Use the annuity factors shown in Appendix Table 3 to calculate the PV of $100 in each of:

a. Years 1 through 20 (at a discount rate of 23 percent).

b. Years 1 through 5 (at a discount rate of 3 percent).

c. Years 3 through 12 (at a discount rate of 9percent).

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Interest Rate per Year Number of Years 1% 2% 3% 4% 5% 6% 7% 8% 10% 11% 12% 13% 14% 15% .909 1.736 1.713 1.690 .990 .980 .971 .962 .952 .943 .935 .926 .917 .901 .893 .885 .877 .870 1.759 2.531 1.913 2.829 1.647 1.626 1.970 1.942 1.886 1.859 1.833 1.808 1.783 1.668 2.775 2.723 2.941 2.884 2.673 2.624 2.577 2.487 2444 2.402 2.361 2.322 2.283 3.902 3.908 3.717 3.630 3.546 3465 3.387 3.312 3.240 3.170 3.102 3.037 2.974 2.914 2.855 4.329 4.212 4.853 4.713 4.580 4452 4.100 3.993 3.890 3.791 3.696 3.605 3.517 3.433 3.352 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.231 4.111 3.998 3.889 3.784 6.472 6.728 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.712 4.564 4.423 4.288 4.160 7.652 7.325 7.020 6.733 6463 6.210 5.971 5.747 5.535 5.335 5.146 4.968 4.799 4.639 4.487 5.995 8.566 8.162 7.786 7.435 7.108 6.802 6.515 7.024 6.247 5.759 5.537 5.328 5.132 4.946 4.772 7.722 10 9.471 8.983 8.530 8.111 7.360 6.710 6.418 6.145 5.889 5.650 5.426 5.216 5.019 6.495 6.207 11 10.37 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 5.938 5.687 5.453 5.234 8.863 12 11.26 10.58 9.954 9.385 8.384 7.943 7.536 7.161 6.814 6492 6.194 5.918 5.660 5.421 12.13 13.00 8.358 8.745 7.103 7.786 7.367 13 11.35 10.63 9.986 9.394 8.853 7.904 7.487 6.750 6.424 6.122 5.842 5.583 9.899 14 12.11 11.30 11.94 10.56 9.295 8.244 6.982 6.628 6.302 6.002 5.724 8.559 15 13.87 12.85 11.12 10.38 9.712 9.108 8.061 7.606 7.191 6.811 6.462 6.142 5.847 10.84 16 14.72 13.58 12.56 11.65 10.11 9.447 8.851 8.313 7.824 7.379 6.974 6.604 6.265 5.954 14.29 12.17 11.27 9.122 6.373 6.047 17 15.56 13.17 10 48 9.763 8.544 8.022 7.549 7.120 6.729 18 16.40 14.99 13.75 12.66 11.69 10.83 10.06 9.372 8.756 8.201 7.702 7.250 6.840 6.467 6.128 19 17.23 15.68 14.32 13.13 12.09 11.16 10.34 9.604 8.950 8.365 7.839 7.366 6.938 6.550 6.198 13.59 11.47 20 18.05 16.35 14.88 1246 10.59 9.818 9.129 8.514 7.963 7.469 7.025 6.623 6.259 22.02 25 19.52 22.40 17.41 15.62 14.09 12.78 11.65 10.67 9.823 9.077 8422 7.843 7.330 6.873 6.464 13.76 11.26 30 25.81 19.60 17.29 15.37 12.41 10.27 9.427 8.694 8.055 7.496 7.003 6.566 Interest Rate per Year Number of Years 17% 16% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% .833 862 .855 .847 .840 .826 820 .813 .906 900 .794 .787 .781 .775 .769 1.605 1.585 1.509 1.474 1.457 1.361 1.566 1.547 1.528 1.492 1.440 1424 1.407 1.392 1.376 1.842 2.246 2.210 2.174 2.140 2.106 2.074 2.042 2.011 1.981 1.952 1.923 1.896 1.868 1.816 2.404 2.166 2.798 2.743 2.690 2.639 2.589 2.540 2.494 2.448 2.362 2.320 2.280 2.583 2.241 2.203 2.532 2483 3.274 3.199 3.127 3.058 2.991 2.926 2.864 2.803 2.745 2.689 2.635 2.436 3.245 3.685 3.589 3.498 3.410 3.326 3.167 3.092 3.020 2.951 2.885 2.821 2.759 2.700 2.643 3.327 3.161 3.329 4.039 3.922 3.812 3.706 3.605 3.508 3.416 3.242 3.083 3.009 2.937 2.868 2.802 4.207 4.078 4.344 3.954 3.837 3.726 3.619 3.518 3.421 3.241 3.156 3.076 2.999 2.925 4.607 3.673 3.019 3.178 3.092 4.451 4.303 4.163 4.031 3.905 3.786 3.566 3.463 3.366 3.273 3.184 3.100 3.269 10 4.833 4.659 4.494 4.339 4.192 4.054 3.923 3.799 3.682 3.571 3465 3.364 11 5.029 4.836 4.656 4.486 4.327 4.177 4.035 3.902 3.776 3.656 3.543 3.437 3.335 3.239 3.147 4.988 4.611 3.286 3.190 12 5.197 4.793 4.439 4.278 4.127 3.985 3.851 3.725 3.606 3.493 3.387 4.910 4.533 4.203 4.053 13 5.342 5.118 4.715 4.362 3.912 3.780 3.656 3.538 3.427 3.322 3.223 5.468 3.249 14 5.229 5.008 4.802 4.611 4.432 4.265 4.108 3.962 3.824 3.695 3.573 3.459 3.351 5.092 4.489 4.315 3.601 15 5.575 5.324 4.876 4.675 4.153 4.001 3.859 3.726 3.483 3.373 3.268 3.887 3.503 3.518 16 5.668 5405 5.162 4.938 4.730 4.536 4.357 4.189 4.033 3.751 3.623 3.390 3.283 4.990 3.295 17 5.749 5475 5.534 5.222 4.775 4.576 4.391 4.219 4.059 3.910 3.771 3.640 3403 5.273 3.654 3.664 3.673 18 5.818 5.033 4.812 4.608 4,419 4.243 4.080 3.928 3.786 3.529 3.413 3.304 3.311 5.316 4.843 3421 19 5.877 5.584 5.070 4.635 4.442 4.263 4.097 3.942 3.799 3.539 4.657 4.279 4.110 20 5.929 5.628 5.353 5.101 4.870 4.460 3.954 3.808 3.546 3427 3.316 5.467 25 6.097 5.766 5.195 4.948 4.721 4.514 4.323 4.147 3.985 3.834 3.694 3.564 3.442 3.329 4.746 3.569 30 6.177 5.829 5.517 5.235 4.979 4.534 4.339 4.160 3.995 3.842 3.701 3447 3.332