Cumulative Assignment for Unit 3: Solving a Variety of Time Value Problems Suggestions: > You might want to save this file and use it to submit your answers as a file upload to Canvas. Another option is to create an Excel worksheet. 1. Allen is saving money to open a restaurant in 9 years. He puts $19,610 into an account each year. The account earns 6% interest. How much will Allen have in nine years? Table used: Answer 2. Chloe received an inheritance of $50,000. She would like to have $64,750 in three years so that she can attend graduate school. What interest rate does she need to earn? Table used: Answer: 3. Benjamin would like to quit his job so that he can write a travel book. He plans to travel around the world for four years. He figures he will need $50,000 per year to meet his expenses. Benjamin has an investment account that earns 5% interest and is willing to use all of that money to make this dream come true. How much money does Benjamin need to have in that account now in order to quit his job and travel the world? . Table used: Answer: 4. Daphne bought a house ten years ago for $245,000. The real estate market has had it ups and downs since then. Daphne read a story in today's newspaper that says that during the past decade, houses in Olympia have appreciated at an average rate of 3% per year. If this is correct, how much should Daphne's house be worth? Table used: Answer: 5. Lassiter Construction Company plans to construct an addition to their warehouse in six years. They estimate that it will cost $745,000 at that time. How much must they set aside each year in an account that earns 8% compounded annually? Table used: Answer: 6. Elizabeth wants to go back to school for her Master's degree three years from now. She's lucky that her Grandmother is willing to pay for tuition and fees. Elizabeth has decided to go to Best State University partly because they reduce the price of tuition if it is paid in full at the beginning of the academic year. Elizabeth figures that it will take two years to earn her degree and she will need $52,000 per year. Grandmother can earn 8% on her investments. How much should Grandmother set aside today so that she can give pay two years' worth of tuition for Elizabeth? Tables used: Answer: . Table A-1 Compound Interest Formula: FV = PV (1+1 Interest Rate (1) Periods in 3 5% 69 X 2 9 10% 11% 12% 134 14% 15% 10% 1 18% 195 1 1010010200 10300 10400 10500 10600 10700 100 1.0000 1.1000 1.1100 1.1200 1.100 1.1400 1.1500 1.1600 1.1700 1.1800 1.1900 12000 2 1.0001 1,0404 1.000 1.0016 1.1025 1.1236 1.1440 1.1064 1.1081 1.2100 1.2321 1.2544 12789 12990 1.3225 1.3456 13619 1.3924 1.4161 14400 3 1.0303 1.0012 1.09071.129 1.1570 1.1910 12250 12507 12950 1.3310 1.30761.4049 1.4429 1.4815 1.5209 1.5609 1.6016 1.6430 1.6852 1.7280 4 10400 1.0624 1.1255 1.1099121551 262513100 123605 14110 1.4541 1.5181 1.5735 1.6306 1.6800 1.7490 1.8106 1.8739 1.9380 2.0053 2.0736 5 1.0510 1.1041 1.1593 1.2107 1.27831.33821 40201488915306 1.6105 1 5851 1.7823 1.8424 1.9254 2.0114 2.1003 2. 1924 2.2878 2.354 2.48R3 6 1.06151.12121.1941 1.26531 3401141851.5007 1.5869 1.6771 1.7716 1.8704 1.9739 20820 2.19502 3131 2.4364 2.5652 2.6996 2.39 2.9860 7 1.0721 1.14871 7290 1.31591.4071150081.80581.7130 1.82801.9487 2.0782 22107 23528 25093 2.6600 2.8262 3.0012 31455 33793 35632 8 106291.1717 1.2008 1.3 1.4775159381.716218500 1.99262.1436 2.3045 2.4700 2.6584 2.8526 3.0500 3.2784 3.5115 3.7589 4,0214 4.2990 9 10837 1.1951 13048142301,5513 1.695 1.836 1.2000 2.1719 2.357912.558027731 3.0040 3.2519 3.5170 38000 4.1084 4.4355 4.7854 5.1590 10 1.1046 1 21901 3439 1.4802 1.6280 1.7800 1.572 215802 374250372.8394 3.1058 3.3946 3.7072 40456 44114 4.806A 5.2338 5.6947 6.1917 11 1.1157124541.364215396 1.7100 1.8902104923316258042.531 3.15183.47038359 4.2282 4.6524 51173 5.6240 6.1750 