 20.18845 17.98371 16.14107 14.59072 12.15841 11.19828 10.36961 9.65011 8.84314 7.46415 8.89566 7.19056 8.94255 7.51353 8.90442 7.53351 9.02181 7.55088 23.39646 21.93029 20.60044 18.29203 16.37245 14.76483 12.25778 11.27365 10.42691 9.69379 9.05518 7.56598 23.93770 22.39541 21.00043 18.58849 16.59281 14.92909 12.34980 11.34280 10.47901 9.73315 9.08499 7.57911 24.46833 22.84918 21.38877 18.87355 16.80268 15.08404 12.43500 11.40624 10.52638 9.76860 9.11159 7.59053 24.98856 23.29188 21.76579 19.14765 17.00255 15.23023 12.51389 11.46444 10.56943 9.80054 9.13535 7.60046 25.49859 23.72379 22.13184 19.41120 17.19290 15.36814 12.58693 11.51784 10.60858 9.82932 9.15656 7.60910 25.99862 24.14516 22.48722 19.66461 17.37419 15.49825 17.37419 15.49825 12.65457 11.56682 10.64416 9.85524 9.17550 7.61661 26.48884 24.55625 22.83225 19.90828 17.54685 17.54685 15.62099 12.71719 11.61176 10.67651 9.87859 9.19241 7.62314 26.96945 24.95732 23.16724 20.14258 17.71129 15.73678 12.77518 11.65299 10.70592 9.89963 9.20751 7.62882 27.44064 25.34860 23.49246 20.36786 17.86789 15.84602 12.82887 11.69082 10.73265 9.91859 9.22099 7.63375 27.90259 25.73034 23.80822 20.58448 18.01704 15.94907 12.87858 11.72552 10.75697 9.93567 9.23303 7.63805 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Bonita Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated useful life of new asset Estimated annual net operating cash inflows Discount rate Tax rate Cost of old asset $11,200 Book value of old asset $2,000 $2,000 $20,900 $1,800 5 $3,200 9% 20% Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. years /year for 5 years Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated annual net operating cash inflows Then, find the NPV of the new investment. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places e.g. 5,125.36. Enter negative amounts using either a negative sign preceding the number, e.g. -5,125.36 or parentheses, e.g. (5,125.36).) Click here to view the factor table NPV $ (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 11 16 17 18 19 20 21 29 23 24 Future value of a single sum (FV) = Present value x (1 + R)N 6% 8% 1.06000 1.08000 1.12360 1.16640 1.19102 1.25971 1.26248 1.36049 1.33823 1.46933 2% 2% 1.02000 1.02500 1.04040 1.05063 1.06090 3% 4% 5% 1.03000 1.04000 1.05000 1.08160 1.10250 1.06121 1.07689 1.09273 1.12486 1.15763 1.08243 1.10381 1.12551 1.16986 1.21551 1,10408 1.13141 1.15927 1.21665 1.27628 1.12616 1.15969 1.19405 1.26532 1.34010 1.41852 1.58687 1.14869 1.18869 1.22987 1.31593 1.40710 1.50363 1.71382 1.17166 1.21840 1.26677 1.36857 1.47746 1.59385 1.19509 1.24886 1.30477 1.42331 1.55133 1.68948 1.21899 1.28008 1.31392 1.48024 1.62889 1.79085 1.37279 1.48451 1.60471 1.40024 1.52162 1.65285 1.42825 1.55966 1.70243 1.45681 1.59865 1.48595 1.63862 1.24337 1.31209 1.38423 1.53945 1.71034 1.89830 2.33164 2.58043 2.85312 3.15176 3.47855 4.65239 1.26824 1.34489 1.42576 1.60103 1.79586 2.01220 2.51817 2.81267 3.13843 3.49845 3.89598 5.35025 1.29361 1.37851 1.46853 1.66507 1.88565 2.13293 2.71962 3.06581 3,45227 3.88328 4.36349 6.15279 1.31948 1.41297 1.51259 1.73168 1.97993 2.26090 2.93719 3.34173 3,79750 4.31044 4.88711 7.07571 1.34587 1.44830 1.55797 1.80094 2.07893 2.39656 3.17217 3.64248 4.17725 4.78459 5.47357 8.13706 1.87298 2.18287 2.54035 1.94790 2.29202 2.69277 2.02582 2.10662 1.75351 2.10685 2.52695 1.80611 2.19112 2.65330 9% 10% 11% 12% 15% 1.09000 1.10000 1.11000 1.12000 1.15000 1.18810 1.21000 1.23210 1.25440 1.32250 1.29503 1.33100 1.36763 1.40493 1.52088 1.41158 1,46410 1.51807 1.57352 1.74901 1.53862 1.61051 1.68506 1.76234 2.01136 1.67710 1.77156 1.87041 1.97382 2.31306 1.82804 1.94872 2.07616 2.21068 2.66002 1.85093 1.99256 2.14359 2.30454 2.47596 3.05902 1.99900 2.17189 2.35795 2.55803 2.77308 3.51788 2.15892 2.36736 2.59374 2.83912 3.10585 1.01556 3.42594 3.97031 4.59497 5.31089 6.13039 9.35762 3.70002 4.32763 5.05447 5.89509 6.86601 10.76126 2.85134 3.99602 1.71712 5.55992 6.54355 7.68997 3.02560 4.31570 5.14166 6.11591 7.26334 8.61276 3.20714 4.66096 5.60441 6.72750 8.06231 9.64629 12.37545 14.23177 16.36654 1,51567 1.67958 2.27877 1.86029 1.91610 1.54598 1.72157 2.78596 3.39956 5.03383 2.36992 2.92526 3.60354 5.43654 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 6.10881 7.40025 8.94917 10.80385 18.82152 6.65860 8.14028 9.93357 12.10031 21.64475 7.25787 8.95430 11.02627 11.02627 13.55235 24.89146 7.91108 9.84973 12.23916 15.17863 28.62518 (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 16 17 18 19 20 21 22 23 24 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 7.25787 8.95430 11.02627 13.55235 24.89146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 7.91108 9.84973 12.23916 15.17863 28.62518 1.64061 1.85391 2.09378 2.66584 3.38635 1.29187 6.81817 8.62308 10.83171 13.58516 17.00000 32.91895 1.67342 1.90029 2.15659 2.77247 3.55567 4.54938 7.39635 9.39916 11.91818 15.07986 19.04007 37.85680 1.70689 1.94780 2.22129 2.88337 3.73346 4.82235 7.98806 10.24508 13.10999 16.73865 21.32488 43.53532 1,74102 1.99650 2.28793 2.99870 3.92013 5.11169 8.62711 11.16714 11.16714 14.42099 18.57990 23.88387 50.06561 1.77584 2.04641 2.35657 3.11865 4.11614 5.41839 9.31727 12.17218 15.86309 20.62369 26.74993 57.57545 1.81136 2,09757 2.42726 3.24340 4.32194 5.74349 10.06266 13.26768 17.44940 22.89230 29.95992 66.21177 1.84759 2.15001 1.88454 2.20376 1.92223 2.25885 1.96068 2.31532 1.99989 2.37321 2.50008 3.37313 4.33804 6.08810 10.86767 14.46177 19.19434 25.41045 33.55511 76.14354 2.57508 3.50806 4.76494 6.45339 11.73708 15.76333 21.11378 28.20560 37.58173 87.56507 2.65234 3.64838 5.00319 6.81059 12.67605 17.18203 23.22515 31.30821 42.09153 100.69983. 