On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $48 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (FV of $1. PV of $1. FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. TABLE 1 Future Value of $1 FV = $1(1+i)" 20.0% 1.20000 1.44000 ndi 1.0% 1 1.01000 2 1.02010 3 1.03030 4 1.04060 5 1.05101 1.5% 2.0% 2.5% 1.01500 1.02000 1.02500 1.03022 1.04040 1.05063 1.04568 1.06121 1.07689 1.06136 1.08243 1.10381 1.07728 1.10408 1.13141 3.0% 1.03000 1.06090 1.09273 1.12551 1.15927 3.5% 4.0% 4.5% 5.0% 5.5% 1.03500 1.04000 1.04500 1.05000 1.05500 1.07123 1.08160 1.09203 1.10250 1.11303 1.10872 1.12486 1.14117 1.15763 1.17424 1.14752 1.16986 1.19252 1.21551 1.23882 1.18769 1.21665 1.24618 1.27628 1.30696 6.0% 7.0% 1.06000 1.07000 1.12360 1.14490 1.191021.22504 1.26248 1.31080 1.33823 1.40255 0.0% 1.08000 1.16640 1.25971 1.36049 1.46933 0.0% 0.0% 1.09000 1.10000 1.18810 1.21000 1.295031.33100 1.41158 1.46410 1.53862 1.61051 11.0% 1.11000 1.23210 1.36763 1.51807 1.68506 12.0% 1.12000 1.25440 1.40493 1.57352 1.76234 1.72800 2.07360 2.48832 6 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 1.26532 1.30226 1.34010 1.37884 1.41852 1.50073 1.58687 1.67710 1.77156 1.87041 1.97382 2.98598 3.58318 4.29982 7 8 9 10 1.07214 1.10984 1.14869 1.18869 1.08286 1.12649 1.17166 1.21840 1.09369 1.14339 1.19509 1.24886 1.10462 1.16054 1.21899 1.28008 1.22987 1.26677 1.30477 1.34392 1.27228 1.31593 1.36086 1.31681 1.36857 1.42210 1.36290 1.42331 1.48610 1.41060 1.48024 1.55297 1.40710 1.47746 1.55133 1.62889 1.45468 1.50363 1.53469 1.59385 1.619091.68948 1.70814 1.79085 1.60578 1.71819 1.83846 1.96715 1.71382 1.85093 1.99900 2.15892 1.82804 1.99256 2.17189 2.36736 1.94872 2.14359 2.35795 2.59374 2.07616 2.30454 2.55804 2.83942 2.21068 2.47596 2.77308 3.10585 5.15978 6.19174 7.43008 8.91610 11 12 13 14 15 1.11567 1.17795 1.12683 1.19562 1.13809 1.21355 1.14947 1.23176 1.16097 1.25023 1.24337 1.31209 1.38423 1.26824 1.34489 1.42576 1.29361 137851 1.46853 1.31948 1.41297 1.51259 1.34587 1.44830 1.55797 1.45997 1.51107 1.56396 1.61869 1.67535 1.53945 1.60103 1.66507 1.73168 1.80094 1.62285 1.69588 1.77220 1.85194 1.93528 1.71034 1.802091.89830 2.10485 1.79586 1.90121 2.01220 2.25219 1.88565 2.00577 2.132932.40985 1.97993 2.11609 2.26090 2.57853 2.07893 2.23248 2.39656 2.75903 2.33164 2.51817 2.71962 2.93719 3.17217 2.58043 2.85312 2.81266 3.13843 3.06580 3.45227 3.34173 3.79750 3.642484.17725 3.15176 3.47855 3.49845 3.89598 3.88328 4.36349 4.31044 4.88711 4.784595.47357 10.69932 12.83918 15.40702 18.48843 22.18611 16 17 18 19 20 1.17258 1.26899 1.37279 1.48451 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 1.18430 1.28802 1.40024 1.52162 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 1.20811 1.32695 1.45681 1.59865 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 1.22019 1.34686 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 2.54035 2.69277 2.85434 3.02560 3.20714 2.95216 3.15882 3.37993 3.61653 3.86968 3.42594 3.70002 3.99602 4.31570 4.66096 3.97031 4.32763 4.71712 5.14166 5.60441 4.59497 5.05447 5.55992 6.11591 6.72750 5.31089 6.13039 5.895096.86604 6.54355 7.68997 7.26334 8.61276 8.06231 9.64629 26.62333 31.94800 38.33760 21 25 30 40 1.23239 1.36706 1.51567 1.67958 1.28243 1.45095 1.64061 1.85394 1.34785 1.56308 1.81136 2.09757 1.48886 1.81402 2.20804 2.68506 1.86029 2.05943 2.09378 2.36324 2.42726 2.80679 3.26204 3.95926 2.27877 2.52024 2.78596 2.66584 3.00543 3.38635 3.24340 3.74532 4.32194 4.80102 5.81636 7.03999 3.07823 3.39956 3.813394.29187 4.98395 5.74349 8.51331 10.28572 4.14056 5.03383 6.10881 5.42743 6.84848 8.62308 7.61226 10.06266 13.26768 14.97446 21.72452 31.40942 7.40025 8.94917 10.83471 13.58546 17.44940 22.89230 45.25926 65.00087 10.80385 17.00006 29.95992 93.05097 46.00512 95.39622 237.37631 1469.77160 TABLE 2 Present Value of $1 $1 PV (1+1)" wi 1.0% 1 0.99010 2 0.98030 3 0.97059 4 0.96098 5 0.95147 1.5% 0.98522 0.97066 0.95632 0.94218 0.92826 2.0% 2.5% 0.98039 0.97561 0.96117 0.95181 0.94232 0.92860 0.92385 0.90595 0.90573 0.88385 3.0% 3.5% 4.0% 0.97087 0.96618 0.96154 0.94260 0.93351 0.92456 0.91514 0.90194 0.88900 0.88849 0.87144 0.85480 0.86261 0.84197 0.82193 4.5% 0.95694 0.91573 0.87630 0.83856 0.80245 5.0% 5.5% 6.0% 0.95238 0.94787 0.94340 0.90703 0.89845 0.89000 0.86384 0.85161 0.83962 0.82270 0.80722 0.79209 0.78353 0.76513 0.74726 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 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 0.78941 0.75941 0.73069 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 12 13 14 15 0.89632 0.84893 0.80426 0.88745 0.83639 0.78849 0.87866 0.82403 0.77303 0.86996 0.81185 0.75788 0.86135 0.79985 0.74301 0.76214 0.72242 0.68495 0.74356 0.70138 0.66178 0.72542 0.68095 0.63940 0.70773 0.66112 0.61778 0.69047 0.64186 0.59689 0.64958 0.62460 0.60057 0.57748 0.55526 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.58966 0.55684 0.52598 0.49697 0.44401 0.39711 0.56427 0.53032 0.49856 0.46884 0.41496 0.36770 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.38753 0.35553 0.32618 0.29925 0.27454 0.35049 0.31728 0.28748 0.31863 0.28584 0.25668 0.28966 0.25751 0.22917 0.26333 0.23199 0.20462 0.23939 0.20900 0.18270 0.13459 0.11216 0.09346 0.07789 0.06491 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.494470.45811 