6.7787 74301 12 1.126812021.4258 16010 1.750 2.0122225222516228127313843.41453.8960 4.3345 48179 5.3503 5.9350 6.5801 72670 8.0842 8.9161 13 1.1301129014685 1.66511.1521329 2.60902710030658 3.4523 3.8833 4.3635 48980 5.4924 6.1528 76007 8.5994 9.5954 10.6993 14 1.149513195 151281.73171.9790226092.5785 2.0372 3317 3.79754310448871 5.5 6.2013 70757 7.9675 90075 10.1472 11.411 12.8392 15 1 1610 159 1.55801 3000 2.0789 2.39662.750 3.1722 3.5425 41772 4.7846 5.6736 6.250 7.1379 8.1371 0.2655 10.5387 11.9737 13.56 15.4070 16 1.1726 13728 1.60471.5730211202.54042.9522342593970345950 5.31096.1304 7.0672 61372 9.3576 10 7400 12.3300 14.1290 16.1715 184 17 1.1849140021.6528 1.079 2792026920315807000 43225 50545 5.60510.MOO 7.8861 92785107013 12.4677 14.4205 16.6722 19244122.1861 10 1.1951 142621.70242.02502406025433 37902.900 47171 5.55000.14307.6200 0.0049 10.5752 123755 14.46.2016 879 19.5733 22 2005 28.6230 19 1 2091 1.450 1.7535 2.1069 2.5270 3.00 361654.3157 5.1417161150726106120 10.1974 12.055714 2310 16.7765 19.7414 23. 2144 27 251631 450 201 22001489180512.19112.65333.2071310946610 5.60446.72758.0623 0.6400 11.623113.7495 16.30665 19.4508 23.1055 27.3930 32.4244 38 3376 21 123041515760227127000 3.3995414008.03.38 6.1080 74002.0492 10.0 13.0211 15.6670 16.8215 22.5745 27.0336 32 3230 38 5910 40.0051 22 12447 1.50 1.9161 2.600 2.9533.6035 44300 5.456.60000140009336 12.1000 14.7133 17.801021.6447 20.1864 31 6293 38 1421 45.9233 55.2061 23 1257215700 10700 2.46473.07153.61974.74055.671572579 8.9543 11023 13.5623 16.600 20.361024 M115 30 372 370062 45.0076 54.641766 7474 24 1 2007 100 2.00282.563332251 4.0480 5.07241279111 9.8407 12.22 15.17618.7301 23.212228.62522523542753.1090 15.037079.4968 25 128241.6400 2.0930 2.60 3.4429105.42706.08.6231 10.8947 13.500 17.0001212300 26.4819 32,9190 40.874290.657862. 77 053932 25 120531.0734 2.1500 2.7725.557 4.64040.07.2004 2002 01.9182 50 19.040123.990501003758 474141 50.2007 73 4490 92.0010 114.6755 27 130821.7000 2121324373984.69230 217.01 10 2451111100 16.74 21.324027100394355355.000400 556725991091373700 20 13019 1.741022070 2073.92015.11176.64000.11.1671 144210 18.579923.88930.633539 2045 500M 03.80042102130 4112 11 MA? 2913945 1.75 2.3531187011615.4117411499.317312.1772 15.8631 20.623727490.81044490157.575674 005 M8271121 005 135.1893 107,8190 :30 1.54701131142.4273324443210 5.74357612910.0627132877174422 892329.969939.115909266 2110AM091110847 1433700 164.6753 2373763 31 130131782.500131373153806.08818.1451 10.77144618 19.1943254104 305014 2010 SR2716500 AKO 120 9416169 1774 210.761 204.0516 32 137491M 2.575130122540 6.459487150 11.737115.703021.1130 282053901749.471 682147011155190 14204190.622 201.8187241 8210 39 1. M 1,9022 2.6523 3.64846.00028400 250 12.6760 17,100 23.2212 1201220915 M.40075.4840 100.000 IM0027177 M20 M25311.2013 410.1063 34 1.4020172.719 3.7932307 2510 0.978 19.0001 10.7204 25.577471495 07774M 115.00 156.4480200.1220 ETZ 370,3000022235 35 14100 1.000 2.0130 3.001 0.5160 ZOMI 10.670 14.7853 204140 28.10045740 7000 72.0090.1000131791803141 043.000 140.7000 300.COM 361430200902.69834.10395.791801473 11.4239 15.96272251230 912742 8181 59.1356 01.4174111.6342 153.1510200.1643201.0001 387.000 4.4397 7007019 Source: Ademar Marks Entrepreneurial Finance Phance for Small Business2/e. 2000 Pearson Prentice Hall, Upper Saddle River, NU. Table A-3 Present Value Formula: PV - FV 1 (1 + 1)" Interest Rate (1) Periods % 10N 15% 19% 20 14% 10 195 10N 115 129 19 2% 5% 7% 3x ON 4N 0.4072 1 0.001 0.0004 0.9709 0.9615 09624 0.0434 0.0346.9259 0.0174 0.0091 0.000 0.1929 0.8850 0.8772 0.1016 2 10.98030.90120.9426 0.0248 0.007 0.19000 07340.8573 0.54170120408116 0.7972 0.7831 0.7095 0.7661 3 0.9700 0.9423 0.0151 0.8890 0.8030 0.03 0.8169 0.7830 0.7792 0.751307312 0.7118 06831 0.6750 0.4675 40.0010 0.9030 0.865 MB 0.8027 0.792107029 