2.73191 3.79432 5.25335 7.25103 13.69013 18.72841 25.54767 34.75212 47.14252 115.804801 2.81306 3.94609 5.51602 7.68609 14.78534 20.41397 28.10244 38.57485 52.79962 133.17552 2.03989 2.43254 2.89828 4.10393 5.79182 8.14725 15.96817 22.25123 30.91268 42.81808 59.13557 153.15185 2.08069 2.49335 2.98523 4.26809 6.08141 8.63609 17.24563 24.25384 34.00395 47.52807 66.23184 176.12463 2.12230 2.55568 3,07478 4.43881 6.38548 9.15425 18.62528 26.43668 37.40434 52.75616 74.17966 202.54332 2.16474 2.61957 3.16703 4.61637 6.70475 9.70351 20.11530 28.81598 41.14479 58.55934 83.08122 232.92482 2.20804 2.68506 3.26204 4.80102 7.03999 10.28572 21.72452 31.40942 45.25926 65.00087 93.05097 267.86355 TABLE 7.2 Present Value of 1 (Present Value of a Single Sum) (n)Periods 2% 2% 3% Present value of a single sum (PV) = 4% 5% 6% 8% Future value (1 + R)* 9% 10% 11% 12% 15% (1) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (n)Periods 2% 2% 3% 98039 97561 96117 95181 1 2 91232 92860 91514 92385 90595 88849 90573 88385 86261 3 4 5 7 8 9 10 11 n 12 3 4 5 13 14 15 16 17 18 19 20 21 22 97087 94260 .88797 86230 83748 .87056 84127 81309 .85349 82075 78941 83676 80073 76642 82035 78120 74409 .80126 .76211 72242 78849 74356 70138 77303 .72542 .68095 .75788 70773 66112 .74301 .69047 64186 Present value of a single sum (PV) = 4% 5% 6% 8% 9% 10% 96154 95238 94340 92593 91743. .90909 92456 90703 89000 85734 84168 82645 92456 .86381 82270 78353 88900 85480 82193 Future value. (1 + R) (n) 11% 12% 15% Periods 90090 89286 86957 1 81162 79719 75614 2 3 4 5 .83962 79383 .77218 75132 73119 71178 65752 79209 73503 .70843 .68301 65873 .63552 57175 74726 68058 64993 62092 59345 56743 49718 79031 .74622 70496 63017 59627 56447 53464 50663 43233 75992 71068 .66506 58349 54703 51316 48166 45235 .37594 73069 67684 62741 54027 50187 46651 43393 40388 .32690 70259 64461 59190 50025 46043 42410 39092 36061 28426 .67556 61391 55839 46319 42241 38554 35218 32197 24719 .65978 59539 53755 43883 35894 .64684 58086 52189 42196 34185 61958 58168 52679 12888 38753 35019 31728 28748 21494 .62460 55684 49697 39711 35554 31863 28584 25668 18691 .60057 53032 46884 36770 32618 28966 25751 22917 16253 57748 50507 44230 34046 29925 26333 23199 20462 14133 55526 48102 41727 31524 27454 23939 20900 18270 12289 29416 19866 27751 18394 6 7 8 9 10 16 72845 .67362 62317 53391 45811 .39365 29189 25187 21763 18829 16312 .10687 71416 65720 60502 51337 43630 37136 27027 23107 19785 16963 14564 09293 17 70016 64117 58739 49363 41552 .35034 23025 21199 17986 15282 13004 .08081 18 .68643 .62553 57029 47464 39573 33051 23171 19449 16351 .13768 11611 .07027 19 .67297 61027 55368 45639 37689 31180 21455 17843 14861 12403 10367 06110 20 11 12 13 14 15 16370 13513 11174 09256 05313 21 15018 12285 12285 10067 08264 04620 22 15018 (22) Partade 22 23 24 25 2% 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 15018 .61681 58086 52189 12196 34185 27751 18394 15018 12285 10067 08261 08261 01620 22 .63416 56670 50669 40573 32557 26180 17032 13778 .11168 09069 07379 04017 23 .62172 55288 49193 39012 31007 24698 15770 12641 .10153 08170 06588 03493 24 60953 53939 47761 37512 29530 23300 14602 11597 09230 07361 05882 03038 25 21/% 59758 52623 46369 36069 28124 21981 13520 10639 08391 06631 05252 02642 26 58586 51340 45019 34682 26785 20737 12519 09761 07628 05974 04689 02297 27 57437 50088 43708 33348 25509 19563 11591 08955 .06934 05382 04187 01997 28 56311 48866 42435 32065 24295 18456 10733 08216 06304 .04849 03738 01737 29 55207 47674 41199 .30832 23138 17411 09938 07537 05731 04368 03338 01510 30 TABLE 7.3 Future Value of an Ordinary Annuity of 1 54125 46511 39999 29646 22036 16425 09202 06915 05210 03935 02980 01313 53063 45377 38834 28506 20987 15496 08520 06344 04736 03545 02661 01142 52023 44270 37703 27409 19987 14619 07889 05820 .04306 03194 02376 00993 51003 43191 36604 26355 19035 13791 07305 05340 03914 02878 02121 00864 50003 42137 35538 25342 18129 13011 06763 04899 .03558 02592 01894 00751 01691 .00653 36 37 49022 41109 34503 .24367 17266 12274 06262 04494 03235 02335 48061 40107 33498 23430 16444 11579 05799 04123 02941 02104 01510 .00568 47119 39128 32523 22529 15661 10924 05369 03783 02674 01896 01348 00494 16195 38174 .31575 21662 14915 .10306 04971 03470 02430 01708 01204 00129 45289 37243 30656 20829 14205 09722 04603 03184 02210 01538 01075 00373 40 38 39 20 Future value of an ordinary annuity (FVA) = 4% 5% 60% 9% Payment x [(1 + R)-1] R 0% 10% 11% 31 32 33 34 35 12% 15% (12) Periods (02) Periods 2% 1 2 3 4 5 6 7 8 9 10 16 17 18 19 20 Future value of an ordinary annuity (FVA) = 21 22 11 12.16872 12.48347 12.80780 13.48635 14.20679 12 13.41209 13.79555 14.19203 15.02581 15.91713 13 14.68033 15.14044 15.61779 16.62684 17.71298 14 15.97394 16.51895 17.08632 18.29191 19.59863 15 17.29342 17.93193 18.59891 20.02359 21.57856 2% 3% 4% 5% 6% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2.02000 2.02500 2.03000 2.04000 2.05000 2.06000 3.06040 3.07563 3.09090 3.12160 3.15250 3,18360 4.12161 4.15252 4.18363 4.24646 4.31013 4.37462 4.50611 5.20404 5.25633 5.30914 5,41632 5.52563 5.63709 5.86660 N Payment x[(1+R)-1] 6.30812 6.38774 6.46841 6.63298 6.80191 6.97532 7.33592 7.52334 7.71561 7.91286 8.11519 7.43428 7.54743 7.66246 7.89829 8.14201 8.39384 8.92280 9.20044 9.48717 9.78327 10.08901 8.58297 8.73612 8.89234 9.21123 9.51911 9.897417 10.63663 11.02817 11.43589 11.85943. 