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 0.452800.41552 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 0.52016 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 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.02608 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 25 0.77977 0.68921 0.609530.53939 0.47761 0.42315 28 0.75684 0.65910 0.57437 0.50088 0.43708 0.38165 29 0.74934 0.64936 0.56311 0.48866 0.42435 0.36875 0.43883 0.39679 0.35894 0.32486 0.29416 0.24151 0.19866 0.16370 0.39012 0.34770 0.31007 0.27666 0.24698 0.19715 0.15770 0.12640 0.37512 0.33273 0.29530 0.26223 0.233000 .18425 0.14602 0.11597 0.33348 0.29157 0.255090.22332 0.19563 0.15040 0.11591 0.08955 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.10733 0.08215 0.13513 0.11174 0.09256 0.02174 0.10153 0.08170 0.06588 0.01258 0.09230 0.07361 0.05882 0.01048 0.06934 0.05382 0.04187 0.00607 0.06304 0.04849 0.03738 0.00506 30 0.74192 0.63976 0.55207 0.47674 31 0.73458 0.63031 0.54125 0.46511 40 0.67165 0.55126 0.45289 0.37243 0.41199 0.39999 0.30656 0.35628 0.30832 0.26700 0.34423 0.29646 0.25550 0.25257 0.20829 0.17193 0.23138 0.22036 0.14205 0.20064 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 0.00421 0.19018 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02980 0.00351 0.11746 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00068 TABLE 3 Future Value of an Ordinary Annuity of $1 EVA_ (1 + i)" - 1 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% 1.0000 2.2000 1 2 3 4 5 1.0000 2.0100 3.0301 4.0604 5.1010 1.000 2.0150 3.0452 4.0909 5.1523 1.0000 2.0200 3.0604 4.1216 5.2040 1.000 2.0250 3.0756 4.1525 5.2563 1.0000 2.0300 3.0909 4.1836 5.3091 10000 1.0000 2.0350 2.0400 3.1062 3.1216 4.21494.2465 5.3625 5.4163 1.000 2.0450 3.1370 4.2782 5.4707 1.000 2.0500 3.1525 4.3101 5.5256 1.000 1.000 2.0550 2.0600 3.16803.1836 4.3423 4.3746 5.58115.6371 1.0000 1.0000 2.0700 2.0800 3.2149 3.2464 4.4399 4.5061 5.75075.8666 1.000 2.0900 3.2781 4.5731 5.9847 1.0000 2.1000 3.3100 4.6410 6.1051 1.0000 2.1100 3.3421 4.7097 6.2278 1.0000 2.1200 3.3744 4.7793 6.3528 3.6400 5.3680 7.4416 9.9299 12.9159 6 7 8 9 10 6.1520 7.2135 8.2857 9.3685 10.4622 6.2296 7.3230 8.4328 9.5593 10.7027 6.3081 7.4343 8.5830 9.7546 10.9497 6.3877 7.5474 8.7361 9.9545 11.2034 6.4684 6.5502 7.66257.7794 8.8923 9.0517 10.1591 10.3685 11.4639 11.7314 6.6330 7.8983 9.2142 10.5828 12.0061 6.7169 8.0192 9.3800 10.8021 12.2882 6.8019 6.8881 6.9753 7.1533 8.1420 8.26698.39388.6540 9.5491 9.7216 9.8975 10.2598 11.0266 11.2563 11.4913 11.9780 12.5779 12.8754 13.1808 13.8164 7.3359 8.9228 10.6366 12.4876 14.4866 7.5233 9.2004 11.0285 13.0210 15.1929 7.7156 9.4872 11.4359 13.5795 15.9374 7.9129 9.7833 11.8594 14.1640 16.7220 8.1152 10.0890 12.2997 14.7757 17.5487 16.4991 20.7989 25.9587 11 11.5668 11.8633 12.1687 12.4835 12.8078 13.1420 13.4864 13.8412 14.2068 14.5835 14.9716 15.7836 16.6455 17.5603 18.5312 19.5614 20.6546 32.1504 12 13 14 15 12.6825 13.8093 14.9474 16.0969 13.0412 14.2368 15.4504 16.6821 13.4121 13.7956 14.1920 14.6020 14.6803 15.1404 15.6178 16.1130 15.9739 16.5190 17.0863 17.6770 17.2934 17.9319 18.5989 19.2957 15.0258 15.4640 16.6268 17.1599 18.291918.9321 20.0236 20.7841 15.9171 17.7130 19.5986 21.5786 16.3856 18.2868 20.2926 22.4087 16.8699 18.8821 21.0151 23.2760 17.8885 20.1406 22.5505 25.1290 18.9771 21.4953 24.2149 27.1521 20.1407 21.3843 22.9534 24.5227 26.0192 27.9750 29.360931.7725 22.7132 26.2116 30.0949 34.4054 24.1331 28.0291 32.3926 37.2797 39.5805 48.4966 59.1959 72.0351 16 17.2579 17.9324 18.6393 19.3802 20.1569 20.9710 21.8245 17 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 18 19.6147 20.4894 21.4123 22.3863 23.4144 24.4997 25.6454 19 20.8109 21.7967 22.8406 23.9460 25.1169 26.3572 27.6712 20 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 22.7193 24.7417 26.8551 29.0636 31.3714 23.6575 25.8404 28.1324 30.5390 33.0660 24.6411 26.9964 29.4812 32.1027 34.8683 25.6725 27.8881 28.212930.8402 30.9057 33.9990 33.7600 37.3790 36.7856 40.9955 30.3243 33.7502 37.4502 41.4463 45.7620 33.0034 36.9737 41.3013 46.0185 51.1601 35.9497 40.5447 45.5992 51.1591 57.2750 39.189942.7533 44.5008 48.8837 50.395955.7497 56.9395 63.4397 64.2028 72.0524 87.4421 105.9306 128.1167 154.7400 186.6880 21 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.9692 33.7831 30 34.7849 37.5387 40.5681 43.9027 47.5754 51.6227 56.084961.0071 40 48.8864 54.2679 60.4020 67.4026 75.4013 84.5503 95.0255 107.0303 35.7193 37.7861 66.4388 72.4355 120.7998 136.6056 39.9927 79.0582 154.7620 44.8652 50.422956.7645 64.0025 72.2651 81.6987 225.0256 94.4608 113.2832 136.3075 164.4940 199.0209241.3327 1181.8816 199.6351 259.0565 337.8824 442.5926 581.8261 767.0914 7343.8578 TABLE 4 Present Value of an ordinary Annuity of $1 1- (+1) PVA== ni 1 2 3 4 5 1.0% 1.5% 0.99010 0.98522 1.97040 1.95588 2.940992.91220 3.90197 3.85438 4.85343 4.78264 2.0% 2.5% 0.980390.97561 1.94156 1.92742 2.88388 2.85602 3.80773 3.76197 4.71346 4.64583 3.0% 0.97087 1.91347 2.82861 3.71710 4.57971 3.5% 4.0% 4.5% 0.96618 0.96154 0.95694 1.899691.886091.87267 2.80164 2.77509 2.74896 3.67308 3.62990 3.58753 4.51505 4.45182 4.38998 5.0% 0.95238 1.85941 2.72325 3.54595 4.32948 5.5% 0.94787 1.84632 2.69793 3.50515 4.27028 6.0% 0.94340 