I am struggling with this question. I have tried to get the PVAD, PVA of the payments but I keep getting the question wrong. Can you point me in the right direction on how to solve this, what should I be adding, subtracting or finding the Present Value for? I appreciate it very much.
Question:
A Corporation prepares its financial statements according to U.S. GAAP. Relevant financial statements and disclosure notes for the year ended February 3, 2018, are attached here. (Use appropriate factor(s) from the tables provided.)
Required:
In its Analysis of "Financial Condition: New Accounting Pronouncements," its financial statements for the year ended February 3, 2018, the company indicates that
In February 2016, the FASB issued ASU No. 2016-02, Leases, to require organizations that lease assets to recognize the rights and obligations created by those leases on the balance sheet. The new standard is effective in 2019.
Refer to Note 22: Leases. New lease accounting guidance requires companies to record a right-of-use asset and a lease liability for all leases, with the exception of short-term leases, at present value. If Target had used the new lease accounting guidance in its fiscal 2017 (February 3, 2018) financial statements, what would be the amount reported as a liability for its leases, operating and capital (finance) combined ? (Do not round intermediate calculations. Enter your answers to nearest millions. Round final answer to the nearest whole value.)
Hint: Assume the payments "after 2020" are to be paid evenly over a 16-year period and all payments are at the end of years indicated. Target indicates elsewhere in its financial statements that 6% is an appropriate discount rate for its leases.
What would be the amount reported as a liability for its leases, operating and capital (finance) combined ?
Total capital lease interest expense was $55 million, $49 million, and $42 million in 2017, 2016, and 2015, respectively, and is included within Net Interest Expense on the Consolidated Statements of Operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. Certain leases also include options to purchase the leased property. Assets recorded under capital leases as of February 3, 2018 and January 28, 2017 were $1,004 million and $888 million, respectively. These assets are recorded net of accumulated amortization of $295 million and $406 million as of February 3, 2018 and January 28, 2017, respectively. Future Minimum Lease Payments (millions) Operating Leases (a) Capital Leases (6) Rent Income Total 2018 $ 227 $ 92 $ (25) $ 294 2019 234 96 (25) 305 2020 226 97 (24) 299 2021 222 96 (23) 295 2022 217 96 (23) 290 After 2022 3,027 1,524 (307) 4,244 Total future minimum lease payments $ 4,153 $ 2,001 $ (427) $ 5,727 Less: Interest (c) 849 Present value of future minimum capital lease payments $ 1,152 Note: Minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. Minimum lease payments also exclude payments to landlords for fixed purchase options which we believe are reasonably assured of being exercised. Total contractual lease payments include $1,987 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $386 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later. Capital lease payments include $604 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $244 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later. Calculated using the interest rate at inception for each lease. Includes the current portion of $68 million. (a) (b) (c) (d) Commitments and Contingencies 460 Contractual Obligations as of Payments Due by Period February 3, 2018 Less than 1-3 3-5 After 5 (millions) Total 1 Year Years Years Years Recorded contractual obligations: Long-term debt (a) $ 10,537 $ 201 $ 2,096 1,119 $ 7,121 Capital lease obligations (5) 2,001 92 193 192 1,524 Deferred compensation 543 53 102 97 291 (d) Real estate liabilities 114 114 Tax contingencies (e) Unrecorded contractual obligations: Interest payments long-term debt 6,321 429 782 663 4,447 Operating leases (6) 4,153 227 439 3,027 Purchase obligations 1,225 513 429 65 218 Real estate obligations (9) 602 602 Future contributions to retirement plans Contractual obligations $ 25,496 $ 2,231 $ 4,062 $ 2,575 $ 16,628 Represents principal payments only. See Note 20 of the Financial Statements for further information. These payments