0.750 0.7064 0.68300.6587 0.6966 0.61390.5821 05716 8 0.95150.9057 0.98200.02190,7035 0.747307130 0.00 0.6400 0.62090.5835 0.56740.5420 0.5194 0 0.9420 0.0090 0.8375 0.7003 0.74620.7050 0.6660 0.6302 0.6063 0.5645 0.5348 0.5006 0.4803 04550 0.433 7 0.0327 0.8700 0.6131 070 0.7107 0.6651 0.6 0.5835 0.8470 0.5132 0.4817 04523 04251 0.3000 0.3750 8 0.0230 0.03 0.70040.7307 0.750 0.62740.00 5400 0.5010 0.4065 0.4339 0.4039 03762 0.3500 0.3260 0.01430.8060078640.7028 0.6440.0.1010 0.5400O.CO2 0.4504 04241 090.3606 03329 0307 0.213 10 0.9053 0900 0.7441 06750 0.6139 0.55040.500 0.4632 04224 0.300.35220.1920 0 2040 02697 0.2472 11 0.003 0.004207224 0.04060.504705790.4751 0.4289 OMS 0.35050.31730.2015 026070 2360 0.2149 12 0.5874 0.750.70140.62400 5000 0.407004440 0.3071 0.3555031002050 02567 09 02076 1000 13 0,8787 0.77 0.68100 0005 0.53090.4680 041300.00T0.32020.2007 0.2675 0.2292 020420 1821 0.1625 14 0.6700 0.750 0.00110.6775 0.5051044230 300 340502092 090330 23000 2046 01100.1507 0.1412 16 0.6613 0.74300.341016304010 0417236940 312 0 2745023040209001827 0.15000.1401 0.1220 0.22 07204 0.22 0.533904581 030337 0 2010 024100 2176180301691 0 1415 0.1229 01000 17 03444 10.7140.005008140.43030371631600 2703 0.2311 010700 1600 0.1456 01720 1070 0.009 10 0.0.400 0.000 0.614049000411 0310320500 PRO 0212017900 1126 0-1300 0.11090.0040 0.00 190.8277 0.5703047400.357 0.33050270502917 0.1146 0.19 0.1977 0.1161 008 0.020 0.0703 20 0.0105 10.60 0.563794564 0.37003110020040.2145 01764 1600 Q110 0.1037 0.000000 0.0011 21 0.8114 0.65000 350.400 0.250 0.20420 241501907 01837 0.13610.11170.0128 0.0760 0.00 0.0531 22 0.0034 10.0460 0.5210 0.42200.3410 0.2775 0.22570 1630 0.150 0.1220 0.1007 0.0020 0.00 0.0500 0.0462 23 0.7054 0.034201007 0.4057 0.250 0.2010 210001703 0.1378 0.1117 0307 0.07 0.000100401 0.0402 24 0.7870 0.6217040190 3001051010 24700197101577 0.1264 0.101500017 0.0000 0.063200491 0.0010 25 0.70 0.000 0.4770 0.3751020500230 0.11 0.14000 1160000230.0730 00580 0.047I00078 0.0304 20 0.7720 10.500 0.46370 3607 0.28120 210 0.1722 0.1362 0.1004 0.0830.01.25 0 0417 0.0331 0.0264 27 0.7644 0.5850450203480 2078 0.20740.1009 0.1252 0.0870 0.07630.0597 0.0460 0.000 0.0001 O. 28 0.7568 0.5744 0.4371 0.3335 0.2551 0.1958 0,15040.1159 0.0816 0.000 0.05.300.0419 0.0336 0.0055 0.0200 20 0.7499 0.5831 04243 0.3207 0.2429 0.1640 0.14000.1073 0.0822 0.0830 0.0485 0.0374 0.0289 0.0224 0.0174 30 0.7419 0521 0.41200 e 028140.17410.13140.0084 0.0754 0.06730.0437.34 0.025 0.0196 0.0151 31 0.7340 0.5412 0.40000-2005 0.2204 0.1649 0.1226 0.0920 0.0001 0.0521 0.0394 0.0200 0.0220 0.0172 0.0131 32 0.7213 0.6300 0.3863 0.2861 0.2099 0.1550 0.11470.0852 0.0654 0.0474 0.0955 0.0200 0.0200 00151 0.0114 33 0.7201 0.5202 0.877002741 0.1999 0.14620.10720.0789 0.0642 0.0431 0.0010 0.0230 0.0177 0.0132 0.0090 34 0.7130 0.51000 30000 26300.10040.1370 0.10020730 0.0534 0.0301 0.000 0.0212 0.01ST 0.0116 Q.BOBB 3507050 0.5000 0.38540.2534 0.1013 0.1301 0.0637 0.0678 0.0400 0.0056 0.025000169 0.0139 0.0102 0.0075 3 0.69 0.49020.345002437 0.1727 0.1227 0.0875 0.0626 0.0449 0.03 0.003 0.0160 0012300069 0.0065 Source: Adelman Marks. Entrepreneurial Pana France for Small Business2/e. 2000 Pearson Prato Hal, Upper Saddie Alver, N. 0.0021 0.8547 0.5475 08403 0.8133 0.7432 0.7305 07182 0.7062 0.6044 0.6407 0.0244 0.000 05934 0.6767 0.5673 05337 05158 0.4087 04623 0.4761 04101 0.4371 0.4180 04010 0.4104 0.3298 0.3704 0.3521 0.3349 0.358 03332 03130 0.295 02791 0.3060 0.2848 0280 0.2487 02320 0.2530 0.2434 02255 0.2000 0.1938 0.2257 0 2080 0.1911 0.1256 041615 0.1054 0.1778 01610 0.1470 01346 0.10 0.1520 0.1372 0.1240 01122 0.1452 0.1200 01100 0.1042 00335 01262 0.1110 0.005 0.0076 0.77 0.1070 0.0040 0.0836 0.07 0.004 0.0030 0.0011 0.OTOS 0 0010 0541 0 000 0.0093 0.000 O 0620 00451 0801 0.0000 9.0437 00378 0 000 0.0000 0.0431 0.0007 