A P P E N D I X

Compound Interest
Factors for Discrete
Compounding, Discrete
Cash Flows
478 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 0.5% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0050 0.99502 1.0000 1.0000 1.0050 0.99502 0.00000
2 1.0100 0.99007 0.49875 2.0050 0.50375 1.9851 0.49875
3 1.0151 0.98515 0.33167 3.0150 0.33667 2.9702 0.99667
4 1.0202 0.98025 0.24813 4.0301 0.25313 3.9505 1.4938
5 1.0253 0.97537 0.19801 5.0503 0.20301 4.9259 1.9900
6 1.0304 0.97052 0.16460 6.0755 0.16960 5.8964 2.4855
7 1.0355 0.96569 0.14073 7.1059 0.14573 6.8621 2.9801
8 1.0407 0.96089 0.12283 8.1414 0.12783 7.8230 3.4738
9 1.0459 0.95610 0.10891 9.1821 0.11391 8.7791 3.9668
10 1.0511 0.95135 0.09777 10.228 0.10277 9.7304 4.4589
11 1.0564 0.94661 0.08866 11.279 0.09366 10.677 4.9501
12 1.0617 0.94191 0.08107 12.336 0.08607 11.619 5.4406
13 1.0670 0.93722 0.07464 13.397 0.07964 12.556 5.9302
14 1.0723 0.93256 0.06914 14.464 0.07414 13.489 6.4190
15 1.0777 0.92792 0.06436 15.537 0.06936 14.417 6.9069
16 1.0831 0.92330 0.06019 16.614 0.06519 15.340 7.3940
17 1.0885 0.91871 0.05651 17.697 0.06151 16.259 7.8803
18 1.0939 0.91414 0.05323 18.786 0.05823 17.173 8.3658
19 1.0994 0.90959 0.05030 19.880 0.05530 18.082 8.8504
20 1.1049 0.90506 0.04767 20.979 0.05267 18.987 9.3342
21 1.1104 0.90056 0.04528 22.084 0.05028 19.888 9.8172
22 1.1160 0.89608 0.04311 23.194 0.04811 20.784 10.299
23 1.1216 0.89162 0.04113 24.310 0.04613 21.676 10.781
24 1.1272 0.88719 0.03932 25.432 0.04432 22.563 11.261
25 1.1328 0.88277 0.03765 26.559 0.04265 23.446 11.741
26 1.1385 0.87838 0.03611 27.692 0.04111 24.324 12.220
27 1.1442 0.87401 0.03469 28.830 0.03969 25.198 12.698
28 1.1499 0.86966 0.03336 29.975 0.03836 26.068 13.175
29 1.1556 0.86533 0.03213 31.124 0.03713 26.933 13.651
30 1.1614 0.86103 0.03098 32.280 0.03598 27.794 14.126
31 1.1672 0.85675 0.02990 33.441 0.03490 28.651 14.601
32 1.1730 0.85248 0.02889 34.609 0.03389 29.503 15.075
33 1.1789 0.84824 0.02795 35.782 0.03295 30.352 15.548
34 1.1848 0.84402 0.02706 36.961 0.03206 31.196 16.020
35 1.1907 0.83982 0.02622 38.145 0.03122 32.035 16.492
40 1.2208 0.81914 0.02265 44.159 0.02765 36.172 18.836
45 1.2516 0.79896 0.01987 50.324 0.02487 40.207 21.159
50 1.2832 0.77929 0.01765 56.645 0.02265 44.143 23.462
55 1.3156 0.76009 0.01584 63.126 0.02084 47.981 25.745
60 1.3489 0.74137 0.01433 69.770 0.01933 51.726 28.006
65 1.3829 0.72311 0.01306 76.582 0.01806 55.377 30.247
70 1.4178 0.70530 0.01197 83.566 0.01697 58.939 32.468
75 1.4536 0.68793 0.01102 90.727 0.01602 62.414 34.668
80 1.4903 0.67099 0.01020 98.068 0.01520 65.802 36.847
85 1.5280 0.65446 0.00947 105.59 0.01447 69.108 39.006
90 1.5666 0.63834 0.00883 113.31 0.01383 72.331 41.145
95 1.6061 0.62262 0.00825 121.22 0.01325 75.476 43.263
100 1.6467 0.60729 0.00773 129.33 0.01273 78.543 45.361
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 479