1.83339 2.67301 3.46511 4.21236 7.0% 0.93458 1.80802 2.62432 3.38721 4.10020 8.0% 0.92593 1.78326 2.57710 3.31213 3.99271 0.0% 0.0% 0.91743 0.90909 1.75911 1.73554 2.53129 2.48685 3.23972 3.16987 3.88965 3.79079 11.0% 12.0% 0.90090 0.89286 1.71252 1.69005 2.44371 2.40183 3.10245 3.03735 3.69590 3.60478 20.0% 0.83333 1.52778 2.10648 2.58873 2.99061 6 7 8 9 10 5.79548 5.69719 5.60143 6.728196.59821 6.47199 7.65168 7.485937.32548 8.56602 8.36052 8.16224 9.47130 9.22218 8.98259 5.50813 5.41719 6.349396.23028 7.17014 7.01969 7.97087 7.78611 8.75206 8.53020 5.32855 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 4.62288 6.11454 6.00205 5.89270 5.78637 5.68297 5.58238 5.389295.20637 6.87396 6.73274 6.595896.46321 6.33457 6.209795.97130 5.74664 7.607697.435337.268797.10782 6.952206.801696.51523 6.24689 8.31661 8.11090 791272 7.721737.537637.360097.02358 6.71008 4.48592 4.35526 4.23054 4.11141 3.32551 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 11 12 13 14 15 10.36763 10.07112 9.78685 11.25508 10.90751 10.57534 12.13374 11.73153 11.34837 13.00370 12.54338 12.10625 13.86505 13.34323 12.84926 9.51421 10.25776 10.98319 11.69091 12.38138 9.252629.001558.76048 9.95400 9.66333 9.38507 10.63496 10.30274 9.98565 11.29607 10.92052 10.56312 11.93794 11.51741 11.11839 8.52892 9.11858 9.68285 10.22283 10.73955 8.30641 8.86325 9.39357 9.89864 10.37966 8.09254 7.88687 7.49867 7.13896 8.61852 8.38384 7.942697.53608 9.11708 8.85268 8.35765 7.90378 9.589659.294988.74547 8.24424 10.03758 9.71225 9.10791 8.55948 6.80519 6.49506 6.20652 5.93770 4.32706 7.16073 6.81369 6.49236 6.19437 4.43922 7.48690 7.10336 6.74987 6.42355 4.53268 7.78615 7.36669 6.98187 6.62817 4.61057 8.060697.60608 7.19087 6.81086 4.67547 16 17 18 19 20 14.71787 14.13126 15.56225 14.90765 16.39827 15.67256 17.22601 16.42617 18.04555 17.16864 13.57771 13.05500 14.29187 13.71220 14.99203 14.35336 15.67846 14.97889 16.35143 15.58916 12.56110 12.09412 13.16612 12.65132 13.75351 13.18968 14.32380 13.70984 14.87747 14.21240 11.65230 11.23402 12.16567 11.70719 12.65930 12.15999 13.13394 12.59329 13.59033 13.00794 10.83777 11.27407 11.68959 12.08532 12.46221 10.46216 10.86461 11.24607 11.60765 11.95038 10.10590 10.47726 10.82760 11.15812 11.46992 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 4.72956 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 4.77463 10.059099.371898.75563 8.20141 7.701627.24967 4.81219 10.33560 9.60360 8.95011 8.36492 7.839297.36578 4.84350 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 4.86958 21 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 25 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 30 25.80771 24.01584 22.39646 20.93029 19.60044 18.39205 17.29203 40 32.83469 29.91585 27.35548 25.10278 23.11477 21.35507 19.79277 13.40472 14.82821 16.28889 18.40158 12.82115 14.09394 15.37245 17.15909 12.27524 13.41393 14.53375 16.04612 11.76408 12.78336 13.76483 15.04630 10.83553 11.65358 12.40904 13.33171 10.01680 10.67478 11.25778 11.92461 9.29224 8.64869 8.07507 7.56200 4.89132 9.82258 9.07704 8.42174 7.84314 4.94759 10.27365 9.42691 8.69379 8.05518 4.97894 10.75736 9.77905 8.95105 8.24378 4.99660 TABLE 5 Future Value of an Annuity Due of $1 (1+i)" -11 FVAD - = *(1+i) wi 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5,5% 6.0% 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 1 1.0100 1.0150 1.0200 1.0250 1.0300 1.0350 1.0400 1.0450 1.0500 1.0550 1.0600 1.0700 1.0800 1.0900 1.1000 1.1100 1.1200 1.2000 2 2.6400 3 4 5 2.0301 3.0604 4.1010 5.1520 2.0452 2.0604 3.09093.1216 4.1523 4.2040 5.2296 5.3081 2.0756 3.1525 4.2563 5.3877 2.0909 2.1062 2.1216 3.18363.21493.2465 4.3091 4.3625 4.4163 5.4684 5.5502 5.6330 2.1370 3.2782 4.4707 5.7169 2.1525 3.3101 4.5256 5.8019 2.1680 3.3423 4.5811 5.8881 2.1836 3.3746 4.6371 5.9753 2.2149 3.4399 4.7507 6.1533 2.2464 2.2781 3.5061 3.5731 4.8666 4.9847 6.33596.5233 2.3100 3.6410 5.1051 6.7156 2.3421 3.7097 5.2278 6.9129 2.3744 3.7793 5.3528 7.1152 4.3680 6.4416 8.9299 6 7 8 9 10 6.2135 7.2857 8.3685 9.4622 10.5668 6.3230 7.4328 8.5593 9.7027 10.8633 6.4343 7.5830 8.7546 9.9497 11.1687 6.5474 7.7361 8.9545 10.2034 11.4835 6.6625 6.7794 7.89238.0517 9.1591 9.3685 10.4639 10.7314 11.8078 2.1420 6.8983 8.2142 9.5828 11.0061 12.4864 7.0192 8.3800 9.8021 11.2882 12.8412 7.1420 8.5491 10.0266 11.5779 13.2068 7.2669 8.7216 10.2563 11.8754 13.5835 7.3938 8.8975 10.4913 12.1808 13.9716 7.65407.9228 8.2004 9.2598 9.636610.0285 10.9780 11.4876 12.0210 12.8164 13.4866 14.1929 14.7836 15.6455 16,5603 8.4872 10.4359 12.5795 14.9374 17.5312 8.7833 10.8594 13.1640 15.7220 18.5614 9.0890 11.2997 13.7757 16.5487 19.6546 11.9159 15.4991 19.7989 31.1504 38.5805 47.4966 11 11.6825 12.0412 12 12.8093 13.2368 13 13.9474 14.4504 14 15.0969 15.6821 15 16.2579 16.9324 12.4121 12.7956 13.1920 13.6020 13.6803 14.1404 14.6178 15.1130 14.9739 15.5190 16.0863 16.6770 16.2934 16.9319 17.5989 18.2957 17.6393 18.3802 19.1569 19.9710 14.0258 15.6268 17.2919 19.0236 20.8245 14.4640 16.1599 17.9321 19.7841 21.7193 14.9171 16.7130 18.5986 20.5786 22.6575 15.3856 17.2868 19.2926 21.4087 23.6411 15.869916.8885 17.8821 19.1406 20.0151 21.5505 22.2760 24.1290 24.6725 26.8881 17.9771 20.4953 23.2149 26.1521 29.3243 19.1407 21.9534 25.0192 28.3609 32.0034 20.3843 23.5227 26.9750 