12.29969 9.75463 9.95452 10.15911 10.58280 11.02656 11.49132 12.48756 13.02104 13.57948 14.16397 14.77566 10.94972 11.20338 11.46338 12.00611 12.57789 13.18079 14.48656 15.19293 15.93743 16.72201 17.54874 25.78332 27.18327 28.67649 31.96920 27.29898 28.86286 30.53678 34.24797 R 12% 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 2.08000 2.09000 2.10000 2.11000 2.12000 3.24640 3.27810 3.31000 3.34210 3.37440 4.57313 4.64100 4.70973 4.77933 5.98471 6.10510 6.22780 6.35285 35.71925 39.99273 38.50521 43.39229 14.97164 16.64549 17.56029 18.53117 19.56143 20.65458 16.86994 18.97713 20.14072 21.38428 22.71319 24.13313 18.88214 21.49530 22.95339 24.52271 26.21164 28.02911 21.01507 24.21492 26.01919 27.97498 30.09492 32.39260 23.27597 27.15211 29.36092 31.77248 34.40536 37.27972 15% 1.00000 2.15000 3.47250 4.99338 6.74238 18.63929 19.38022 20.15688 21.82453 23.65749 25.67253 30.32428 33.00340 35.91973 39.18995 12.75328 55.71747 20.01207 20.86473 21.76159 23.69751 25.84037 28.21288 33.75023 36.97371 40.54470 44.50084 40.88367 65.07509 21.41231 22.38635 23.41444 25.64541 28.13238 30.90565 37.45024 41.30134 45.59917 50.39593 55.74972 75.83636 22.84056 23.94601 25.11687 27.67123 30.53900 33.75999 41.44626 46.01846 51.15909 56.93949 63.43968 88.21181 24.29737 25.54466 26.87037 29.77808 33,06595 36.78559 45.76196 51,16012 57.27500 64.20283 72.05244 102.44358 50.42292 56.76453 64.00250 72.26514 81.69874 55.45676 62.87334 71.40275 81.21431 92.50258 8.75374 11.06680 13.72682 16.78584 20.30372 24.34928 29.00167 34.35192 40.50471 47.58041 118,81012 137.63164 (22) Periods 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 31 32 33 34 35 28.84496 30.58443 30.42186 32.34904 32.03030 34.15776 36 37 38 39 40 26 33.67091 36.01171 38.55304 44.31174 51.11345 59.15638 27 35.34432 37.91200 40.70963 47.08421 54.66913 63.70577 28 37.05121 39.85980 42.93092 49.96758 58.40258 68.52811 29 38.79223 41.85630 45.21885 52.96629 62.32271 73.63980 103.96594 124.13536 148.63093 178.39719 211.58275 377.16969 30 40.56808 43.90270 47.57542 56.08494 66.43885 79.05819 113.28321 136.30754 164.49402 199.02088 241.33268 434.74515. 79.95442 93.32398 109.18177 127.99877 150.33393 245.71197 26 87.35077 102.72314 121.09994 143.07864 169.37401 283.56877 27 95.33883 112.96822 134.20994 159.81729 190.69889 327.10408 28 29 30 32.45288 36.61789 41.43048 46.99583 34.42647 34.42647 39,08260 44.50200 50.81558 36.45926 41.64591 47.72710 54.86451 42.37944 46.00027 50.00268 59.32834 44.22703 48.15028 52.50276 62.70147 46.11157 50.35403 55.07784 66.20953 48.03380 52.61289 57.73018 69.85791 49.99448 54.92821 60.46208 73.65222 TABLE 7.4 Present Value of an Ordinary Annuity of 1 (22) Periods 2% 51.99437 57.30141 63.27594 77.59831 95.83632 119.12087 187.10215 236.12472 299.12681 380.16441 380.16441 184.16312 1014.34568 54.03425 59.73395 66.17122 81.70225 101.62814 127.26812 203.07032 258.37595 330.039419 422.98249 543.59869 1167.19753 56.11494 62.22730 69.15945 85.97034 107.70955 135.90421 220.31595 282.62978 364.04343 470.51056 609.83053 1343.62216 58.23724 64.78298 72.23423 90.40915 114.09502 145.05846 238.94122 309.06646 401.44778 523.26673 684.01020 1546.16549 60.40198 67.40255 75.40126 95.02552 120.79977 154.76197 259.05652 337.88245 442.59256 581.82607 767.09142 1779.09031 08030 2% 07561 3% 07087 500.95692 577.10046 70.76079 84.80168 123.34587 149.57522 181.94343 221.91317 271.29261 75.29883 90.88978 134.21354 134.21354 164.03699 201.13777 247.32362 304.84772 80.06377 97.34316 145.95062 179.80032 222.25154 275.52922 342.42945 644.66553 85.06696 104.18376 158.62667 196.98234 245.47670 306.83744 384.520981 765.36535 90.32031 111.43478 172.31680 215.71076 271.02437 341.58955 431.66350 881.17016 Present value of an ordinary annuity (PVA) = 4% 06154 60.89330 69.53194 79.54302 91.14788 104.60289 159.27638 66.76476 76.78981 88,49733 102.17415 118,15524 184,16784 73.10594 84.70090 98.34706 114.41331 133.33387 212.79302 5% 05029 6% 04240 8% 09502 Payment x 1. R 9% 01712 1 1+RN 10% anana 11% 90000 23 24 25 12% (22) 15% Periods 90286 86957 ch. 31 32 33 34 35 36 37 38 39 40 (2) Periods 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Present value of an ordinary annuity (PVA) = Payment x1- R (n) 2% .98039 .97561 1.94156 1.92742 3% 4% 5% 6% 8% 9% 10% 11% 12% 15% Periods. .97087 .96154 95238 94340 .92593 91743 .90909 .90090 .89286 86957 1 1.91347 1.88609 1.85941 1.83339 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 2 2.88388 2.85602 2.82861 2.77509 2.72325 2.67301 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.80773 3.76197 3.71710 3.62990 3.54595 3.46511 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 1.71316 4.64583 4.57971 1.45182 1.32918 4.21236 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 3 4 5 5.60143 5.50013 5.41719 5.24214 5.07569 6.47199 6.34939 6.23028 6.00205 5.78637 7.32548 7.17014 7.01969 6.73274 6.46321 8,16224 7.97087 7.78611 7.43533 7.10782 8.98259 8.75206 8.53020 8.11090 1 1+RN 4.91732 4.62288 4.48592 4.35526 5.58238 5.20637 5.03295 4.86842 6.20979 5.74664 5.53482 5.33493 6.80169 6.24689 5.99525 5.75902 7.72173 7.36009 6.71008 6.41766 6.14457 9.78685 9.51421 9.25262 8.76048 8.30641 7.88687 7.13896 6.80519 6.49506 10.57534 10.25776 9.95100 9.38507 8.86325 8.38384 7.53608 7.16073 6.81369 11.34837 10.98319 10.63196 9.98565 9.39357 8.85268 7.90378 7.18690 7.10336 12.10625 11.69091 11.29607 10.56812 9.89864 9.29498 8.24424 7.78615 7.36669 12.84926 12.38138 12.38138 11.93794 11.11839 10.37966 9.71225 8.55948 8.06069 7.60608 4.23054 4.11141 3.78448 4.71220 4.56376 4.16042 5.14612 4.96764 4.48732 5.53705 5.32825 4.77158 5,88923 5.65022 5.01877 6.20652 5.93770 5.23371 6.49236 6.19437 5.42062 6.71987 6.12355 5.58315 6.98187 6.62817 5.72448 7.19087 6.81086 5.84737 13.57771 13.05500 12.56110 11.65230 10.83777 10.10590 8.85137 8.31256 7.82371 14.29187 13.71220 13.16612 12.16567 11.27407 11.27407 10.47726 9,12164 8.54363 8,02155 7.54879 14.99203 14.35336 13.75351 12.65930 11.68959 10.82760 9.37189 8.75563 8.20141 7.70162 15.67846 14.97889 14.32380 13.13394 12.08532 11.15812 9.60360 8.95012 8.36492 7.83929 16.35143 15.58916 14.87747 13.59033 12.46221 11.46992 9.81815 9.12855 8.51356 7.96333 7.37916 6.97399 5.95424 7.11963 6.04716 7.24967 6.12797 7.36578 6.19823 7.46944 6.25933 17.01121 16.18455 15.41502 14.02916 12.82115 11.76408 10.01680 9.29224 8.61869 8.07507 7.56200 6.31216 17.65805 16.76541 15.93692 14 45112 13 16300 12.04158 10 20074 944243 877154 817574 7.61165. 