i ! 1% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0100 0.99010 1.0000 1.0000 1.0100 0.99010 0.00000
2 1.0201 0.98030 0.49751 2.0100 0.50751 1.9704 0.49751
3 1.0303 0.97059 0.33002 3.0301 0.34002 2.9410 0.99337
4 1.0406 0.96098 0.24628 4.0604 0.25628 3.9020 1.4876
5 1.0510 0.95147 0.19604 5.1010 0.20604 4.8534 1.9801
6 1.0615 0.94205 0.16255 6.1520 0.17255 5.7955 2.4710
7 1.0721 0.93272 0.13863 7.2135 0.14863 6.7282 2.9602
8 1.0829 0.92348 0.12069 8.2857 0.13069 7.6517 3.4478
9 1.0937 0.91434 0.10674 9.3685 0.11674 8.5660 3.9337
10 1.1046 0.90529 0.09558 10.462 0.10558 9.4713 4.4179
11 1.1157 0.89632 0.08645 11.567 0.09645 10.368 4.9005
12 1.1268 0.88745 0.07885 12.683 0.08885 11.255 5.3815
13 1.1381 0.87866 0.07241 13.809 0.08241 12.134 5.8607
14 1.1495 0.86996 0.06690 14.947 0.07690 13.004 6.3384
15 1.1610 0.86135 0.06212 16.097 0.07212 13.865 6.8143
16 1.1726 0.85282 0.05794 17.258 0.06794 14.718 7.2886
17 1.1843 0.84438 0.05426 18.430 0.06426 15.562 7.7613
18 1.1961 0.83602 0.05098 19.615 0.06098 16.398 8.2323
19 1.2081 0.82774 0.04805 20.811 0.05805 17.226 8.7017
20 1.2202 0.81954 0.04542 22.019 0.05542 18.046 9.1694
21 1.2324 0.81143 0.04303 23.239 0.05303 18.857 9.6354
22 1.2447 0.80340 0.04086 24.472 0.05086 19.660 10.100
23 1.2572 0.79544 0.03889 25.716 0.04889 20.456 10.563
24 1.2697 0.78757 0.03707 26.973 0.04707 21.243 11.024
25 1.2824 0.77977 0.03541 28.243 0.04541 22.023 11.483
26 1.2953 0.77205 0.03387 29.526 0.04387 22.795 11.941
27 1.3082 0.76440 0.03245 30.821 0.04245 23.560 12.397
28 1.3213 0.75684 0.03112 32.129 0.04112 24.316 12.852
29 1.3345 0.74934 0.02990 33.450 0.03990 25.066 13.304
30 1.3478 0.74192 0.02875 34.785 0.03875 25.808 13.756
31 1.3613 0.73458 0.02768 36.133 0.03768 26.542 14.205
32 1.3749 0.72730 0.02667 37.494 0.03667 27.270 14.653
33 1.3887 0.72010 0.02573 38.869 0.03573 27.990 15.099
34 1.4026 0.71297 0.02484 40.258 0.03484 28.703 15.544
35 1.4166 0.70591 0.02400 41.660 0.03400 29.409 15.987
40 1.4889 0.67165 0.02046 48.886 0.03046 32.835 18.178
45 1.5648 0.63905 0.01771 56.481 0.02771 36.095 20.327
50 1.6446 0.60804 0.01551 64.463 0.02551 39.196 22.436
55 1.7285 0.57853 0.01373 72.852 0.02373 42.147 24.505
60 1.8167 0.55045 0.01224 81.670 0.02224 44.955 26.533
65 1.9094 0.52373 0.01100 90.937 0.02100 47.627 28.522
70 2.0068 0.49831 0.00993 100.68 0.01993 50.169 30.470
75 2.1091 0.47413 0.00902 110.91 0.01902 52.587 32.379
80 2.2167 0.45112 0.00822 121.67 0.01822 54.888 34.249
85 2.3298 0.42922 0.00752 132.98 0.01752 57.078 36.080
90 2.4486 0.40839 0.00690 144.86 0.01690 59.161 37.872
95 2.5735 0.38857 0.00636 157.35 0.01636 61.143 39.626
100 2.7048 0.36971 0.00587 170.48 0.01587 63.029 41.343
480 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 1.5% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0150 0.98522 1.0000 1.0000 1.0150 0.98522 0.00000
2 1.0302 0.97066 0.49628 2.0150 0.51128 1.9559 0.49628