30.7725 34.9497 21.713223.1331 25.2116 27.0291 29.0949 31.3926 33.4054 36.2797 38.1899 41.7533 58.1959 71.0351 86.4421 16 17.4304 18.2014 19.0121 19.8647 20.7616 21.7050 22.6975 17 18.6147 19.4894 20.4123 21.3863 22.4144 23.4997 24.6454 18 19.8109 20.7967 21.8406 22.9460 24.1169 25.3572 26.6712 19 21.0190 22.1237 23.2974 24.5447 25.8704 27.2797 28.7781 20 22.2392 23.4705 24.7833 26.1833 27.6765 29.2695 30.9692 23.7417 25.8551 28.0636 30.3714 32.7831 24.8404 27.1324 29.5390 32.0660 34.7193 25.9964 28.4812 31.1027 33.8683 36.7861 27.2129 29.9057 32.7600 35.7856 38.9927 29.840232.7502 35.9737 32.9990 36.4502 40.3013 36.3790 40.4463 45.0185 39.9955 44.762050.1601 43.8652 49.4229 55.7645 39.544743.5008 44.5992 49.3959 50.1591 55.9395 56.2750 63.2028 63.0025 71.2651 47.8837 54.7497 62.4397 71.0524 80.6987 104.9306 127.1167 153.7400 185.6880 224.0256 21 23.4716 24.8376 26.2990 27.8629 29.5368 31.328933.2480 35.3034 25 28.5256 30.5140 32.6709 35.0117 37.5530 40.3131 43.3117 46.5706 30 35.1327 38.1018 41.3794 45.000349.0027 53.4295 58.3283 63.7524 40 49.3752 55.0819 61.6100 69.0876 77.6633 87.5095 98.8265 111.8467 37.5052 50.1135 69.7608 126.8398 39.8643 53.9660 76.4194 144.1189 42.3923 58.1564 83.8017 164.0477 48.0057 54.4568 61.8733 70.4027 80.2143 91.5026 67.6765 78.9544 92.3240 108.1818 126.9988 149.3339 101.0730 122.3459 148.5752 180.9434 220.9132 270.2926 213.6096 279.7810 368.2919 486.8518 645.8269 859.1424 270.0307 566.3773 1418.2579 8812.6294 TABLE 6 Present Value of an Annuity Due of $1 PVAD= |x (1+i) ni 1 2 3 4 5 1.0% 1.00000 1.99010 2.97040 3.94099 4.90197 1.5% 1.00000 1.98522 2.95588 3.91220 4.85438 2.0% 1.00000 1.98039 2.94156 3.88388 4.80773 2.5% 1.00000 1.97561 2.92742 3.85602 4.76197 3.0% 1.00000 1.97087 2.91347 3.82861 4.71710 3.5% 1.00000 1.96618 2.89969 3.80164 4.67308 4.0% 4.5% 1.00000 1.00000 1.96154 1.95694 2.886092.87267 3.77509 3.74896 4.62990 4.58753 5.0% 1.00000 1.95238 2.85941 3.72325 4.54595 5.5% 1.00000 1.94787 2.84632 3.69793 4.50515 6.0% 1.00000 1.94340 2.83339 3.67301 4.46511 7.0% 1.00000 1.93458 2.80802 3.62432 4.38721 8.0% 0.0% 1.00000 1.00000 1.925931.91743 2.78326 2.75911 3.57710 3.53129 4.312134.23972 0.0% 1.00000 1.90909 2.73554 3.48685 4.16987 11.0% 12.0% 1.00000 1.00000 1.90090 1.89286 2.71252 2.69005 3.44371 3.40183 4.10245 4.03735 20.0% 1.00000 1.83333 2.52778 3.10648 3.58873 6 7 8 9 10 5.85343 5.78264 6.79548 6.69719 7.728197.59821 8.65168 8.48593 9.56602 9.36052 5.71346 5.64583 5.57971 6.60143 6.50813 6.41719 7.471997.349397.23028 8.32548 8.17014 8.01969 9.16224 8.97087 8.78611 5.51505 5.45182 6.32855 6.24214 7.11454 7.00205 7.87396 7.73274 8.607698.43533 5.38998 5.32948 6.15787 6.07569 6.89270 6.78637 7.595897.46321 8.26879 8.10782 5.27028 5.99553 6.68297 7.33457 7.95220 5.21236 5.10020 4.99271 4.88965 5.91732 5.76654 5.62288 5.48592 6.58238 6.389296.20637 6.03295 7.209796.97130 6.74664 6.53482 7.801697.51523 7.246896.99525 4.79079 4.69590 4.60478 3.99061 5.35526 5.23054 5.11141 4.32551 5.86842 5.71220 5.56376 4.60459 6.33493 6.14612 5.96764 4.83716 6.75902 6.53705 6.32825 5.03097 11 12 13 14 15 10.47130 11.36763 12.25508 13.13374 14.00370 10.22218 9.98259 9.75206 9.53020 11.07112 10.78685 10.51421 10.25262 11.90751 11.57534 11.25776 10.95400 12.73153 12.34837 11.98318 11.63496 13.54338 13.10625 12.69091 12.29607 9.31661 10.00155 10.66333 11.30274 11.92052 9.11090 8.91272 9.76048 9.52892 10.38507 10.11858 10.98565 10.68285 11.56312 11.22283 8.72173 9.30641 9.86325 10.39357 10.89864 8.537638.360098.02358 7.710087.41766 9.09254 8.886878.49867 8.13896 7.80519 9.61852 9.38384 8.942698.53608 8.16073 10.11708 9.85268 9.35765 8.90378 8.48690 10.58965 10.29498 9.74547 9.24424 8.78615 7.14457 6.889236.650225.19247 7.49506 7.20652 6.93770 5.32706 7.813697.49236 7.19437 5.43922 8.10336 7.74987 7.42355 5.53268 8.366697.98187 7.62817 5.61057 16 14.86505 17 15.71787 18 16.56225 1917.39827 20 18.22601 14.34323 15.13126 15.90765 16.67256 17.42617 13.84926 14.57771 15.29187 15.99203 16.67846 13.38138 12.93794 12.51741 12.11839 14.05500 13.56110 13.09412 12.65230 14.71220 14.16612 13.65132 13.16567 15.35336 14.75351 14.18968 13.65930 15.97889 15.32380 14.70984 14.13394 11.73955 12.23402 12.70719 13.15999 13.59329 11.37966 11.83777 12.27407 12.68959 13.08532 11.03758 11.46216 11.86461 12.24607 12.60765 10.71225 11.10590 11.47726 11.82760 12.15812 10.10791 10.44665 10.76322 11.05909 11.33560 9.55948 9.85137 10.12164 10.37189 10.60360 9.060698.60608 8.19087 7.81086 5.67547 9.31256 8.82371 8.37916 7.97399 5.72956 9.543639.02155 8.54879 8.11963 5.77463 9.75563 9.20141 8.70162 8.24967 5.81219 9.95011 9.36492 8.83929 8.36578 5.84350 21 19.04555 18.16864 25 22.24339 21.03041 30 26.06579 24.37608 40 33.16303 30.36458 17.35143 16.58916 19.91393 18.88499 22.84438 21.45355 27.90259 25.73034 15.87747 15.21240 17.93554 17.05837 20.18845 19.03577 23.80822 22.10250 14.59033 16.24696 17.98371 20.58448 14.00794 15.49548 17.02189 19.22966 13.46221 14.79864 16.14107 18.01704 12.95038 14.15170 15.33310 16.92866 12.46992 13.55036 14.59072 15.94907 11.59401 12.46933 13.27767 14.26493 10.81815 11.52876 12.15841 12.87858 10.12855 10.70661 11.19828 11.72552 9.51356 8.96333 8.46944 5.86958 9.98474 9.34814 8.78432 5.93710 10.36961 9.65011 9.02181 5.97472 10.75696 9.93567 9.23303 5.99592 