00312 0.0314 00413 0.0005 0038 0.02 00143 OVO 0.0009 0.0250 0.017 0.0382 0.0318 0.0262 0.0010 0.0181 0.0329 0.0270 0.022 0.0183 0 0151 0084 0.0031 0.0101 -0.0154 00120 0.0245 00107 00160 0.0120 00105 0.0211 0.0100 0.016 0.000 d007 0.016 0.0144 0.0118 0.0001 00073 0.0157 0.0123 0.0097 0.0077 0.0001 0.0138 0.0105 0.0082 0.0004 0.0051 0.0116 0.0000 DOPO 0.0054 0042 0.0100 0.00TT 0.0050 0.0046 0.0035 0.0087 0.00 0.0050 0.0038 0.0020 0.0075 0.0056 0.0042 0.0012 0.0084 0.004 0.006 0.0027 0.0020 0.0066 0.0041 0.0000 0.0023 0.0017 0.0048 0.00 0.0020 0010 00014 Table A-4 Sinking Fund La 1 2 3 4 5 6 7 100000 2.48077 0.30803 022192 017045 0.13622 0.11207 2.09401 0.00000 OSOS 0.080GB 8 9 10 11 12 13 14 15 18 17 18 19 20 21 22 23 24 25 28 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1% 1.00000 0.49751 0.33002 0.24628 Q.19604 0.16255 0.13863 0.12009 0.10074 0.09558 0.08645 0.07885 0.07241 0.066 0.06212 0.06794 0.06425 0.06099 0.04805 0.04542 0.04300 0.04066 0.03889 0.03707 0.03541 0.03387 0.03245 0.00112 0.00990 0.00875 0.027a 0.02867 0.02573 0.02484 0.00400 0.00121 0.02247 0.02176 0.02109 0.02046 0.01985 0.01928 0.01873 0.01820 0.01771 0.01723 0.01677 0.01633 0.01591 0.01551 TV 1.00000 0.49628 0.32638 0.24444 0.19409 0.16053 0.13656 0.11858 0.10461 0.09343 0.08429 0.07668 0.07024 006472 0.05994 0.05577 0.05208 0.04881 0.04588 0.04325 0.04087 0.03870 0.03673 0.03492 0.03326 0.03173 0.03032 0.02900 0.02778 0.02684 0.02557 0.02458 0.02364 0.02276 0,02193 0.00115 0.00041 0.01972 0.01905 0.01843 0.01783 0.01726 0.01672 0.01621 0.01572 0.01525 0.01480 0.01437 0.01396 001357 2% 1.00000 0.49506 0.32675 0.24262 19216 0.15853 0.13451 0.11651 0.10252 0.09133 0.08218 0.07456 0.06812 0.06280 0.05783 0.05365 0.04907 0.04670 0.01378 0.04116 0.03870 a0003 0.03467 0.03287 0.03122 0.62970 0.02829 0.02699 0.62578 0.02465 0.00380 0.02261 0.02169 0.02082 0.02000 001923 0.01851 0.01782 0.01717 0.01656 0.01597 0.01542 0.01480 0.01439 001391 0.01345 0.01302 0.01280 0.01220 0.01162 20% 1.00000 0.48383 0.32514 0.24082 0.19025 0.15655 0.13250 0.11447 0.10046 0.08926 0.08011 0.07249 0.06605 0.06054 0.05577 0.05160 0.04793 0.04637 0.04176 0.03915 0.03570 0.03465 0.00270 0.03091 0.02928 0.02777 0.02638 0.02509 0.0280 0.02278 0.02174 0.02077 0.01986 0.01901 0.01621 0.01745 0.01674 0.01607 0.01544 0.01456 0.01427 0.01373 0.01322 0.01273 0.01227 0.01183 0.01141 0.01101 0.01062 0.01026 3% 1.00000 0.48261 0.32353 0.23903 0.18835 0.15480 0.13051 0.11248 0.09843 0.08723 0.07808 0.07046 0.06403 0.05853 0.06377 0.04061 0.04505 0.04271 0.00081 0.03722 0.03487 003275 0.03081 0.02905 0.02743 0.02594 0.00156 0.02329 0.02211 0.02102 0.02000 0.01905 0.01816 0.01732 0.01654 0.01580 0.01511 0.01446 0.01384 0.01328 0.01271 0.01219 0.01170 0.01123 0.01079 0.01036 0.00996 0.00958 0.00R21 0.00887 1.00000 0.49020 0.32035 0.23549 0.18450 0.15078 0.12061 0.10859 0.00449 0.08329 0.07415 0.06666 0.06014 0.05457 0.04994 0.04582 0.04220 0.03899 0.03614 0.03350 0.03128 0.02820 0.02731 0.02550 0.02401 0.02257 0.0212 0.02001 0.01880 0.01780 0.01686 0.01595 0.01510 0.01631 0.01354 0.01280 0.01224 0.01163 0.01106 0.01052 0.01002 0.00054 0.00800 0.0036 0.00828 0.00788 0.00752 0.00718 0.00606 0.00655 5% 100000 0.48780 0.31721 0.23201 0.18097 0.14702 012282 Q.10472 0.05089 - 0.07960 0.07039 0.06283 0.05646 0.05102 0.04634 0.04227 0.03870 0.03555 0.03275 0.03024 0.00800 0.02597 0.02414 0.00247 0.02095 0.01956 0.01829 0.01712 0.01605 0.01505 0.01413 0.01328 0.01249 0.01178 0.01197 0.01043 0.00884 0.0088 0.00875 200828 0.0078 060739 0.00699 0.00862 0.00826 000693 0.00561 0.00522 000504 0.00478 6% 100000 0.48544 0.31411 022850 0.17740 0.14338 0.11914 0,10106 0.08702 0.07587 0.00679 0.05028 0.05296 0.04750 0.04296 0.03995 0.03544 0.02236 0.02362 02716 0.00500 0.02805 0.02129 0.01908 0.01023 0.01680 0.01570 0.01450 0.01358 0.01265 0.01179 0.01100 