also include $244 million and $386 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later for capital and operating leases, respectively. See Note 22 of the Financial Statements for further information. The timing of deferred compensation payouts is estimated based on payments currently made to former employees and retirees, forecasted investment returns, and the projected timing of future retirements. (d) Real estate liabilities include costs incurred but not paid related to the construction or remodeling of real estate and facilities. Estimated tax contingencies of $363 million, including interest and penalties and primarily related to continuing operations, are not included in the table above because we are not able to make reasonably reliable estimates of the period of cash settlement. See Note 23 of the Financial Statements for further information. Purchase obligations include all legally binding contracts such as firm minimum commitments for inventory purchases, merchandise royalties, equipment purchases, marketing-related contracts, software acquisition/license commitments, and service contracts. We issue inventory purchase orders in the normal course of business, which represent authorizations to purchase that are cancelable by their terms. We do not consider purchase orders to be firm inventory commitments; therefore, they are excluded from the table above. If we choose to cancel a purchase order, we may be obligated to reimburse the vendor for unrecoverable outlays incurred prior to cancellation. We also issue trade letters of credit in the ordinary course of business, which are excluded from this table as these obligations are conditioned on terms of the letter of credit being met. Real estate obligations include commitments for the purchase, construction, or remodeling of real estate and facilities. We have not included obligations under our pension plans in the contractual obligations table above because no additional amounts are required to be funded as of February 3, 2018. Our historical practice regarding these plans has been to contribute amounts necessary to satisfy minimum pension funding requirements, plus periodic discretionary amounts determined to be appropriate. (a) (b) (e) (g) (h) TABLE 4 Present Value of an Ordinary Annuity of $1 1- (1+1)" PVA= i 1.0% 1.5% 2.0% 2.5% 3.0% % 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 2 1.97040 1.95588 1.94156 1.92742 1.91347 1.89969 1.88609 1.87267 1.85941 1.84632 1.83339 1.80802 1.78326 3 2.94099 2.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.74896 2.72325 2.69793 2.67301 2.62432 2.57710 0.91743 0.909090.90090 0.89286 0.83333 1.75911 1.73554 1.71252 1.69005 1.52778 2.53129 2.48685 2.44371 2.40183 2.10648 3.23972 3.16987 3.10245 3.03735 2.58873 3.88965 3.79079 3.69590 3.60478 2.99061 4 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.58753 3.54595 3.50515 3.46511 3.38721 3.31213 5 4.85343 4.78264 4.71346 4.64583 4.57971 4.51505 4.45182 4.38998 4.32948 4.27028 4.21236 4.10020 3.99271 6 5.79548 5.69719 5.60143 5.50813 5.41719 5.32855 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.32551 7 6.72819 6.59821 6.47199 6.34939 6.23028 6.11454 6.00205 5.89270 5.78637 5.68297 5.58238 5.38929 5.20637 8 7.65168 7.48593 7.32548 7.17014 7.01969 6.87396 6.73274 6.59589 6.46321 6.33457 6.20979 5.97130 5.74664 5.03295 4.86842 4.71220 4.56376 3.60459 5.53482 5.33493 5.14612 4.96764 3.83716 5.99525 5.759025.53705 5.32825 4.03097 6.41766 6.14457 5.88923 5.65022 4.19247 9 8.56602 8.36052 7.97087 7.78611 7.60769 7.43533 7.26879 7.10782 6.95220 6.80169 6.51523 6.24689 8.16224 8.98259 10 9.47130 9.22218 8.75206 8.53020 8.31661 8.11090 7.91272 7.72173 7.53763 7.36009 7.02358 6.71008 11 10.36763 10.07112 9.78685 9.51421 8.52892 8.30641 8.09254 7.88687 7.49867 7.13896 6.80519 6.49506 6.20652 5.93770 4.32706 7.16073 6.81369 6.49236 6.19437 4.43922 12 11.25508 10.90751 10.57534 10.25776 9.11858 8.86325 8.61852 8.38384 7.94269 7.53608 13 12.13374 11.73153 11.34837 10.98319 9.25262 9.00155 8.76048 9.95400 9.66333 9.38507 10.63496 10.30274 9.98565 11.29607 10.92052 10.92052 10.56312 11.93794 11.51741 11.11839 9.68285 9.39357 9.11708 8.85268 8.35765 7.90378 11.69091 10.22283 9.89864 9.58965 9.29498 8.74547 8.24424 14 13.00370 12.54338 12.10625 15 13.86505 13.34323 12.84926 7.48690 7.10336 6.74987 6.42355 