On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $48 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (FV of $1. PV of $1. FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. TABLE 1 Future Value of $1 FV = $1(1+i)" 20.0% 1.20000 1.44000 ndi 1.0% 1 1.01000 2 1.02010 3 1.03030 4 1.04060 5 1.05101 1.5% 2.0% 2.5% 1.01500 1.02000 1.02500 1.03022 1.04040 1.05063 1.04568 1.06121 1.07689 1.06136 1.08243 1.10381 1.07728 1.10408 1.13141 3.0% 1.03000 1.06090 1.09273 1.12551 1.15927 3.5% 4.0% 4.5% 5.0% 5.5% 1.03500 1.04000 1.04500 1.05000 1.05500 1.07123 1.08160 1.09203 1.10250 1.11303 1.10872 1.12486 1.14117 1.15763 1.17424 1.14752 1.16986 1.19252 1.21551 1.23882 1.18769 1.21665 1.24618 1.27628 1.30696 6.0% 7.0% 1.06000 1.07000 1.12360 1.14490 1.191021.22504 1.26248 1.31080 1.33823 1.40255 0.0% 1.08000 1.16640 1.25971 1.36049 1.46933 0.0% 0.0% 1.09000 1.10000 1.18810 1.21000 1.295031.33100 1.41158 1.46410 1.53862 1.61051 11.0% 1.11000 1.23210 1.36763 1.51807 1.68506 12.0% 1.12000 1.25440 1.40493 1.57352 1.76234 1.72800 2.07360 2.48832 6 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 1.26532 1.30226 1.34010 1.37884 1.41852 1.50073 1.58687 1.67710 1.77156 1.87041 1.97382 2.98598 3.58318 4.29982 7 8 9 10 1.07214 1.10984 1.14869 1.18869 1.08286 1.12649 1.17166 1.21840 1.09369 1.14339 1.19509 1.24886 1.10462 1.16054 1.21899 1.28008 1.22987 1.26677 1.30477 1.34392 1.27228 1.31593 1.36086 1.31681 1.36857 1.42210 1.36290 1.42331 1.48610 1.41060 1.48024 1.55297 1.40710 1.47746 1.55133 1.62889 1.45468 1.50363 1.53469 1.59385 1.619091.68948 1.70814 1.79085 1.60578 1.71819 1.83846 1.96715 1.71382 1.85093 1.99900 2.15892 1.82804 1.99256 2.17189 2.36736 1.94872 2.14359 2.35795 2.59374 2.07616 2.30454 2.55804 2.83942 2.21068 2.47596 2.77308 3.10585 5.15978 6.19174 7.43008 8.91610 11 12 13 14 15 1.11567 1.17795 1.12683 1.19562 1.13809 1.21355 1.14947 1.23176 1.16097 1.25023 1.24337 1.31209 1.38423 1.26824 1.34489 1.42576 1.29361 137851 1.46853 1.31948 1.41297 1.51259 1.34587 1.44830 1.55797 1.45997 1.51107 1.56396 1.61869 1.67535 1.53945 1.60103 1.66507 1.73168 1.80094 1.62285 1.69588 1.77220 1.85194 1.93528 1.71034 1.802091.89830 2.10485 1.79586 1.90121 2.01220 2.25219 1.88565 2.00577 2.132932.40985 1.97993 2.11609 2.26090 2.57853 2.07893 2.23248 2.39656 2.75903 2.33164 2.51817 2.71962 2.93719 3.17217 2.58043 2.85312 2.81266 3.13843 3.06580 3.45227 3.34173 3.79750 3.642484.17725 3.15176 3.47855 3.49845 3.89598 3.88328 4.36349 4.31044 4.88711 4.784595.47357 10.69932 12.83918 15.40702 18.48843 22.18611 16 17 18 19 20 1.17258 1.26899 1.37279 1.48451 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 1.18430 1.28802 1.40024 1.52162 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 1.20811 1.32695 1.45681 1.59865 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 1.22019 1.34686 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 2.54035 2.69277 2.85434 3.02560 3.20714 2.95216 3.15882 3.37993 3.61653 3.86968 3.42594 3.70002 3.99602 4.31570 4.66096 3.97031 4.32763 4.71712 5.14166 5.60441 4.59497 5.05447 5.55992 6.11591 6.72750 5.31089 6.13039 5.895096.86604 6.54355 7.68997 7.26334 8.61276 8.06231 9.64629 26.62333 31.94800 38.33760 21 25 30 40 1.23239 1.36706 1.51567 1.67958 1.28243 1.45095 1.64061 1.85394 1.34785 1.56308 1.81136 2.09757 1.48886 1.81402 2.20804 2.68506 1.86029 2.05943 2.09378 2.36324 2.42726 2.80679 3.26204 3.95926 2.27877 2.52024 2.78596 2.66584 3.00543 3.38635 3.24340 3.74532 4.32194 4.80102 5.81636 7.03999 3.07823 3.39956 3.813394.29187 4.98395 5.74349 8.51331 10.28572 4.14056 5.03383 6.10881 5.42743 6.84848 8.62308 7.61226 10.06266 13.26768 14.97446 21.72452 31.40942 7.40025 8.94917 10.83471 13.58546 17.44940 22.89230 45.25926 65.00087 10.80385 17.00006 29.95992 93.05097 46.00512 95.39622 237.37631 1469.77160 TABLE 2 Present Value of $1 $1 PV (1+1)" wi 1.0% 1 0.99010 2 0.98030 3 0.97059 4 0.96098 5 0.95147 1.5% 0.98522 0.97066 0.95632 0.94218 0.92826 2.0% 2.5% 0.98039 0.97561 0.96117 0.95181 0.94232 0.92860 0.92385 0.90595 0.90573 0.88385 3.0% 3.5% 4.0% 0.97087 0.96618 0.96154 0.94260 0.93351 0.92456 0.91514 0.90194 0.88900 0.88849 0.87144 0.85480 0.86261 0.84197 0.82193 4.5% 0.95694 0.91573 0.87630 0.83856 0.80245 5.0% 5.5% 6.0% 0.95238 0.94787 0.94340 0.90703 0.89845 0.89000 0.86384 0.85161 0.83962 0.82270 0.80722 0.79209 0.78353 0.76513 0.74726 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 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 0.78941 0.75941 0.73069 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 12 13 14 15 0.89632 0.84893 0.80426 0.88745 0.83639 0.78849 0.87866 0.82403 0.77303 0.86996 0.81185 0.75788 0.86135 0.79985 0.74301 0.76214 0.72242 0.68495 0.74356 0.70138 0.66178 0.72542 0.68095 0.63940 0.70773 0.66112 0.61778 0.69047 0.64186 0.59689 0.64958 0.62460 0.60057 0.57748 0.55526 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.58966 0.55684 0.52598 0.49697 0.44401 0.39711 0.56427 0.53032 0.49856 0.46884 0.41496 0.36770 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.38753 0.35553 0.32618 0.29925 0.27454 0.35049 0.31728 0.28748 0.31863 0.28584 0.25668 0.28966 0.25751 0.22917 0.26333 0.23199 0.20462 0.23939 0.20900 0.18270 0.13459 0.11216 0.09346 0.07789 0.06491 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.494470.45811 