6.35866 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods Present Value of an Annuity Due of 1 3 4 5 6 (22) (22) Periods 2% 2% 3% 4% 1.00000 1.00000 1.00000 1.97561 1.97087 1.96151 1.95238 1.94340 5% 6% 1.00000 1.00000 12% 1.00000 15% Periods 1.00000 1 1 2 2 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 1.98039 1.92593 1.917413 1.90909 1.90090 1.89286 1.86957 2.94156 2.92742 2.91347 2.88609 2.85941 2.83339 2.78326 2.75911 2.73554 2.71252 2.69005 2.62571 3.88388 3.85602 3.82861 3.77509 3.72325 3.67301 3.57710 3.53130 3.48685 3.44371 3.40183 3.28323 4.80773 4.76197 4.71710 4.62990 4.54595 4.46511 4.31213 4.23972 4.16986 4.10245 4.03735 3.85498 3 4 5 7 8 9 10 11 12345 16 17 18 19 20 Present value of an annuity (PVA) due = Payment + 21 Payment x1- R 5.71346 5.64583 5.57971 5.45182 5.32948 5.21236 6.60143 6.50813 6.41719 6.24214 6.07569 5.91732 7.47199 7.34939 7.23028 7.00205 6.78637 6.58238 8.32548 8.17014 8.01969 7.73274 7.46321 7.20979 9.16224 8.97087 8.78611 8.43533 8.10782 7.80169 4.99271 4.88965 5.62288 5.48592 6.20637 6.03295 6.74664 6.53482 7.24689 6.99525 1 1+RN-1 4.79079 4.69590 4.60478 4.35216 5.35526 5.23054 5.11141 4.78448 5.86842 5.71220 5.56376 5.16042 6.33493 6.14612 5.96764 5.48732 6.75902 6.53705 6.32825 5.77158 9.98259 9.75206 9.53020 9.11090 8.72173 8.36009 7.71008 7.41766 10.78685 10.51421 10.25262 9.76048 9.30641 8.88687 8.13896 7.80519 11.57534 11.25776 10.95400 10.38507 9.86325 9.38384 8.53608 8.16073 12.34837 11.98319 11.63496 10.98565 10.39357 9.85268 8.90378 8.48690 8.10336 7.74987 7.42355 6.58315 13.10625 12.69091 12.29607 11.56312 10.89864 10.29498 9.24424 8,78615 8.36669 7.98187 7.62817 6.72448 7.14457 6.80923 6.65022 6.01877 7.49506 7.20652 6.93770 6.23371 7.81369 7.49236 7.19437 6.42062 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 6.84737 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97399 6.95424 15.29187 14.71220 14.71220 14.16612 14.16612 13.16567 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32300 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 9.51356 8.96333 8.46944 7.25933 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 6.84737 17 18 16 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97999 6.95424 15.29187 14.71220 14.16612 13.16567 12.27407 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32380 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 9.51356 8.96333 8.46944 7.25933 18.01121 17.18455 16.41502 15.02916 13.82115 12.76408 11.01680 10.29224 9.64869 9.07507 8.56200 7.31246 18.65805 17.76541 16.93692 15.45112 14.16300 14.16300 13.04158 11.20074 10.44243 9.77154 9.17574 8.64465 7.35866 19.29220 18.33211 17.44361 15.85684 14.48857 13.30338 11.37106 10.58021 9.88322 9.26643 8.71843 7.39884 19.91393 18.88499 17.93554 16.24696 14.79864 13.55036 11.52876 10.70661 9.98474 9.34814 8.78432 7.43377 20.52316 19.42438 18.41315 16.62208 15.09394 13.78336 11.67478 10.82258 10.07704 9.42174 21.12104 19.95061 18.87681 16.98277 15.37519 14.00317 11.80998 10.92897 10.16095 9.18806 21.70690 20.46401 19.32703 17.32959 15.64303 14.21053 11.93518 11.02658 10.23722 9.54780 22.28127 20.96489 19.76411 17.66306 15.89813 15.89813 14.40616 12.05108 14.40616 12.05108 11.11613 10.30657 9.60162 22.84438 21.45355 20.18845 17.98371 16.14107 14.59072 12.15841 11.19828 10.36961 9.65011 8.84314 7.46415 8.89566 7.19056 8.94255 7.51353 8.90442 7.53351 9.02181 7.55088 23.39646 21.93029 20.60044 18.29203 16.37245 14.76483 12.25778 11.27365 10.42691 9.69379 9.05518 7.56598 23.93770 22.39541 21.00043 18.58849 16.59281 14.92909 12.34980 11.34280 10.47901 9.73315 9.08499 7.57911 24.46833 22.84918 21.38877 18.87355 16.80268 15.08404 12.43500 11.40624 10.52638 9.76860 9.11159 7.59053 24.98856 23.29188 21.76579 19.14765 17.00255 15.23023 12.51389 11.46444 10.56943 9.80054 9.13535 7.60046 25.49859 23.72379 22.13184 19.41120 17.19290 15.36814 12.58693 11.51784 10.60858 9.82932 9.15656 7.60910 25.99862 24.14516 22.48722 19.66461 17.37419 15.49825 17.37419 15.49825 12.65457 11.56682 10.64416 9.85524 9.17550 7.61661 26.48884 24.55625 22.83225 19.90828 17.54685 17.54685 15.62099 12.71719 11.61176 10.67651 9.87859 9.19241 7.62314 26.96945 24.95732 23.16724 20.14258 17.71129 15.73678 12.77518 11.65299 10.70592 9.89963 9.20751 7.62882 27.44064 25.34860 23.49246 20.36786 17.86789 15.84602 12.82887 11.69082 10.73265 9.91859 9.22099 7.63375 27.90259 25.73034 23.80822 20.58448 18.01704 15.94907 12.87858 11.72552 10.75697 9.93567 9.23303 7.63805 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Bonita Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated useful life of new asset Estimated annual net operating cash inflows Discount rate Tax rate Cost of old asset $11,200 Book value of old asset $2,000 $2,000 $20,900 $1,800 5 $3,200 9% 20% Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. years /year for 5 years Determine which amounts listed are relevant cash flows for Bonita Corp. as it considers this asset sale and replacement. Cost of old asset Book value of old asset Selling price of old asset Purchase price of new replacement asset Estimated salvage value of new asset Estimated annual net operating cash inflows Then, find the NPV of the new investment. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places e.g. 5,125.36. Enter negative amounts using either a negative sign preceding the number, e.g. -5,125.36 or parentheses, e.g. (5,125.36).) Click here to view the factor table NPV $ (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 11 16 17 18 19 20 21 29 23 24 Future value of a single sum (FV) = Present value x (1 + R)N 6% 8% 1.06000 1.08000 1.12360 1.16640 1.19102 1.25971 1.26248 1.36049 1.33823 1.46933 2% 2% 1.02000 1.02500 1.04040 1.05063 1.06090 3% 4% 5% 1.03000 1.04000 1.05000 1.08160 1.10250 1.06121 1.07689 1.09273 1.12486 1.15763 1.08243 1.10381 1.12551 1.16986 1.21551 1,10408 1.13141 1.15927 1.21665 1.27628 1.12616 1.15969 1.19405 1.26532 1.34010 1.41852 1.58687 1.14869 1.18869 1.22987 1.31593 1.40710 1.50363 1.71382 1.17166 1.21840 1.26677 1.36857 1.47746 1.59385 1.19509 1.24886 1.30477 1.42331 1.55133 1.68948 1.21899 1.28008 1.31392 1.48024 1.62889 1.79085 1.37279 1.48451 1.60471 1.40024 1.52162 1.65285 1.42825 1.55966 1.70243 1.45681 1.59865 1.48595 1.63862 1.24337 1.31209 1.38423 1.53945 1.71034 1.89830 2.33164 2.58043 2.85312 3.15176 3.47855 4.65239 1.26824 1.34489 1.42576 1.60103 1.79586 2.01220 2.51817 2.81267 3.13843 3.49845 3.89598 5.35025 1.29361 1.37851 1.46853 1.66507 1.88565 2.13293 2.71962 3.06581 3,45227 3.88328 4.36349 6.15279 1.31948 1.41297 1.51259 1.73168 1.97993 2.26090 2.93719 3.34173 3,79750 4.31044 4.88711 7.07571 1.34587 1.44830 1.55797 1.80094 2.07893 2.39656 3.17217 3.64248 4.17725 4.78459 5.47357 8.13706 1.87298 2.18287 2.54035 1.94790 2.29202 2.69277 2.02582 2.10662 1.75351 2.10685 2.52695 1.80611 2.19112 2.65330 9% 10% 11% 12% 15% 1.09000 1.10000 1.11000 1.12000 1.15000 1.18810 1.21000 1.23210 1.25440 1.32250 1.29503 1.33100 1.36763 1.40493 1.52088 1.41158 1,46410 1.51807 1.57352 1.74901 1.53862 1.61051 1.68506 1.76234 2.01136 1.67710 1.77156 1.87041 1.97382 2.31306 1.82804 1.94872 2.07616 2.21068 2.66002 1.85093 1.99256 2.14359 2.30454 2.47596 3.05902 1.99900 2.17189 2.35795 2.55803 2.77308 3.51788 2.15892 2.36736 2.59374 2.83912 3.10585 1.01556 3.42594 3.97031 4.59497 5.31089 6.13039 9.35762 3.70002 4.32763 5.05447 5.89509 6.86601 10.76126 2.85134 3.99602 1.71712 5.55992 6.54355 7.68997 3.02560 4.31570 5.14166 6.11591 7.26334 8.61276 3.20714 4.66096 5.60441 6.72750 8.06231 9.64629 12.37545 14.23177 16.36654 1,51567 1.67958 2.27877 1.86029 1.91610 1.54598 1.72157 2.78596 3.39956 5.03383 2.36992 2.92526 3.60354 5.43654 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 6.10881 7.40025 8.94917 10.80385 18.82152 6.65860 8.14028 9.93357 12.10031 21.64475 7.25787 8.95430 11.02627 11.02627 13.55235 24.89146 7.91108 9.84973 12.23916 15.17863 28.62518 (n) Periods 1 2 3 4 5 6 7 8 9 10 12345 16 17 18 19 20 21 22 23 24 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1.57690 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 7.25787 8.95430 11.02627 13.55235 24.89146 1.60844 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 7.91108 9.84973 12.23916 15.17863 28.62518 1.64061 1.85391 2.09378 2.66584 3.38635 1.29187 6.81817 8.62308 10.83171 13.58516 17.00000 32.91895 1.67342 1.90029 2.15659 2.77247 3.55567 4.54938 7.39635 9.39916 11.91818 15.07986 19.04007 37.85680 1.70689 1.94780 2.22129 2.88337 3.73346 4.82235 7.98806 10.24508 13.10999 16.73865 21.32488 43.53532 1,74102 1.99650 2.28793 2.99870 3.92013 5.11169 8.62711 11.16714 11.16714 14.42099 18.57990 23.88387 50.06561 1.77584 2.04641 2.35657 3.11865 4.11614 5.41839 9.31727 12.17218 15.86309 20.62369 26.74993 57.57545 1.81136 2,09757 2.42726 3.24340 4.32194 5.74349 10.06266 13.26768 17.44940 22.89230 29.95992 66.21177 1.84759 2.15001 1.88454 2.20376 1.92223 2.25885 1.96068 2.31532 1.99989 2.37321 2.50008 3.37313 4.33804 6.08810 10.86767 14.46177 19.19434 25.41045 33.55511 76.14354 2.57508 3.50806 4.76494 6.45339 11.73708 15.76333 21.11378 28.20560 37.58173 87.56507 2.65234 3.64838 5.00319 6.81059 12.67605 17.18203 23.22515 31.30821 42.09153 100.69983. 2.73191 3.79432 5.25335 7.25103 13.69013 18.72841 25.54767 34.75212 47.14252 115.804801 2.81306 3.94609 5.51602 7.68609 14.78534 20.41397 28.10244 38.57485 52.79962 133.17552 2.03989 2.43254 2.89828 4.10393 5.79182 8.14725 15.96817 22.25123 30.91268 42.81808 59.13557 153.15185 2.08069 2.49335 2.98523 4.26809 6.08141 8.63609 17.24563 24.25384 34.00395 47.52807 66.23184 176.12463 2.12230 2.55568 3,07478 4.43881 6.38548 9.15425 18.62528 26.43668 37.40434 52.75616 74.17966 202.54332 2.16474 2.61957 3.16703 4.61637 6.70475 9.70351 20.11530 28.81598 41.14479 58.55934 83.08122 232.92482 2.20804 2.68506 3.26204 4.80102 7.03999 10.28572 21.72452 31.40942 45.25926 65.00087 93.05097 267.86355 TABLE 7.2 Present Value of 1 (Present Value of a Single Sum) (n)Periods 2% 2% 3% Present value of a single sum (PV) = 4% 5% 6% 8% Future value (1 + R)* 9% 10% 11% 12% 15% (1) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (n)Periods 2% 2% 3% 98039 97561 96117 95181 1 2 91232 92860 91514 92385 90595 88849 90573 88385 86261 3 4 5 7 8 9 10 11 n 12 3 4 5 13 14 15 16 17 18 19 20 21 22 97087 94260 .88797 86230 83748 .87056 84127 81309 .85349 82075 78941 83676 80073 76642 82035 78120 74409 .80126 .76211 72242 78849 74356 70138 77303 .72542 .68095 .75788 70773 66112 .74301 .69047 64186 Present value of a single sum (PV) = 4% 5% 6% 8% 9% 10% 96154 95238 94340 92593 91743. .90909 92456 90703 89000 85734 84168 82645 92456 .86381 82270 78353 88900 85480 82193 Future value. (1 + R) (n) 11% 12% 15% Periods 90090 89286 86957 1 81162 79719 75614 2 3 4 5 .83962 79383 .77218 75132 73119 71178 65752 79209 73503 .70843 .68301 65873 .63552 57175 74726 68058 64993 62092 59345 56743 49718 79031 .74622 70496 63017 59627 