3 1.0457 0.95632 0.32838 3.0452 0.34338 2.9122 0.99007
4 1.0614 0.94218 0.24444 4.0909 0.25944 3.8544 1.4814
5 1.0773 0.92826 0.19409 5.1523 0.20909 4.7826 1.9702
6 1.0934 0.91454 0.16053 6.2296 0.17553 5.6972 2.4566
7 1.1098 0.90103 0.13656 7.3230 0.15156 6.5982 2.9405
8 1.1265 0.88771 0.11858 8.4328 0.13358 7.4859 3.4219
9 1.1434 0.87459 0.10461 9.5593 0.11961 8.3605 3.9008
10 1.1605 0.86167 0.09343 10.703 0.10843 9.2222 4.3772
11 1.1779 0.84893 0.08429 11.863 0.09929 10.071 4.8512
12 1.1956 0.83639 0.07668 13.041 0.09168 10.908 5.3227
13 1.2136 0.82403 0.07024 14.237 0.08524 11.732 5.7917
14 1.2318 0.81185 0.06472 15.450 0.07972 12.543 6.2582
15 1.2502 0.79985 0.05994 16.682 0.07494 13.343 6.7223
16 1.2690 0.78803 0.05577 17.932 0.07077 14.131 7.1839
17 1.2880 0.77639 0.05208 19.201 0.06708 14.908 7.6431
18 1.3073 0.76491 0.04881 20.489 0.06381 15.673 8.0997
19 1.3270 0.75361 0.04588 21.797 0.06088 16.426 8.5539
20 1.3469 0.74247 0.04325 23.124 0.05825 17.169 9.0057
21 1.3671 0.73150 0.04087 24.471 0.05587 17.900 9.4550
22 1.3876 0.72069 0.03870 25.838 0.05370 18.621 9.9018
23 1.4084 0.71004 0.03673 27.225 0.05173 19.331 10.346
24 1.4295 0.69954 0.03492 28.634 0.04992 20.030 10.788
25 1.4509 0.68921 0.03326 30.063 0.04826 20.720 11.228
26 1.4727 0.67902 0.03173 31.514 0.04673 21.399 11.665
27 1.4948 0.66899 0.03032 32.987 0.04532 22.068 12.099
28 1.5172 0.65910 0.02900 34.481 0.04400 22.727 12.531
29 1.5400 0.64936 0.02778 35.999 0.04278 23.376 12.961
30 1.5631 0.63976 0.02664 37.539 0.04164 24.016 13.388
31 1.5865 0.63031 0.02557 39.102 0.04057 24.646 13.813
32 1.6103 0.62099 0.02458 40.688 0.03958 25.267 14.236
33 1.6345 0.61182 0.02364 42.299 0.03864 25.879 14.656
34 1.6590 0.60277 0.02276 43.933 0.03776 26.482 15.073
35 1.6839 0.59387 0.02193 45.592 0.03693 27.076 15.488
40 1.8140 0.55126 0.01843 54.268 0.03343 29.916 17.528
45 1.9542 0.51171 0.01572 63.614 0.03072 32.552 19.507
50 2.1052 0.47500 0.01357 73.683 0.02857 35.000 21.428
55 2.2679 0.44093 0.01183 84.530 0.02683 37.271 23.289
60 2.4432 0.40930 0.01039 96.215 0.02539 39.380 25.093
65 2.6320 0.37993 0.00919 108.80 0.02419 41.338 26.839
70 2.8355 0.35268 0.00817 122.36 0.02317 43.155 28.529
75 3.0546 0.32738 0.00730 136.97 0.02230 44.842 30.163
80 3.2907 0.30389 0.00655 152.71 0.02155 46.407 31.742
85 3.5450 0.28209 0.00589 169.67 0.02089 47.861 33.268
90 3.8189 0.26185 0.00532 187.93 0.02032 49.210 34.740
95 4.1141 0.24307 0.00482 207.61 0.01982 50.462 36.160
100 4.4320 0.22563 0.00437 228.80 0.01937 51.625 37.530
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 481

i ! 2% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0200 0.98039 1.0000 1.0000 1.0200 0.98039 0.00000
2 1.0404 0.96117 0.49505 2.0200 0.51505 1.9416 0.49505
3 1.0612 0.94232 0.32675 3.0604 0.34675 2.8839 0.98680
4 1.0824 0.92385 0.24262 4.1216 0.26262 3.8077 1.4752
5 1.1041 0.90573 0.19216 5.2040 0.21216 4.7135 1.9604