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 0.452800.41552 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 0.52016 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 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.02608 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 25 0.77977 0.68921 0.609530.53939 0.47761 0.42315 28 0.75684 0.65910 0.57437 0.50088 0.43708 0.38165 29 0.74934 0.64936 0.56311 0.48866 0.42435 0.36875 0.43883 0.39679 0.35894 0.32486 0.29416 0.24151 0.19866 0.16370 0.39012 0.34770 0.31007 0.27666 0.24698 0.19715 0.15770 0.12640 0.37512 0.33273 0.29530 0.26223 0.233000 .18425 0.14602 0.11597 0.33348 0.29157 0.255090.22332 0.19563 0.15040 0.11591 0.08955 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.10733 0.08215 0.13513 0.11174 0.09256 0.02174 0.10153 0.08170 0.06588 0.01258 0.09230 0.07361 0.05882 0.01048 0.06934 0.05382 0.04187 0.00607 0.06304 0.04849 0.03738 0.00506 30 0.74192 0.63976 0.55207 0.47674 31 0.73458 0.63031 0.54125 0.46511 40 0.67165 0.55126 0.45289 0.37243 0.41199 0.39999 0.30656 0.35628 0.30832 0.26700 0.34423 0.29646 0.25550 0.25257 0.20829 0.17193 0.23138 0.22036 0.14205 0.20064 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 0.00421 0.19018 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02980 0.00351 0.11746 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00068 TABLE 3 Future Value of an Ordinary Annuity of $1 EVA_ (1 + i)" - 1 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% 1.0000 2.2000 1 2 3 4 5 1.0000 2.0100 3.0301 4.0604 5.1010 1.000 2.0150 3.0452 4.0909 5.1523 1.0000 2.0200 3.0604 4.1216 5.2040 1.000 2.0250 3.0756 4.1525 5.2563 1.0000 2.0300 3.0909 4.1836 5.3091 10000 1.0000 2.0350 2.0400 3.1062 3.1216 4.21494.2465 5.3625 5.4163 1.000 2.0450 3.1370 4.2782 5.4707 1.000 2.0500 3.1525 4.3101 5.5256 1.000 1.000 2.0550 2.0600 3.16803.1836 4.3423 4.3746 5.58115.6371 1.0000 1.0000 2.0700 2.0800 3.2149 3.2464 4.4399 4.5061 5.75075.8666 1.000 2.0900 3.2781 4.5731 5.9847 1.0000 2.1000 3.3100 4.6410 6.1051 1.0000 2.1100 3.3421 4.7097 6.2278 1.0000 2.1200 3.3744 4.7793 6.3528 3.6400 5.3680 7.4416 9.9299 12.9159 6 7 8 9 10 6.1520 7.2135 8.2857 9.3685 10.4622 6.2296 7.3230 8.4328 9.5593 10.7027 6.3081 7.4343 8.5830 9.7546 10.9497 6.3877 7.5474 8.7361 9.9545 11.2034 6.4684 6.5502 7.66257.7794 8.8923 9.0517 10.1591 10.3685 11.4639 11.7314 6.6330 7.8983 9.2142 10.5828 12.0061 6.7169 8.0192 9.3800 10.8021 12.2882 6.8019 6.8881 6.9753 7.1533 8.1420 8.26698.39388.6540 9.5491 9.7216 9.8975 10.2598 11.0266 11.2563 11.4913 11.9780 12.5779 12.8754 13.1808 13.8164 7.3359 8.9228 10.6366 12.4876 14.4866 7.5233 9.2004 11.0285 13.0210 15.1929 7.7156 9.4872 11.4359 13.5795 15.9374 7.9129 9.7833 11.8594 14.1640 16.7220 8.1152 10.0890 12.2997 14.7757 17.5487 16.4991 20.7989 25.9587 11 11.5668 11.8633 12.1687 12.4835 12.8078 13.1420 13.4864 13.8412 14.2068 14.5835 14.9716 15.7836 16.6455 17.5603 18.5312 19.5614 20.6546 32.1504 12 13 14 15 12.6825 13.8093 14.9474 16.0969 13.0412 14.2368 15.4504 16.6821 13.4121 13.7956 14.1920 14.6020 14.6803 15.1404 15.6178 16.1130 15.9739 16.5190 17.0863 17.6770 17.2934 17.9319 18.5989 19.2957 15.0258 15.4640 16.6268 17.1599 18.291918.9321 20.0236 20.7841 15.9171 17.7130 19.5986 21.5786 16.3856 18.2868 20.2926 22.4087 16.8699 18.8821 21.0151 23.2760 17.8885 20.1406 22.5505 25.1290 18.9771 21.4953 24.2149 27.1521 20.1407 21.3843 22.9534 24.5227 26.0192 27.9750 29.360931.7725 22.7132 26.2116 30.0949 34.4054 24.1331 28.0291 32.3926 37.2797 39.5805 48.4966 59.1959 72.0351 16 17.2579 17.9324 18.6393 19.3802 20.1569 20.9710 21.8245 17 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 18 19.6147 20.4894 21.4123 22.3863 23.4144 24.4997 25.6454 19 20.8109 21.7967 22.8406 23.9460 25.1169 26.3572 27.6712 20 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 22.7193 24.7417 26.8551 29.0636 31.3714 23.6575 25.8404 28.1324 30.5390 33.0660 24.6411 26.9964 29.4812 32.1027 34.8683 25.6725 27.8881 28.212930.8402 30.9057 33.9990 33.7600 37.3790 36.7856 40.9955 30.3243 33.7502 37.4502 41.4463 45.7620 33.0034 36.9737 41.3013 46.0185 51.1601 35.9497 40.5447 45.5992 51.1591 57.2750 39.189942.7533 44.5008 48.8837 50.395955.7497 56.9395 63.4397 64.2028 72.0524 87.4421 105.9306 128.1167 154.7400 186.6880 21 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.9692 33.7831 30 34.7849 37.5387 40.5681 43.9027 47.5754 51.6227 56.084961.0071 40 48.8864 54.2679 60.4020 67.4026 75.4013 84.5503 95.0255 107.0303 35.7193 37.7861 66.4388 72.4355 120.7998 136.6056 39.9927 79.0582 154.7620 44.8652 50.422956.7645 64.0025 72.2651 81.6987 225.0256 94.4608 113.2832 136.3075 164.4940 199.0209241.3327 1181.8816 199.6351 259.0565 337.8824 442.5926 581.8261 767.0914 7343.8578 TABLE 4 Present Value of an ordinary Annuity of $1 1- (+1) PVA== ni 1 2 3 4 5 1.0% 1.5% 0.99010 0.98522 1.97040 1.95588 2.940992.91220 3.90197 3.85438 4.85343 4.78264 2.0% 2.5% 0.980390.97561 1.94156 1.92742 2.88388 2.85602 3.80773 3.76197 4.71346 4.64583 3.0% 0.97087 1.91347 2.82861 3.71710 4.57971 3.5% 4.0% 4.5% 0.96618 0.96154 0.95694 1.899691.886091.87267 2.80164 2.77509 2.74896 3.67308 3.62990 3.58753 4.51505 4.45182 4.38998 5.0% 0.95238 1.85941 2.72325 3.54595 4.32948 5.5% 0.94787 1.84632 2.69793 3.50515 4.27028 6.0% 0.94340 