0.01027 0.00950 0.00097 0.000 0.00786 0.00736 0.00689 0.00646 0.00606 Q.OOSGB 0.00533 0.00501 0.00470 0.00441 0.00415 DO0390 0.00366 0.00344 00452 0.04130 0.03689 0.00098 0.62963 0.025.70 0.02413 002185 001083 0.01803 0.01612 0.01488 0.01368 0.01251 0.0116 0.01049 0.00982 0.00883 0.00811 0.00T45 0.00585 0.00630 0.005 0.00534 0.00482 0.00454 0.00419 0.00386 0.00056 0.00329 0.00303 006280 Go Oroced Q06221 0.00204 0.001 0.001 10% 100000 0.47819 030211 0.21547 0.16380 0.12961 0.10541 0.08744 0.07364 0.06275 0.05396 0.04670 0.04078 0.03575 0.03147 0.02782 0.02466 0.02193 0.01955 0.01740 001562 0.01.01 0.01257 0.01130 0.01017 0.00916 0.00326 0.00766 0.00873 0.0080 0.0055 0.00497 0.00450 0.00407 0.00 0.00304 0.00003 0.00275 0.00240 0.00226 0.00205 0.00186 0.00180 0.00150 0.00139 0.00125 0.00115 0.00104 0.00095 0 000 100000 0.47170 029635 020923 0.15141 1200 0.09912 008130 0.06768 0.06008 0.04842 0.04544 09860 0.00087 Q02682 0.00300 0.02046 0.01794 0.01578 0.01388 001224 0.01081 0.005 0.00548 0.00750 0.00005 00:00 0.00624 0.00164 0.00414 0.00369 DOGS BOGOR 0.00290 Doc Q.GOOG 0.00184 200184 0.00145 0.00130 0.00115 0.00104 0.000 Q.BORO 0.00074 Q DODGE 0.00059 0.00052 0.00047 QO002 41 42 43 44 45 46 47 48 49 50 n number of periods in annuity, I-Interest per period Source: Kindstatter Paruh Business Mathematics, 2009 Pearson Prentice Hall, Upper Saddle River, Nu. Table A-5 Present Value of an Annuity Due Formula: PV-A --[" [(1 + 1)n-1. Interest Rate (1) w Periods 1% 4% 5% 10 TIN 12% 19% 145 ox 10% TON 13 20% 1.0000 1.5403 2.5465 3.1330 4.0578 4.400 4.7057 4954 5.169 S. 5.4 5.6105 5.7147 5.8023 5.370 5.8377 1.0000 18333 25278 21065 3.57 3.9906 4.255 4.6040 46372 5.0910 5.1995 5.3071 54192 5.5327 5.6100 5.5756 1.0000 10000 10000 10000 10000 10000 1.000 1.000 1.0000 10000 10000 1.0000 10000 1.0000 10000 219001 1904 1.970919015 1.9541.9434 1.90348 1.050 1.9174 1.9001 1.9000 1.1029 1.885 1.6772 1.0000 3 29700 2016 2.91352101 2.8504283042800276027501 273562.71252.60012.068126457 2.657 4 394103337751 372 3.0730 3.00 3.5771 2013 3.AND 1441 14010 3.3512 3.2016 S49620 477 47171 4.6290 SABO 4.4851 4.367243121 2007 4.10004, 1024 4.0073 3.9745 2.9137 3.50 & SMM 57135 5.5797 5.4510.320052124 5100247 4.87 4.CO 4.048 12 4.3622 7 8.795 8.6014641726.2016.07575.9173 5.7865 3.1929 8.159 5.3550 8.23051114 4.9975 4 MEZ 47845 a 772274720 70001 6.78465224 8. 6.201480330 5.B 5.7122 S.165.4720 5.2000 5.1604 08.66171.000.01977277472090 4.9713 6.7430 6.50 6.33496.14815.765.79 S. S.AT 10.50000.102.745 1070780177.5192724009 6.7500 18.30 6.3282 613175.0484 5.7710 1110.4713 9.0 9.5 9.1109 8.7217 8.3001 8.0235 7.710174177 7.144.BR2 0.000 6.422 6.2161 8.014 12 113078 107 10.22 0.700593054.808.498781300 7.805 740817209576.000 6.4527 6.2337 13/12 2551 11.5713 10.084010.3.3 9.38.28 8.27 8.5351 &1807 7613774024710446.9170 6.00 6.4200 1413.1307 12 M 11.000 10.10.33909.627 9-3577 8.9030 8.48 810347-74074235 7.1218 6.24 85801 15 14 0037 13.10 12.00 11.0 10.0 10.2950 2.74550.24427 23967 79819788275 70021 57245 16 14 13.0 12.0 12.1184 11.3797107122 10.1079 9.5505 9.0807 8.5081 &1900 78109 74624 7102 6.8474 17 15.7170 14 STTT 13.10 12 23 11.3 11.1030 10.41609.614 9.3120 8.237.37273740 72851 6.9542 1816.50 15.2919 14.1801131657 12 2741 114773 10.70 10.1216 2.5L 9.0216 8.5 8.119077291 73729 70472 19 1790 15.9900 1470 13.12.5896 11 775110501103719 97586 9.2014 8.7016 8.249778300 74574 7.1200 2018. 