4.53268 7.78615 7.36669 6.98187 6.62817 4.61057 8.06069 7.60608 7.19087 6.81086 4.67547 12.38138 10.73955 10.37966 10.03758 9.71225 9.10791 8.55948 8.85137 16 14.71787 14.13126 13.57771 17 15.56225 14.90765 14.29187 13.05500 12.56110 12.09412 11.65230 13.71220 13.16612 12.65132 12.16567 9.12164 8.31256 7.823717.37916 6.97399 4.72956 8.54363 8.02155 7.54879 7.11963 4.77463 8.75563 8.20141 7.701627.24967 4.81219 18 11.23402 10.83777 10.46216 10.10590 9.44665 11.70719 11.27407 10.86461 10.47726 9.76322 12.15999 11.68959 11.24607 10.82760 10.05909 12.59329 12.08532 11.60765 11.15812 10.33560 13.00794 12.46221 11.95038 11.46992 10.59401 9.37189 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 13.18968 12.65930 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 18.04555 17.16864 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 19 9.60360 8.95011 8.36492 7.839297.36578 4.84350 20 9.81815 9.12855 8.51356 7.96333 7.46944 4.86958 TABLE 2 Present Value of $1 $1 PV = (1 + i)" ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 2 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.91573 0.90703 0.89845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 3 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.87630 0.86384 0.85161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 4 0.96098 0.94218 0.92385 0.90595 0.90595 0.88849 0.87144 0.85480 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 5 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.80245 0.78353 0.76513 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.40188 6 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.33490 7 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.27908 8 0.92348 0.88771 0.85349 0.82075 0.85349 0.82075 0.78941 0.75941 0.73069 0.70319 0.70319 0.67684 0.65160 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.23257 9 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 0.64461 0.61763 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.64393 0.61391 0.58543 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 11 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 0.13459 12 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.49697 0.44401 0.397110.35553 0.31863 0.28584 0.25668 0.11216 13 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.56427 0.56427 0.53032 0.49856 0.46884 0.41496 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.09346 14 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.06491 16 0.85282 0.78803 0.72845 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.49447 0.45811 0.42458 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.05409 17 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45280 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.03756 19 0.82774 0.75361 0.68643 0.62553 0.57029 0.57029 0.52016 0.47464 0.43330 0.39573 0.36158 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.03130 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.41464 0.37689 0.34273 0.41464 0.37689 0.34273 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.02608 Total capital lease interest expense was $55 million, $49 million, and $42 million in 2017, 2016, and 2015, respectively, and is included within Net Interest Expense on the Consolidated Statements of Operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. Certain leases also include options to purchase the leased property. Assets recorded under capital leases as of February 3, 2018 and January 28, 2017 were $1,004 million and $888 million, respectively. These assets are recorded net of accumulated amortization of $295 million and $406 million as of February 3, 2018 and January 28, 2017, respectively. Future Minimum Lease Payments (millions) Operating Leases (a) Capital Leases (6) Rent Income Total 2018 $ 227 $ 92 $ (25) $ 294 2019 234 96 (25) 305 2020 226 97 (24) 299 2021 222 96 (23) 295 2022 217 96 (23) 290 After 2022 3,027 1,524 (307) 4,244 Total future minimum lease payments $ 4,153 $ 2,001 $ (427) $ 5,727 Less: Interest (c) 849 Present value of future minimum capital lease payments $ 1,152 Note: Minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. Minimum lease payments also exclude payments to landlords for fixed purchase options which we believe are reasonably assured of being exercised. Total contractual lease payments include $1,987 