1.83339 2.67301 3.46511 4.21236 7.0% 0.93458 1.80802 2.62432 3.38721 4.10020 8.0% 0.92593 1.78326 2.57710 3.31213 3.99271 0.0% 0.0% 0.91743 0.90909 1.75911 1.73554 2.53129 2.48685 3.23972 3.16987 3.88965 3.79079 11.0% 12.0% 0.90090 0.89286 1.71252 1.69005 2.44371 2.40183 3.10245 3.03735 3.69590 3.60478 20.0% 0.83333 1.52778 2.10648 2.58873 2.99061 6 7 8 9 10 5.79548 5.69719 5.60143 6.728196.59821 6.47199 7.65168 7.485937.32548 8.56602 8.36052 8.16224 9.47130 9.22218 8.98259 5.50813 5.41719 6.349396.23028 7.17014 7.01969 7.97087 7.78611 8.75206 8.53020 5.32855 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 4.62288 6.11454 6.00205 5.89270 5.78637 5.68297 5.58238 5.389295.20637 6.87396 6.73274 6.595896.46321 6.33457 6.209795.97130 5.74664 7.607697.435337.268797.10782 6.952206.801696.51523 6.24689 8.31661 8.11090 791272 7.721737.537637.360097.02358 6.71008 4.48592 4.35526 4.23054 4.11141 3.32551 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 11 12 13 14 15 10.36763 10.07112 9.78685 11.25508 10.90751 10.57534 12.13374 11.73153 11.34837 13.00370 12.54338 12.10625 13.86505 13.34323 12.84926 9.51421 10.25776 10.98319 11.69091 12.38138 9.252629.001558.76048 9.95400 9.66333 9.38507 10.63496 10.30274 9.98565 11.29607 10.92052 10.56312 11.93794 11.51741 11.11839 8.52892 9.11858 9.68285 10.22283 10.73955 8.30641 8.86325 9.39357 9.89864 10.37966 8.09254 7.88687 7.49867 7.13896 8.61852 8.38384 7.942697.53608 9.11708 8.85268 8.35765 7.90378 9.589659.294988.74547 8.24424 10.03758 9.71225 9.10791 8.55948 6.80519 6.49506 6.20652 5.93770 4.32706 7.16073 6.81369 6.49236 6.19437 4.43922 7.48690 7.10336 6.74987 6.42355 4.53268 7.78615 7.36669 6.98187 6.62817 4.61057 8.060697.60608 7.19087 6.81086 4.67547 16 17 18 19 20 14.71787 14.13126 15.56225 14.90765 16.39827 15.67256 17.22601 16.42617 18.04555 17.16864 13.57771 13.05500 14.29187 13.71220 14.99203 14.35336 15.67846 14.97889 16.35143 15.58916 12.56110 12.09412 13.16612 12.65132 13.75351 13.18968 14.32380 13.70984 14.87747 14.21240 11.65230 11.23402 12.16567 11.70719 12.65930 12.15999 13.13394 12.59329 13.59033 13.00794 10.83777 11.27407 11.68959 12.08532 12.46221 10.46216 10.86461 11.24607 11.60765 11.95038 10.10590 10.47726 10.82760 11.15812 11.46992 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 4.72956 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 4.77463 10.059099.371898.75563 8.20141 7.701627.24967 4.81219 10.33560 9.60360 8.95011 8.36492 7.839297.36578 4.84350 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 4.86958 21 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 25 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 30 25.80771 24.01584 22.39646 20.93029 19.60044 18.39205 17.29203 40 32.83469 29.91585 27.35548 25.10278 23.11477 21.35507 19.79277 13.40472 14.82821 16.28889 18.40158 12.82115 14.09394 15.37245 17.15909 12.27524 13.41393 14.53375 16.04612 11.76408 12.78336 13.76483 15.04630 10.83553 11.65358 12.40904 13.33171 10.01680 10.67478 11.25778 11.92461 9.29224 8.64869 8.07507 7.56200 4.89132 9.82258 9.07704 8.42174 7.84314 4.94759 10.27365 9.42691 8.69379 8.05518 4.97894 10.75736 9.77905 8.95105 8.24378 4.99660 TABLE 5 Future Value of an Annuity Due of $1 (1+i)" -11 FVAD - = *(1+i) wi 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5,5% 6.0% 7.0% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 1 1.0100 1.0150 1.0200 1.0250 1.0300 1.0350 1.0400 1.0450 1.0500 1.0550 1.0600 1.0700 1.0800 1.0900 1.1000 1.1100 1.1200 1.2000 2 2.6400 3 4 5 2.0301 3.0604 4.1010 5.1520 2.0452 2.0604 3.09093.1216 4.1523 4.2040 5.2296 5.3081 2.0756 3.1525 4.2563 5.3877 2.0909 2.1062 2.1216 3.18363.21493.2465 4.3091 4.3625 4.4163 5.4684 5.5502 5.6330 2.1370 3.2782 4.4707 5.7169 2.1525 3.3101 4.5256 5.8019 2.1680 3.3423 4.5811 5.8881 2.1836 3.3746 4.6371 5.9753 2.2149 3.4399 4.7507 6.1533 2.2464 2.2781 3.5061 3.5731 4.8666 4.9847 6.33596.5233 2.3100 3.6410 5.1051 6.7156 2.3421 3.7097 5.2278 6.9129 2.3744 3.7793 5.3528 7.1152 4.3680 6.4416 8.9299 6 7 8 9 10 6.2135 7.2857 8.3685 9.4622 10.5668 6.3230 7.4328 8.5593 9.7027 10.8633 6.4343 7.5830 8.7546 9.9497 11.1687 6.5474 7.7361 8.9545 10.2034 11.4835 6.6625 6.7794 7.89238.0517 9.1591 9.3685 10.4639 10.7314 11.8078 2.1420 6.8983 8.2142 9.5828 11.0061 12.4864 7.0192 8.3800 9.8021 11.2882 12.8412 7.1420 8.5491 10.0266 11.5779 13.2068 7.2669 8.7216 10.2563 11.8754 13.5835 7.3938 8.8975 10.4913 12.1808 13.9716 7.65407.9228 8.2004 9.2598 9.636610.0285 10.9780 11.4876 12.0210 12.8164 13.4866 14.1929 14.7836 15.6455 16,5603 8.4872 10.4359 12.5795 14.9374 17.5312 8.7833 10.8594 13.1640 15.7220 18.5614 9.0890 11.2997 13.7757 16.5487 19.6546 11.9159 15.4991 19.7989 31.1504 38.5805 47.4966 11 11.6825 12.0412 12 12.8093 13.2368 13 13.9474 14.4504 14 15.0969 15.6821 15 16.2579 16.9324 12.4121 12.7956 13.1920 13.6020 13.6803 14.1404 14.6178 15.1130 14.9739 15.5190 16.0863 16.6770 16.2934 16.9319 17.5989 18.2957 17.6393 18.3802 19.1569 19.9710 14.0258 15.6268 17.2919 19.0236 20.8245 14.4640 16.1599 17.9321 19.7841 21.7193 14.9171 16.7130 18.5986 20.5786 22.6575 15.3856 17.2868 19.2926 21.4087 23.6411 15.869916.8885 17.8821 19.1406 20.0151 21.5505 22.2760 24.1290 24.6725 26.8881 17.9771 20.4953 23.2149 26.1521 29.3243 19.1407 21.9534 25.0192 28.3609 32.0034 20.3843 23.5227 26.9750 