2200 16.67 15.00 14.1330 13.0850 12.158111235610.0006 9.9301 9.3049.8393 8.365879900 75804 7.1992 2119.000 17351415.775 14013492124099 11.5000 10816110125 9.5135 8.469402476231 7253 22 19.457018011716 4150 15.00-9213.8212 12.7841 11 8056 11.016810.282 9.5487 0.0751 LOO 101678TO 723125 23 20.00 10.00 16.00 15.4511 14,1630 13.0416 12.0612 11.2007 10:40 2.77159.1757 8.64.40 8.1897.7420 24 21 456819.82 1743 15.14 13.303412.722 1171110.5802 9.20.20471M32977.7221 73000 28 22 2434 10.01.2017 1.2470 14700 13.580012483 11.500 10.7006 0.07 0.3481 7.2009 78051 74300 20 20.00 20.523516.4131 16.021 15.0200 13,7834 12.06.20 11.674 10.20 10.07709.4217 8.64431 43300 75729 74641 27 23.7082 21.1210 16.00 15.372 14.00 12.0050 11.8100 10.000 10.18099.4881 88087 0.371707081 74000 28 24550 21.7000 19.070 17.090 15.5430 142105 12.9057 11.052 11.2006 10.2372 0.5472 8.04 8.4086 7.2002 7,5135 2025,3164 22.7813 19.701 17000 15.00 14.4062 13.1271 12.0811 11.11611030869.6016 9944 8.44127.2007 75335 30126.00 22.M44 20 1099 17.637161411 14.890713.7777 12.15 11.1963103000 9.6501 0.010 7.9830 75800 31 26.BOTT 23.2065 2060041292016725 14.7840 13.4090 12.2578112737 10.0200.000 9.0952 8.4957 8.0027 75 227 5423 23.721.004 18.5 18.500 14.929113.5310 12:30 11:00 10.47909.73319.0898.510 8.0199 75701 39282608 2421 W T1600215.0840 13.640124360 11.4062 10.528407000 0.1110 8803 8.0000 7.500S 30289724.0 21.7 19.1470170095 1530212703125130 11.46441030949.80051854 8.550 ROLR7.000 35 29.70278.496 21310 19.4112 07/1929 193681 13.540 12.5860115173 10.603096293 9.15868.5717 8.0509 75091 030.4000 25.9986 22.472 10.5646 1737 15.4982 13.9477 128648 11.53 10.642 0.85829.1758 SAS 80700 7.0166 Source: Adelman Marks Entrepreneur France France for Small Business 22000 Pearson Prentice Hall, Upper Saddiellver, NJ 1.0000 1.121 2002 3.2450 3.792 47743 4.MY 8.000 5.3 5.6065 5.633 80286 1971 8.3123 8.75 6.5755 NAS 6.7887 6,8178 6.8775 8.821 6.3731 70113 7,042 7.0726 7.0871 7.1110 7.1364 7.1520 7,1050 Z1772 7.1872 7.1960 7.20034 72000 72153 1.0000 1.0000 1.854T 173 25252 2.5164 3.2000 31703 3.760 3.0001 41900 41272 45 44976 49224 48115 5.2012 SOTT 5.4808 3.3000 5.65 5.4941 5.8354 5.6860 5.95 572 8.1163 6.909 6.2003 6.0081 6.324 8.0910 5.4053 6.1624 4745 8.2723 5200 0.272 65845 6:3102 6.6278 6.6648 6.387 6,604 6.4000 6.7234 4001 6.7408 8.4500 6.7882 Bug 67831 8.4806 6.7473 8.4919 6.8090 6.5016 6.8204 6.SORE 8.000 6.5160 6.8371 6.5227 6.M 6.8277 6.43 6.5320 6.8541 5.5354 6. 6.1577 7587 6.00 60700 6.1000 6.1260 6.13 &.1682 6.1622 61951 6.2000 6.2151 6.2208 6.3292 8.2307 6.7382 62430 6.242 6.2480 8.2512 5.7748 5.8122 5.835 S.BOSS 5.1913 5.9004 5.9245 5.5371 5.9470 5.9560 S. 5.9097 3.9747 5.9789 5.9824 3. 3.9870 5.969 5.9015 8.000 Table A-Present Value of an Ordinary Annuity Formula: PV - AL *1+1 Interest Rate (1) Periods in) 1% 3 45 5% 6% 7% 89 9% 10% 11% 125 13% 14% 15% 10% Tes 19% 20% ONCE 0.8333 1278 ZINCZ Z 121 1.6052 2.2459 2.792 3.2743 3.6847 40386 4.3430 0.8547 1552 2206 2742 3.110 356 3.9224 4.2012 44500 46580 4836 43664 0.8475 1.500 2.1743 2.0001 3.1272 3.4878 3.8115 4.6776 21065 2.5867 0.8403 15455 2.1999 2.6388 3.0570 2.4090 3.7057 3.9544 4160 OPCE IN SHOP COC LORELLA WIOS GRE 48332 5.000 5.1971 4.4141 46500 4.7332 TWO VUCED LOWOCO 5.600D 4 ANS 4.8106 CENES NICO WE 5.4675 5.5795 5.000 57407 50178 5.8775 10.9901 0.90 0.97000.15 0.24 0.94340.90400 0.9174 0.9091 0.0000 0.8920 0.8450 06772 0.6096 2 19704 19410 1911 1.886111694 1.34 1.7833 1.7501 3.7355 1.7125 1.0001 1.6881 1.6467 16257 al 2.010 2.883 2 20 277532.72322.6739 202.571 25313 24000 24437 24018 2.316 22832 43.86203 807227171 3629035460 34851 329223121 3.2707 3.1600 3.1024 30373 29745 2.0197 2.8550 5 4854 4579744518 412051 42124 4.1002 2.097 3.1897 3790 3.6050 3.604 3.5172 33522 5 5.7055 5.6014541725.2421 5.0757 40173 47105 4.6220 4.400 3550 4.2305 4 1114 3.925 3 BART 3715 7 67232 64720 6.2300 50001.7645.3424 5.383 5.2004 3.0930 4.365 47122 4560 4.4320 4200 4.1604 076517 734701976.7227 6420 5.9713570 8.6040 51401 4.9670 4.7180 4.6 44873 9 se 1692 770174353 710700.0017 01262400 S. 5.70 370 5.3282 5.1317 5.64 47710 109.4713 698201109 704 67101 6.4177 5.1440 5.se 5.6500 5.476 5.2161 10103676 MA 02420 87005 830647 7407100 6.6062 6.4951 62045 5.977 5.600 5.427 52337 12112551105739.8540 79427731 7.1607 6.80197 6.4924 5.1944 0176 5.4206 13 12 1337 11 MM 10. 