56447 53464 50663 43233 75992 71068 .66506 58349 54703 51316 48166 45235 .37594 73069 67684 62741 54027 50187 46651 43393 40388 .32690 70259 64461 59190 50025 46043 42410 39092 36061 28426 .67556 61391 55839 46319 42241 38554 35218 32197 24719 .65978 59539 53755 43883 35894 .64684 58086 52189 42196 34185 61958 58168 52679 12888 38753 35019 31728 28748 21494 .62460 55684 49697 39711 35554 31863 28584 25668 18691 .60057 53032 46884 36770 32618 28966 25751 22917 16253 57748 50507 44230 34046 29925 26333 23199 20462 14133 55526 48102 41727 31524 27454 23939 20900 18270 12289 29416 19866 27751 18394 6 7 8 9 10 16 72845 .67362 62317 53391 45811 .39365 29189 25187 21763 18829 16312 .10687 71416 65720 60502 51337 43630 37136 27027 23107 19785 16963 14564 09293 17 70016 64117 58739 49363 41552 .35034 23025 21199 17986 15282 13004 .08081 18 .68643 .62553 57029 47464 39573 33051 23171 19449 16351 .13768 11611 .07027 19 .67297 61027 55368 45639 37689 31180 21455 17843 14861 12403 10367 06110 20 11 12 13 14 15 16370 13513 11174 09256 05313 21 15018 12285 12285 10067 08264 04620 22 15018 (22) Partade 22 23 24 25 2% 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 15018 .61681 58086 52189 12196 34185 27751 18394 15018 12285 10067 08261 08261 01620 22 .63416 56670 50669 40573 32557 26180 17032 13778 .11168 09069 07379 04017 23 .62172 55288 49193 39012 31007 24698 15770 12641 .10153 08170 06588 03493 24 60953 53939 47761 37512 29530 23300 14602 11597 09230 07361 05882 03038 25 21/% 59758 52623 46369 36069 28124 21981 13520 10639 08391 06631 05252 02642 26 58586 51340 45019 34682 26785 20737 12519 09761 07628 05974 04689 02297 27 57437 50088 43708 33348 25509 19563 11591 08955 .06934 05382 04187 01997 28 56311 48866 42435 32065 24295 18456 10733 08216 06304 .04849 03738 01737 29 55207 47674 41199 .30832 23138 17411 09938 07537 05731 04368 03338 01510 30 TABLE 7.3 Future Value of an Ordinary Annuity of 1 54125 46511 39999 29646 22036 16425 09202 06915 05210 03935 02980 01313 53063 45377 38834 28506 20987 15496 08520 06344 04736 03545 02661 01142 52023 44270 37703 27409 19987 14619 07889 05820 .04306 03194 02376 00993 51003 43191 36604 26355 19035 13791 07305 05340 03914 02878 02121 00864 50003 42137 35538 25342 18129 13011 06763 04899 .03558 02592 01894 00751 01691 .00653 36 37 49022 41109 34503 .24367 17266 12274 06262 04494 03235 02335 48061 40107 33498 23430 16444 11579 05799 04123 02941 02104 01510 .00568 47119 39128 32523 22529 15661 10924 05369 03783 02674 01896 01348 00494 16195 38174 .31575 21662 14915 .10306 04971 03470 02430 01708 01204 00129 45289 37243 30656 20829 14205 09722 04603 03184 02210 01538 01075 00373 40 38 39 20 Future value of an ordinary annuity (FVA) = 4% 5% 60% 9% Payment x [(1 + R)-1] R 0% 10% 11% 31 32 33 34 35 12% 15% (12) Periods (02) Periods 2% 1 2 3 4 5 6 7 8 9 10 16 17 18 19 20 Future value of an ordinary annuity (FVA) = 21 22 11 12.16872 12.48347 12.80780 13.48635 14.20679 12 13.41209 13.79555 14.19203 15.02581 15.91713 13 14.68033 15.14044 15.61779 16.62684 17.71298 14 15.97394 16.51895 17.08632 18.29191 19.59863 15 17.29342 17.93193 18.59891 20.02359 21.57856 2% 3% 4% 5% 6% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2.02000 2.02500 2.03000 2.04000 2.05000 2.06000 3.06040 3.07563 3.09090 3.12160 3.15250 3,18360 4.12161 4.15252 4.18363 4.24646 4.31013 4.37462 4.50611 5.20404 5.25633 5.30914 5,41632 5.52563 5.63709 5.86660 N Payment x[(1+R)-1] 6.30812 6.38774 6.46841 6.63298 6.80191 6.97532 7.33592 7.52334 7.71561 7.91286 8.11519 7.43428 7.54743 7.66246 7.89829 8.14201 8.39384 8.92280 9.20044 9.48717 9.78327 10.08901 8.58297 8.73612 8.89234 9.21123 9.51911 9.897417 10.63663 11.02817 11.43589 11.85943. 12.29969 9.75463 9.95452 10.15911 10.58280 11.02656 11.49132 12.48756 13.02104 13.57948 14.16397 14.77566 10.94972 11.20338 11.46338 12.00611 12.57789 13.18079 14.48656 15.19293 15.93743 16.72201 17.54874 25.78332 27.18327 28.67649 31.96920 27.29898 28.86286 30.53678 34.24797 R 12% 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 2.08000 2.09000 2.10000 2.11000 2.12000 3.24640 3.27810 3.31000 3.34210 3.37440 4.57313 4.64100 4.70973 4.77933 5.98471 6.10510 6.22780 6.35285 35.71925 39.99273 38.50521 43.39229 14.97164 16.64549 17.56029 18.53117 19.56143 20.65458 16.86994 18.97713 20.14072 21.38428 22.71319 24.13313 18.88214 21.49530 22.95339 24.52271 26.21164 28.02911 21.01507 24.21492 26.01919 27.97498 30.09492 32.39260 23.27597 27.15211 29.36092 31.77248 34.40536 37.27972 15% 1.00000 2.15000 3.47250 4.99338 6.74238 18.63929 19.38022 20.15688 21.82453 23.65749 25.67253 30.32428 33.00340 35.91973 39.18995 12.75328 55.71747 20.01207 20.86473 21.76159 23.69751 25.84037 28.21288 33.75023 36.97371 40.54470 44.50084 40.88367 65.07509 21.41231 22.38635 23.41444 25.64541 28.13238 30.90565 37.45024 41.30134 45.59917 50.39593 55.74972 75.83636 22.84056 23.94601 25.11687 27.67123 30.53900 33.75999 41.44626 46.01846 51.15909 56.93949 63.43968 88.21181 24.29737 25.54466 26.87037 29.77808 33,06595 36.78559 45.76196 51,16012 57.27500 64.20283 72.05244 102.44358 50.42292 56.76453 64.00250 72.26514 81.69874 55.45676 62.87334 71.40275 81.21431 92.50258 8.75374 11.06680 13.72682 16.78584 20.30372 24.34928 29.00167 34.35192 40.50471 47.58041 118,81012 137.63164 (22) Periods 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 31 32 33 34 35 28.84496 30.58443 30.42186 32.34904 32.03030 34.15776 36 37 38 39 40 26 33.67091 36.01171 38.55304 44.31174 51.11345 59.15638 27 35.34432 37.91200 40.70963 47.08421 54.66913 63.70577 28 37.05121 39.85980 42.93092 49.96758 58.40258 68.52811 29 38.79223 41.85630 45.21885 52.96629 62.32271 73.63980 103.96594 124.13536 148.63093 178.39719 211.58275 377.16969 30 40.56808 43.90270 47.57542 56.08494 66.43885 79.05819 113.28321 136.30754 164.49402 199.02088 241.33268 434.74515. 