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $386 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later. Capital lease payments include $604 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $244 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later. Calculated using the interest rate at inception for each lease. Includes the current portion of $68 million. (a) (b) (c) (d) Commitments and Contingencies 460 Contractual Obligations as of Payments Due by Period February 3, 2018 Less than 1-3 3-5 After 5 (millions) Total 1 Year Years Years Years Recorded contractual obligations: Long-term debt (a) $ 10,537 $ 201 $ 2,096 1,119 $ 7,121 Capital lease obligations (5) 2,001 92 193 192 1,524 Deferred compensation 543 53 102 97 291 (d) Real estate liabilities 114 114 Tax contingencies (e) Unrecorded contractual obligations: Interest payments long-term debt 6,321 429 782 663 4,447 Operating leases (6) 4,153 227 439 3,027 Purchase obligations 1,225 513 429 65 218 Real estate obligations (9) 602 602 Future contributions to retirement plans Contractual obligations $ 25,496 $ 2,231 $ 4,062 $ 2,575 $ 16,628 Represents principal payments only. See Note 20 of the Financial Statements for further information. These payments also include $244 million and $386 million of legally binding minimum lease payments for stores that are expected to open in 2018 or later for capital and operating leases, respectively. See Note 22 of the Financial Statements for further information. The timing of deferred compensation payouts is estimated based on payments currently made to former employees and retirees, forecasted investment returns, and the projected timing of future retirements. (d) Real estate liabilities include costs incurred but not paid related to the construction or remodeling of real estate and facilities. Estimated tax contingencies of $363 million, including interest and penalties and primarily related to continuing operations, are not included in the table above because we are not able to make reasonably reliable estimates of the period of cash settlement. See Note 23 of the Financial Statements for further information. Purchase obligations include all legally binding contracts such as firm minimum commitments for inventory purchases, merchandise royalties, equipment purchases, marketing-related contracts, software acquisition/license commitments, and service contracts. We issue inventory purchase orders in the normal course of business, which represent authorizations to purchase that are cancelable by their terms. We do not consider purchase orders to be firm inventory commitments; therefore, they are excluded from the table above. If we choose to cancel a purchase order, we may be obligated to reimburse the vendor for unrecoverable outlays incurred prior to cancellation. We also issue trade letters of credit in the ordinary course of business, which are excluded from this table as these obligations are conditioned on terms of the letter of credit being met. Real estate obligations include commitments for the purchase, construction, or remodeling of real estate and facilities. We have not included obligations under our pension plans in the contractual obligations table above because no additional amounts are required to be funded as of February 3, 2018. Our historical practice regarding these plans has been to contribute amounts necessary to satisfy minimum pension funding requirements, plus periodic discretionary amounts determined to be appropriate. (a) (b) (e) (g) (h) TABLE 4 Present Value of an Ordinary Annuity of $1 1- (1+1)" PVA= i 1.0% 1.5% 2.0% 2.5% 3.0% % 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 2 1.97040 1.95588 1.94156 1.92742 1.91347 1.89969 1.88609 1.87267 1.85941 1.84632 1.83339 1.80802 1.78326 3 2.94099 2.