3.35727 7400 2014 67490 6423 6.1210 S.M 8.5831 14130037 12.1050 112901 10.03 9.99.2950 8.74558.2442 7782 730678 0810 6.622 6.500 0.0021 5.7245 151 126490 11.00 1111041037990.7122 9.10705895 8007 7.0001 0100 6.4604 6102 5.M 10 14 71701 120100210.70 10.1010 988514 78237 279 0740 6.6000 6. 2051 SO 1715 2014 2019 13 1000121857 11 2741 10.4773 30.1216 60210 7540 71190 6.7291 6.3723 60472 10 16 300 14 13 13 12 640 10 226 10 9.3210 3.71 8.2014 7.2016 72412 6.4074 61200 19172201567 14 13 12 11 10 30 80006 8.6501 8640 73000 6.9300 6.5504 61902 20180450 16 3514 14.87252310017422114000 10.000 2.181 91285 71030 74634 70940 5.6931 6290 21 18 57017011311410 14.00 12.021211120411035 10.016 9.7921 0.42 021 76020 7.1016 0.6170 2219860417650150300144910 19 1690 12.0416110912 10 2007 04124 8.771581747 76446 7.100 6.709 2320456018292216 414 013 412004 11 2722 10 3711 . BAR 8.266477184 7.22976.7921 63000 24 21 2411891916.8354242003.2006 12.550411480310 2.7 067 7.7843 7.2009 60381 6.43 25 22 0219 19.523617 4131 15.0920140330 12.78340106740 9.226 9.0770 BART 7.8431 23300 6.4641 26 22795220121017.8760 15.000 14.375213003211 80 8100 2.2.200 0.1600 8.4001 78057 73717 6.4000 20 23 5590 20 700018270163290 14.40 13 2 1051101001200266 0.2372 8.5470 79420 74088 0.8362 6.513 20 24316421201316 74110000 14.00 12.4062 12.1971110511 10.1161 9.2008 8.6010 79544 74412 0.960 6.5335 2925065021.4444 19.1365146215.141113107122777111584 10.1080 93606 8.6501 2018 74101 0.0030 6.609 25 B0772265 10.600412920 1925 19.7648 12 408011270192737 9.4200 8.633 8.0552 7.4957 7.0027 3126 54232229377 20 00041780515.58 13.9291025318 11 3490 10.3426 9.470 8.7301 BO 7.5189 7.0190 6.5791 227 26 23 4680 20 1721 15.3027 14.0540126406114350 10.4069 9.5264 7888 8.1116 7.5363 7.0950 0.5908 39 27 2380 20.7050 12 1478 16.000 14.2302 12.7530 113130 10.4644 5606 8.2005 8.1354 7.5500 7.6462 3428.702724 4956 21 1310 18 4112 16.100163681 12.8540 11.10.5178 0.0086 8.8293 5.1666 75717 7.000 0.0001 3529 4000 24 990621.4372/10646 16.37421449801294TT 11.654610 MB 0.6442 8.8552 8.1785 75856 7,0700 6.6100 20.107525.436 21 6323 900 16.5460 14.6210 13.11.2172106110 9.6765 8.87 75979 TOTO 6.8231 Source: Ademar Marks Entrepreneurial Finance Finance for Small Business, 2e. 2000 Pearson Prentice Hal Upper Saddle River, NJ. 3.3055 36040 3.8372 40310 4 1995 43271 44992 4537 46106 46755 472 47746 8122 48435 4AN 41013 52293 33242 54053 S4740 $5.35 55845 56270 5664 5.0001 50916 5.1624 52293 32732 35162 3527 40023 4875 49377 4.07 SOCOR COCOS U0E2 WISU U. ZONES VO VOC 90 VOS Re POGP HOVEN BERS 5.9731 60113 4.0442 0.0726 6.0075 0.1182 6.1964 61520 1696 61772 6.1872 572 5.7405 72 5.751 5.7925 ES 5000 5.621 5.4500 5.4000 5.4804 3.4919 5.5016 5.500 5.5 16 5.5227 9.5277 5.5320 50700 1000 51200 5166 1666 5.1622 51951 52000 5.2151 52228 5.2292 52347 52302 52430 52462 5.240 52512 52531 5204 0259 45045 49371 4 M16 4953 49630 4.9607 4.9747 4970 4.9624 4.944 49078 4989 4.9915 4 9929 9009 6.2004 6.2008 6.2153 6.2201 58294 58371 58437 53490 5A541 58582 5.3617 ES 5. 5.5412 Table A-7 Future Value of an Annuity Formula: FV = (1+1) Interest Rate (1) Periods in 1 24 NC X % 5% 6% 2 8% 9% 10% 12% 13 16 N! 15% 16% 17% 18% 19% 20% 1 00002 t FREE CRE BOKY WODY WOONS . CHOS LOMO ITO COLOD OCCO 14 6 19 GO 24 YOBB 20VOLE CORERE SOWE BE CVRDO POWO HOME OG 3000 1 5.000 1.000 1.000 1.000 1.000 1.000 1.000 1000 1.000 1.000 1000 1.000 1.000 1000 1.000 1.000 1 000 1.000 1.000 1.000 2 20100 20000 20000 2.0400 2.0000 2.0700 2.0000 2.0000 2.1000 2.1100 2.1200 2.1300 2.1400 2.1500 21000 21700 2.100 2.1900 2.2000 3 2.000 3.0604 3.0000 3.1216 2.1525 21836 3.2140 32454 33100 3.3744 3.4060 3.490 2.4725 3.5056 3.5960 3.5724 3.6061 3.5400 4 4.0604 41210 4110 42465 43100 4. TAI 44309 4001 4.5731 4.0410 4.7793 4.600 49211 5.0865 S1405 5.2154 5.2015 5.360 5 