30.7725 34.9497 21.713223.1331 25.2116 27.0291 29.0949 31.3926 33.4054 36.2797 38.1899 41.7533 58.1959 71.0351 86.4421 16 17.4304 18.2014 19.0121 19.8647 20.7616 21.7050 22.6975 17 18.6147 19.4894 20.4123 21.3863 22.4144 23.4997 24.6454 18 19.8109 20.7967 21.8406 22.9460 24.1169 25.3572 26.6712 19 21.0190 22.1237 23.2974 24.5447 25.8704 27.2797 28.7781 20 22.2392 23.4705 24.7833 26.1833 27.6765 29.2695 30.9692 23.7417 25.8551 28.0636 30.3714 32.7831 24.8404 27.1324 29.5390 32.0660 34.7193 25.9964 28.4812 31.1027 33.8683 36.7861 27.2129 29.9057 32.7600 35.7856 38.9927 29.840232.7502 35.9737 32.9990 36.4502 40.3013 36.3790 40.4463 45.0185 39.9955 44.762050.1601 43.8652 49.4229 55.7645 39.544743.5008 44.5992 49.3959 50.1591 55.9395 56.2750 63.2028 63.0025 71.2651 47.8837 54.7497 62.4397 71.0524 80.6987 104.9306 127.1167 153.7400 185.6880 224.0256 21 23.4716 24.8376 26.2990 27.8629 29.5368 31.328933.2480 35.3034 25 28.5256 30.5140 32.6709 35.0117 37.5530 40.3131 43.3117 46.5706 30 35.1327 38.1018 41.3794 45.000349.0027 53.4295 58.3283 63.7524 40 49.3752 55.0819 61.6100 69.0876 77.6633 87.5095 98.8265 111.8467 37.5052 50.1135 69.7608 126.8398 39.8643 53.9660 76.4194 144.1189 42.3923 58.1564 83.8017 164.0477 48.0057 54.4568 61.8733 70.4027 80.2143 91.5026 67.6765 78.9544 92.3240 108.1818 126.9988 149.3339 101.0730 122.3459 148.5752 180.9434 220.9132 270.2926 213.6096 279.7810 368.2919 486.8518 645.8269 859.1424 270.0307 566.3773 1418.2579 8812.6294 TABLE 6 Present Value of an Annuity Due of $1 PVAD= |x (1+i) ni 1 2 3 4 5 1.0% 1.00000 1.99010 2.97040 3.94099 4.90197 1.5% 1.00000 1.98522 2.95588 3.91220 4.85438 2.0% 1.00000 1.98039 2.94156 3.88388 4.80773 2.5% 1.00000 1.97561 2.92742 3.85602 4.76197 3.0% 1.00000 1.97087 2.91347 3.82861 4.71710 3.5% 1.00000 1.96618 2.89969 3.80164 4.67308 4.0% 4.5% 1.00000 1.00000 1.96154 1.95694 2.886092.87267 3.77509 3.74896 4.62990 4.58753 5.0% 1.00000 1.95238 2.85941 3.72325 4.54595 5.5% 1.00000 1.94787 2.84632 3.69793 4.50515 6.0% 1.00000 1.94340 2.83339 3.67301 4.46511 7.0% 1.00000 1.93458 2.80802 3.62432 4.38721 8.0% 0.0% 1.00000 1.00000 1.925931.91743 2.78326 2.75911 3.57710 3.53129 4.312134.23972 0.0% 1.00000 1.90909 2.73554 3.48685 4.16987 11.0% 12.0% 1.00000 1.00000 1.90090 1.89286 2.71252 2.69005 3.44371 3.40183 4.10245 4.03735 20.0% 1.00000 1.83333 2.52778 3.10648 3.58873 6 7 8 9 10 5.85343 5.78264 6.79548 6.69719 7.728197.59821 8.65168 8.48593 9.56602 9.36052 5.71346 5.64583 5.57971 6.60143 6.50813 6.41719 7.471997.349397.23028 8.32548 8.17014 8.01969 9.16224 8.97087 8.78611 5.51505 5.45182 6.32855 6.24214 7.11454 7.00205 7.87396 7.73274 8.607698.43533 5.38998 5.32948 6.15787 6.07569 6.89270 6.78637 7.595897.46321 8.26879 8.10782 5.27028 5.99553 6.68297 7.33457 7.95220 5.21236 5.10020 4.99271 4.88965 5.91732 5.76654 5.62288 5.48592 6.58238 6.389296.20637 6.03295 7.209796.97130 6.74664 6.53482 7.801697.51523 7.246896.99525 4.79079 4.69590 4.60478 3.99061 5.35526 5.23054 5.11141 4.32551 5.86842 5.71220 5.56376 4.60459 6.33493 6.14612 5.96764 4.83716 6.75902 6.53705 6.32825 5.03097 11 12 13 14 15 10.47130 11.36763 12.25508 13.13374 14.00370 10.22218 9.98259 9.75206 9.53020 11.07112 10.78685 10.51421 10.25262 11.90751 11.57534 11.25776 10.95400 12.73153 12.34837 11.98318 11.63496 13.54338 13.10625 12.69091 12.29607 9.31661 10.00155 10.66333 11.30274 11.92052 9.11090 8.91272 9.76048 9.52892 10.38507 10.11858 10.98565 10.68285 11.56312 11.22283 8.72173 9.30641 9.86325 10.39357 10.89864 8.537638.360098.02358 7.710087.41766 9.09254 8.886878.49867 8.13896 7.80519 9.61852 9.38384 8.942698.53608 8.16073 10.11708 9.85268 9.35765 8.90378 8.48690 10.58965 10.29498 9.74547 9.24424 8.78615 7.14457 6.889236.650225.19247 7.49506 7.20652 6.93770 5.32706 7.813697.49236 7.19437 5.43922 8.10336 7.74987 7.42355 5.53268 8.366697.98187 7.62817 5.61057 16 14.86505 17 15.71787 18 16.56225 1917.39827 20 18.22601 14.34323 15.13126 15.90765 16.67256 17.42617 13.84926 14.57771 15.29187 15.99203 16.67846 13.38138 12.93794 12.51741 12.11839 14.05500 13.56110 13.09412 12.65230 14.71220 14.16612 13.65132 13.16567 15.35336 14.75351 14.18968 13.65930 15.97889 15.32380 14.70984 14.13394 11.73955 12.23402 12.70719 13.15999 13.59329 11.37966 11.83777 12.27407 12.68959 13.08532 11.03758 11.46216 11.86461 12.24607 12.60765 10.71225 11.10590 11.47726 11.82760 12.15812 10.10791 10.44665 10.76322 11.05909 11.33560 9.55948 9.85137 10.12164 10.37189 10.60360 9.060698.60608 8.19087 7.81086 5.67547 9.31256 8.82371 8.37916 7.97399 5.72956 9.543639.02155 8.54879 8.11963 5.77463 9.75563 9.20141 8.70162 8.24967 5.81219 9.95011 9.36492 8.83929 8.36578 5.84350 21 19.04555 18.16864 25 22.24339 21.03041 30 26.06579 24.37608 40 33.16303 30.36458 17.35143 16.58916 19.91393 18.88499 22.84438 21.45355 27.90259 25.73034 15.87747 15.21240 17.93554 17.05837 20.18845 19.03577 23.80822 22.10250 14.59033 16.24696 17.98371 20.58448 14.00794 15.49548 17.02189 19.22966 13.46221 14.79864 16.14107 18.01704 12.95038 14.15170 15.33310 16.92866 12.46992 13.55036 14.59072 15.94907 11.59401 12.46933 13.27767 14.26493 10.81815 11.52876 12.15841 12.87858 10.12855 10.70661 11.19828 11.72552 9.51356 8.96333 8.46944 5.86958 9.98474 9.34814 8.78432 5.93710 10.36961 9.65011 9.02181 5.97472 10.75696 9.93567 9.23303 5.99592