79.95442 93.32398 109.18177 127.99877 150.33393 245.71197 26 87.35077 102.72314 121.09994 143.07864 169.37401 283.56877 27 95.33883 112.96822 134.20994 159.81729 190.69889 327.10408 28 29 30 32.45288 36.61789 41.43048 46.99583 34.42647 34.42647 39,08260 44.50200 50.81558 36.45926 41.64591 47.72710 54.86451 42.37944 46.00027 50.00268 59.32834 44.22703 48.15028 52.50276 62.70147 46.11157 50.35403 55.07784 66.20953 48.03380 52.61289 57.73018 69.85791 49.99448 54.92821 60.46208 73.65222 TABLE 7.4 Present Value of an Ordinary Annuity of 1 (22) Periods 2% 51.99437 57.30141 63.27594 77.59831 95.83632 119.12087 187.10215 236.12472 299.12681 380.16441 380.16441 184.16312 1014.34568 54.03425 59.73395 66.17122 81.70225 101.62814 127.26812 203.07032 258.37595 330.039419 422.98249 543.59869 1167.19753 56.11494 62.22730 69.15945 85.97034 107.70955 135.90421 220.31595 282.62978 364.04343 470.51056 609.83053 1343.62216 58.23724 64.78298 72.23423 90.40915 114.09502 145.05846 238.94122 309.06646 401.44778 523.26673 684.01020 1546.16549 60.40198 67.40255 75.40126 95.02552 120.79977 154.76197 259.05652 337.88245 442.59256 581.82607 767.09142 1779.09031 08030 2% 07561 3% 07087 500.95692 577.10046 70.76079 84.80168 123.34587 149.57522 181.94343 221.91317 271.29261 75.29883 90.88978 134.21354 134.21354 164.03699 201.13777 247.32362 304.84772 80.06377 97.34316 145.95062 179.80032 222.25154 275.52922 342.42945 644.66553 85.06696 104.18376 158.62667 196.98234 245.47670 306.83744 384.520981 765.36535 90.32031 111.43478 172.31680 215.71076 271.02437 341.58955 431.66350 881.17016 Present value of an ordinary annuity (PVA) = 4% 06154 60.89330 69.53194 79.54302 91.14788 104.60289 159.27638 66.76476 76.78981 88,49733 102.17415 118,15524 184,16784 73.10594 84.70090 98.34706 114.41331 133.33387 212.79302 5% 05029 6% 04240 8% 09502 Payment x 1. R 9% 01712 1 1+RN 10% anana 11% 90000 23 24 25 12% (22) 15% Periods 90286 86957 ch. 31 32 33 34 35 36 37 38 39 40 (2) Periods 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Present value of an ordinary annuity (PVA) = Payment x1- R (n) 2% .98039 .97561 1.94156 1.92742 3% 4% 5% 6% 8% 9% 10% 11% 12% 15% Periods. .97087 .96154 95238 94340 .92593 91743 .90909 .90090 .89286 86957 1 1.91347 1.88609 1.85941 1.83339 1.78326 1.75911 1.73554 1.71252 1.69005 1.62571 2 2.88388 2.85602 2.82861 2.77509 2.72325 2.67301 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.80773 3.76197 3.71710 3.62990 3.54595 3.46511 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 1.71316 4.64583 4.57971 1.45182 1.32918 4.21236 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 3 4 5 5.60143 5.50013 5.41719 5.24214 5.07569 6.47199 6.34939 6.23028 6.00205 5.78637 7.32548 7.17014 7.01969 6.73274 6.46321 8,16224 7.97087 7.78611 7.43533 7.10782 8.98259 8.75206 8.53020 8.11090 1 1+RN 4.91732 4.62288 4.48592 4.35526 5.58238 5.20637 5.03295 4.86842 6.20979 5.74664 5.53482 5.33493 6.80169 6.24689 5.99525 5.75902 7.72173 7.36009 6.71008 6.41766 6.14457 9.78685 9.51421 9.25262 8.76048 8.30641 7.88687 7.13896 6.80519 6.49506 10.57534 10.25776 9.95100 9.38507 8.86325 8.38384 7.53608 7.16073 6.81369 11.34837 10.98319 10.63196 9.98565 9.39357 8.85268 7.90378 7.18690 7.10336 12.10625 11.69091 11.29607 10.56812 9.89864 9.29498 8.24424 7.78615 7.36669 12.84926 12.38138 12.38138 11.93794 11.11839 10.37966 9.71225 8.55948 8.06069 7.60608 4.23054 4.11141 3.78448 4.71220 4.56376 4.16042 5.14612 4.96764 4.48732 5.53705 5.32825 4.77158 5,88923 5.65022 5.01877 6.20652 5.93770 5.23371 6.49236 6.19437 5.42062 6.71987 6.12355 5.58315 6.98187 6.62817 5.72448 7.19087 6.81086 5.84737 13.57771 13.05500 12.56110 11.65230 10.83777 10.10590 8.85137 8.31256 7.82371 14.29187 13.71220 13.16612 12.16567 11.27407 11.27407 10.47726 9,12164 8.54363 8,02155 7.54879 14.99203 14.35336 13.75351 12.65930 11.68959 10.82760 9.37189 8.75563 8.20141 7.70162 15.67846 14.97889 14.32380 13.13394 12.08532 11.15812 9.60360 8.95012 8.36492 7.83929 16.35143 15.58916 14.87747 13.59033 12.46221 11.46992 9.81815 9.12855 8.51356 7.96333 7.37916 6.97399 5.95424 7.11963 6.04716 7.24967 6.12797 7.36578 6.19823 7.46944 6.25933 17.01121 16.18455 15.41502 14.02916 12.82115 11.76408 10.01680 9.29224 8.61869 8.07507 7.56200 6.31216 17.65805 16.76541 15.93692 14 45112 13 16300 12.04158 10 20074 944243 877154 817574 7.61165. 6.35866 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 18.29220 17.33211 16.44361 14.85604 13.48857 12.30338 10.37106 9.58021 8.88322 8.26643 7.71043 6.39004 12.55036 10.52876 9.70661 8.98474 8.34814 7.78432 12.78336 10.67478 9.82258 9.07704 8.42174 7.84314 18.91393 17.88499 16.93554 15.24696 13.79864 19.52346 18.42438 17.41315 15.62208 14.09394 6.43377 6.46415 6.49056 6.51353 20.12104 18.95061 17.87684 15.98277 14.37519 13.00317 10.80998 9.92897 9.16095 8.48806 7.89566 20.70690 19.46401 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.23722 8.54780 7.94255 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.60162 7.98442 6.53351 21.84438 20.45355 19.18845 16.98371 15.14107 13.59072 11.15841 10.19828 9.36961 8.65011 8.02181 6.55088 22.39616 20.93029 19.60011 17.29203 15.37245 13.76483 11.25778 10.27365 9.42691 8.69379 8.05518 6.56598 22.93770 21.39541 20.00043 17.58849 15.59281 15.59281 13.92909 11.34980 10.34280 23.46833 21.84918 20.38877 17.87355 15.80268 14.08404 11.43500 10.40624 23.98856 22.29188 20.76579 18.14765 16.00255 14.23023 11.51389 10.46444 24.49859 22.72379 21.13184 18.41120 16.19290 14.36814 11.58693 10.51784 9.60858 24.99862 23.14516 21.48722 18.66461 16.37419 