5.1010 5.2040 5.3091 541533.95 5.7807 5.9647 6,1051 0.3528 6.4803 6.6701 6.8771 70144 7.1942 7.2000 74415 6.15063000 60 6.3308.2010 6079 7150 73950 7.5233 7.7190 79120 8.1152 0.3927 BU 7937 0.9775 0.2015 9.4420 0.0830 0.9299 7 721357640 7.60S 86440 1220 9.2004 9.4672 2.7800 10.0190 10 4047 10.730111.0660 11 4139 11.7720 12.1415 12.1997 129159 0.0075 10.250 10.00 11.0995 11.406011 M0012 2997 127073132320 13.700 142401 15.3070 15.2020 18.4001 70 10.100110110 114018 11.071240701.0010 13.570 14.164014770 16.415716.000 10.00 17515 18.20 10.9994 20.7000 10 10.410.11 40 12001 1277013113216 14 15 1620 15.076 16777217 487 164107 10 12 20.2007 21.2215 223901 23.3213 11 11.12.17 12.0071341414206014.071015.7 16.88 17.103 18.5912 19 301420421.814730445 25.7320 271000 25.7551 30.407s 21504 12 12. 13.412114102015015017110.17.16.771 201407 211227120241391 M5.6500 222707200017 30. 502 22 9.0010 371 13 13.0 14.00 15.6170 16.00 17.713018.021 20.1.400 1.402.53 24 227 2.211826.0091 20.0347 34.3610 3.72 4040 42.2167 45.2015 48.490 14 1404159730 170 18 2010 19.0 21.0151 220 22140280112 27.97500.0049 2.29 M.27 27211 40.5047 40.6720 @ 1097 50.8180 S.MOO 50.1960 15 16.0174 20.02.2017 23.778029122027102079217725 04 372707 40.4178 475004 51. Asos M1101 4.2007 20051 18 17257 18.600 20.121.04737 25.67257700 39.0034 3894271000 42.733 40.6717 47175 60.9250 04.64 72.000 874421 17 1140020012021.2010 23.07535140428 2120 20.140923730 40.5447 40 43. MATT 13.7301 50 1170 08.0751 71 6720 709792 000 M0210 105 9300 18 19.01021412923 4144 25.045478.1304 30.0057 33097A500413013 45.000 1.7407017251 341 75 M 1407 034000 103.7403 1152850 1211167 19 20.010022.1400 25.1100 778712 20137000 37 3790414460480185 5119120094907 707404 78.000 118 2110 21140 123.4135 01664 154.7400 20 22.010024201426.8704 2.7700 13.00007050 40.0 45.76001.1801 877 2008 72124 30 AM 115.37971000 16200 1654180 IND 21 22.2025 2026.67621.2.1944 120 367645 M.072 M.0202.4000 10474110.101 124.1405 1981300 1740010197 1474 2224720000 5.200 2400 24339249.606765628733 71401 2102 106 4010 120.0001370010 187415010720 206.34A235 AM 271 0007 23 102545032.4170 & AB 48.000 53.400030 89.8910 70.545001,147 104000 120.204018297018027114 183.6014211013241.42218 2300 22.010 34.428.90 44000301 5.1767067540767 Ma 0111111111678 212977014102,4M2070105 24842 25 26242200 4000 41.6450 S 2400 71000 7000 005471114410133301450100 101 10212.7900 240 2140 20.1040 M2 60 402.00 4710011 26 23.6700 3655.30 111 $1.11 10.114.670NM03 3040 100 101 127 103 170,000 20 245.7120 290.0 32.7827 4012720 470 4800 173772 27 30.1200MM 47000 47001 700744670 102.7311210000 100 100 3740200.140040283 SA 237104 20 21290 27.06121420300 40.0 4000 200 0.00770 12.9021 2000 0.0172 100.000 27.400 TL 127,1041 20.50 71 3770106 4000 01.1116 819:33 20 33404709345210052.722.690.00 10.00 121.1354108.6300 178.3972214.20 20.312.033377.1007 4302312004425011502040 30 LMO 40 MM MMMMM41132103104404010 041 30272010004344.7451 09117 M7401 790 21221010010 31 17. OOZT60.00 70.700.0171000730 1733410 140.5752 101,0484 200318140720000001610107 SOM09431 11511119 257 12 974041 110200270157352000 m 2136164.000 am5101001001 715 7475 44401004001111204100 11110 55 OTTO 06.2005 9110 000.000 A42040 200.000 1271 040 A 1.300.12531 2.04.2014 34 40.3577 87.700.00 104.180 120.25 423246.4767 1104201007 154 880218 3.772454.1176 15 41.866949.2045 60.4821 73.0.220.3200 111.4348 130.2300 1723100 215.7108 271.000 $415000 1.35 546. GADS 201.1702.12071301 49100018.6510 2,314.2137 2.140.3411 X 19.0700 51.0044 632750 775180.118.1200 140.813 187.1021 236 1247200.1200 S. 1640 1.4831 018 7480 701.61014071.01.000 1.000.5045 2,144.5419 2.754911530.000 Source: Asema Marta Entrepreneur Finance Finance for Small Business, 216, 2000 Person Prentice Hall, Upper Saddle River, N. OVO CON VOSI KOI PO 18 VOLGE ZI RE 300 WIDZE 2 PSIS TILTOZ IGAROOP VOCE Wie W Di CE