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.74896 2.72325 2.69793 2.67301 2.62432 2.57710 0.91743 0.909090.90090 0.89286 0.83333 1.75911 1.73554 1.71252 1.69005 1.52778 2.53129 2.48685 2.44371 2.40183 2.10648 3.23972 3.16987 3.10245 3.03735 2.58873 3.88965 3.79079 3.69590 3.60478 2.99061 4 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.58753 3.54595 3.50515 3.46511 3.38721 3.31213 5 4.85343 4.78264 4.71346 4.64583 4.57971 4.51505 4.45182 4.38998 4.32948 4.27028 4.21236 4.10020 3.99271 6 5.79548 5.69719 5.60143 5.50813 5.41719 5.32855 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.32551 7 6.72819 6.59821 6.47199 6.34939 6.23028 6.11454 6.00205 5.89270 5.78637 5.68297 5.58238 5.38929 5.20637 8 7.65168 7.48593 7.32548 7.17014 7.01969 6.87396 6.73274 6.59589 6.46321 6.33457 6.20979 5.97130 5.74664 5.03295 4.86842 4.71220 4.56376 3.60459 5.53482 5.33493 5.14612 4.96764 3.83716 5.99525 5.759025.53705 5.32825 4.03097 6.41766 6.14457 5.88923 5.65022 4.19247 9 8.56602 8.36052 7.97087 7.78611 7.60769 7.43533 7.26879 7.10782 6.95220 6.80169 6.51523 6.24689 8.16224 8.98259 10 9.47130 9.22218 8.75206 8.53020 8.31661 8.11090 7.91272 7.72173 7.53763 7.36009 7.02358 6.71008 11 10.36763 10.07112 9.78685 9.51421 8.52892 8.30641 8.09254 7.88687 7.49867 7.13896 6.80519 6.49506 6.20652 5.93770 4.32706 7.16073 6.81369 6.49236 6.19437 4.43922 12 11.25508 10.90751 10.57534 10.25776 9.11858 8.86325 8.61852 8.38384 7.94269 7.53608 13 12.13374 11.73153 11.34837 10.98319 9.25262 9.00155 8.76048 9.95400 9.66333 9.38507 10.63496 10.30274 9.98565 11.29607 10.92052 10.92052 10.56312 11.93794 11.51741 11.11839 9.68285 9.39357 9.11708 8.85268 8.35765 7.90378 11.69091 10.22283 9.89864 9.58965 9.29498 8.74547 8.24424 14 13.00370 12.54338 12.10625 15 13.86505 13.34323 12.84926 7.48690 7.10336 6.74987 6.42355 4.53268 7.78615 7.36669 6.98187 6.62817 4.61057 8.06069 7.60608 7.19087 6.81086 4.67547 12.38138 10.73955 10.37966 10.03758 9.71225 9.10791 8.55948 8.85137 16 14.71787 14.13126 13.57771 17 15.56225 14.90765 14.29187 13.05500 12.56110 12.09412 11.65230 13.71220 13.16612 12.65132 12.16567 9.12164 8.31256 7.823717.37916 6.97399 4.72956 8.54363 8.02155 7.54879 7.11963 4.77463 8.75563 8.20141 7.701627.24967 4.81219 18 11.23402 10.83777 10.46216 10.10590 9.44665 11.70719 11.27407 10.86461 10.47726 9.76322 12.15999 11.68959 11.24607 10.82760 10.05909 12.59329 12.08532 11.60765 11.15812 10.33560 13.00794 12.46221 11.95038 11.46992 10.59401 9.37189 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 13.18968 12.65930 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 18.04555 17.16864 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 19 9.60360 8.95011 8.36492 7.839297.36578 4.84350 20 9.81815 9.12855 8.51356 7.96333 7.46944 4.86958 TABLE 2 Present Value of $1 $1 PV = (1 + i)" ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 2 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.91573 0.90703 0.89845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 3 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.87630 0.86384 0.85161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 4 0.96098 0.94218 0.92385 0.90595 0.90595 0.88849 0.87144 0.85480 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 5 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.80245 0.78353 0.76513 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.40188 6 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.33490 7 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.27908 8 0.92348 0.88771 0.85349 0.82075 0.85349 0.82075 0.78941 0.75941 0.73069 0.70319 0.70319 0.67684 0.65160 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.23257 9 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 0.64461 0.61763 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.64393 0.61391 0.58543 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 11 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 0.13459 12 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.49697 0.44401 0.397110.35553 0.31863 0.28584 0.25668 0.11216 13 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.56427 0.56427 0.53032 0.49856 0.46884 0.41496 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.09346 14 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.06491 16 0.85282 0.78803 0.72845 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.49447 0.45811 0.42458 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.05409 17 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45280 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.03756 19 0.82774 0.75361 0.68643 0.62553 0.57029 0.57029 0.52016 0.47464 0.43330 0.39573 0.36158 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.03130 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.41464 0.37689 0.34273 0.41464 0.37689 0.34273 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.02608