14.49825 11.65457 10.56682 9.64416 25.48884 23.55625 21.83225 18.90828 16.54685 14.62099 11.71719 10.61176 9.67651 8.87859 8.19241 6.62314 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.89963 8.20751 6.62882 26.44064 24.31860 22.49246 19.36786 16.86789 14.84602 19.36786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 26.90259 24.73031 22.80822 19.58118 17.01704 14.94907 11.87858 10.72552 10.72552 9.75697 8.93567 8.23303 6.63805 27.35548 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 TABLE 7.5 Present Value of an Annuity Due of 1 (n) Periods 2% 2% Present value of an annuity (PVA) due = Payment + 3% 4% 5% 6% 9.47901 8.73315 8.00499 6.57911 9.52638 8.76860 8.11159 6.59053 9.56943 8.80054 8.13535 6.60046 8.82932 8.15656 6.60910 8.85524 8.17550 6.61661 8% Payment x 1 - R 9% 10% 1 1+R N-1 11% 12% 15% 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 (12) Periods Present Value of an Annuity Due of 1 3 4 5 6 (22) (22) Periods 2% 2% 3% 4% 1.00000 1.00000 1.00000 1.97561 1.97087 1.96151 1.95238 1.94340 5% 6% 1.00000 1.00000 12% 1.00000 15% Periods 1.00000 1 1 2 2 8% 9% 10% 11% 1.00000 1.00000 1.00000 1.00000 1.00000 1.98039 1.92593 1.917413 1.90909 1.90090 1.89286 1.86957 2.94156 2.92742 2.91347 2.88609 2.85941 2.83339 2.78326 2.75911 2.73554 2.71252 2.69005 2.62571 3.88388 3.85602 3.82861 3.77509 3.72325 3.67301 3.57710 3.53130 3.48685 3.44371 3.40183 3.28323 4.80773 4.76197 4.71710 4.62990 4.54595 4.46511 4.31213 4.23972 4.16986 4.10245 4.03735 3.85498 3 4 5 7 8 9 10 11 12345 16 17 18 19 20 Present value of an annuity (PVA) due = Payment + 21 Payment x1- R 5.71346 5.64583 5.57971 5.45182 5.32948 5.21236 6.60143 6.50813 6.41719 6.24214 6.07569 5.91732 7.47199 7.34939 7.23028 7.00205 6.78637 6.58238 8.32548 8.17014 8.01969 7.73274 7.46321 7.20979 9.16224 8.97087 8.78611 8.43533 8.10782 7.80169 4.99271 4.88965 5.62288 5.48592 6.20637 6.03295 6.74664 6.53482 7.24689 6.99525 1 1+RN-1 4.79079 4.69590 4.60478 4.35216 5.35526 5.23054 5.11141 4.78448 5.86842 5.71220 5.56376 5.16042 6.33493 6.14612 5.96764 5.48732 6.75902 6.53705 6.32825 5.77158 9.98259 9.75206 9.53020 9.11090 8.72173 8.36009 7.71008 7.41766 10.78685 10.51421 10.25262 9.76048 9.30641 8.88687 8.13896 7.80519 11.57534 11.25776 10.95400 10.38507 9.86325 9.38384 8.53608 8.16073 12.34837 11.98319 11.63496 10.98565 10.39357 9.85268 8.90378 8.48690 8.10336 7.74987 7.42355 6.58315 13.10625 12.69091 12.29607 11.56312 10.89864 10.29498 9.24424 8,78615 8.36669 7.98187 7.62817 6.72448 7.14457 6.80923 6.65022 6.01877 7.49506 7.20652 6.93770 6.23371 7.81369 7.49236 7.19437 6.42062 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 6.84737 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97399 6.95424 15.29187 14.71220 14.71220 14.16612 14.16612 13.16567 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32300 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 9.51356 8.96333 8.46944 7.25933 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 6.84737 17 18 16 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 9.06069 8.60608 8.19087 7.81086 14.57771 14.05500 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 8.82371 8.37916 7.97999 6.95424 15.29187 14.71220 14.16612 13.16567 12.27407 12.27407 11.47726 10.12164 9.54363 9.02155 8.54879 8.11963 7.04716 15.99203 15.35336 14.75351 13.65930 12.68959 11.82760 10.37189 9.75563 9.20141 8.70162 8.21967 7.12797 16.67846 15.97889 15.32380 14.13394 13.08532 12.15812 10.60360 9.95012 9.36492 8.83929 8.36578 7.19823 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 9.51356 8.96333 8.46944 7.25933 18.01121 17.18455 16.41502 15.02916 13.82115 12.76408 11.01680 10.29224 9.64869 9.07507 8.56200 7.31246 18.65805 17.76541 16.93692 15.45112 14.16300 14.16300 13.04158 11.20074 10.44243 9.77154 9.17574 8.64465 7.35866 19.29220 18.33211 17.44361 15.85684 14.48857 13.30338 11.37106 10.58021 9.88322 9.26643 8.71843 7.39884 19.91393 18.88499 17.93554 16.24696 14.79864 13.55036 11.52876 10.70661 9.98474 9.34814 8.78432 7.43377 20.52316 19.42438 18.41315 16.62208 15.09394 13.78336 11.67478 10.82258 10.07704 9.42174 21.12104 19.95061 18.87681 16.98277 15.37519 14.00317 11.80998 10.92897 10.16095 9.18806 21.70690 20.46401 19.32703 17.32959 15.64303 14.21053 11.93518 11.02658 10.23722 9.54780 22.28127 20.96489 19.76411 17.66306 15.89813 15.89813 14.40616 12.05108 14.40616 12.05108 11.11613 10.30657 9.60162 22.84438 21.45355 20.18845 17.98371 16.14107 14.59072 12.15841 11.19828 10.36961 9.65011 8.84314 7.46415 8.89566 7.19056 8.94255 7.51353 8.90442 7.53351 9.02181 7.55088 23.39646 21.93029 20.60044 18.29203 16.37245 14.76483 12.25778 11.27365 10.42691 9.69379 9.05518 7.56598 23.93770 22.39541 21.00043 18.58849 16.59281 14.92909 12.34980 11.34280 10.47901 9.73315 9.08499 7.57911 24.46833 22.84918 21.38877 18.87355 16.80268 15.08404 12.43500 11.40624 10.52638 9.76860 9.11159 7.59053 24.98856 23.29188 21.76579 19.14765 17.00255 15.23023 12.51389 11.46444 10.56943 9.80054 9.13535 7.60046 25.49859 23.72379 22.13184 19.41120 17.19290 15.36814 12.58693 11.51784 10.60858 9.82932 9.15656 7.60910 25.99862 24.14516 22.48722 19.66461 17.37419 15.49825 17.37419 15.49825 12.65457 11.56682 10.64416 9.85524 9.17550 7.61661 26.48884 24.55625 22.83225 19.90828 17.54685 17.54685 15.62099 12.71719 11.61176 10.67651 9.87859 9.19241 7.62314 26.96945 24.95732 23.16724 20.14258 17.71129 15.73678 12.77518 11.65299 10.70592 9.89963 9.20751 7.62882 27.44064 25.34860 23.49246 20.36786 17.86789 15.84602 12.82887 11.69082 10.73265 9.91859 9.22099 7.63375 27.90259 25.73034 23.80822 20.58448 18.01704 15.94907 12.87858 11.72552 10.75697 9.93567 9.23303 7.63805 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40