6 1.1262 0.88797 0.15853 6.3081 0.17853 5.6014 2.4423
7 1.1487 0.87056 0.13451 7.4343 0.15451 6.4720 2.9208
8 1.1717 0.85349 0.11651 8.5830 0.13651 7.3255 3.3961
9 1.1951 0.83676 0.10252 9.7546 0.12252 8.1622 3.8681
10 1.2190 0.82035 0.09133 10.950 0.11133 8.9826 4.3367
11 1.2434 0.80426 0.08218 12.169 0.10218 9.787 4.8021
12 1.2682 0.78849 0.07456 13.412 0.09456 10.575 5.2642
13 1.2936 0.77303 0.06812 14.680 0.08812 11.348 5.7231
14 1.3195 0.75788 0.06260 15.974 0.08260 12.106 6.1786
15 1.3459 0.74301 0.05783 17.293 0.07783 12.849 6.6309
16 1.3728 0.72845 0.05365 18.639 0.07365 13.578 7.0799
17 1.4002 0.71416 0.04997 20.012 0.06997 14.292 7.5256
18 1.4282 0.70016 0.04670 21.412 0.06670 14.992 7.9681
19 1.4568 0.68643 0.04378 22.841 0.06378 15.678 8.4073
20 1.4859 0.67297 0.04116 24.297 0.06116 16.351 8.8433
21 1.5157 0.65978 0.03878 25.783 0.05878 17.011 9.2760
22 1.5460 0.64684 0.03663 27.299 0.05663 17.658 9.7050
23 1.5769 0.63416 0.03467 28.845 0.05467 18.292 10.1320
24 1.6084 0.62172 0.03287 30.422 0.05287 18.914 10.5550
25 1.6406 0.60953 0.03122 32.030 0.05122 19.523 10.9740
26 1.6734 0.59758 0.02970 33.671 0.04970 20.121 11.391
27 1.7069 0.58586 0.02829 35.344 0.04829 20.707 11.804
28 1.7410 0.57437 0.02699 37.051 0.04699 21.281 12.214
29 1.7758 0.56311 0.02578 38.792 0.04578 21.844 12.621
30 1.8114 0.55207 0.02465 40.568 0.04465 22.396 13.025
31 1.8476 0.54125 0.02360 42.379 0.04360 22.938 13.426
32 1.8845 0.53063 0.02261 44.227 0.04261 23.468 13.823
33 1.9222 0.52023 0.02169 46.112 0.04169 23.989 14.217
34 1.9607 0.51003 0.02082 48.034 0.04082 24.499 14.608
35 1.9999 0.50003 0.02000 49.994 0.04000 24.999 14.996
40 2.2080 0.45289 0.01656 60.402 0.03656 27.355 16.889
45 2.4379 0.41020 0.01391 71.893 0.03391 29.490 18.703
50 2.6916 0.37153 0.01182 84.579 0.03182 31.424 20.442
55 2.9717 0.33650 0.01014 98.587 0.03014 33.175 22.106
60 3.2810 0.30478 0.00877 114.05 0.02877 34.761 23.696
65 3.6225 0.27605 0.00763 131.13 0.02763 36.197 25.215
70 3.9996 0.25003 0.00667 149.98 0.02667 37.499 26.663
75 4.4158 0.22646 0.00586 170.79 0.02586 38.677 28.043
80 4.8754 0.20511 0.00516 193.77 0.02516 39.745 29.357
85 5.3829 0.18577 0.00456 219.14 0.02456 40.711 30.606
90 5.9431 0.16826 0.00405 247.16 0.02405 41.587 31.793
95 6.5617 0.15240 0.00360 278.08 0.02360 42.380 32.919
100 7.2446 0.13803 0.00320 312.23 0.02320 43.098 33.986
482 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 3% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0300 0.97087 1.0000 1.0000 1.0300 0.97087 0.00000
2 1.0609 0.94260 0.49261 2.0300 0.52261 1.9135 0.49261
3 1.0927 0.91514 0.32353 3.0909 0.35353 2.8286 0.98030
4 1.1255 0.88849 0.23903 4.1836 0.26903 3.7171 1.4631
5 1.1593 0.86261 0.18835 5.3091 0.21835 4.5797 1.9409
6 1.1941 0.83748 0.15460 6.4684 0.18460 5.4172 2.4138
7 1.2299 0.81309 0.13051 7.6625 0.16051 6.2303 2.8819
8 1.2668 0.78941 0.11246 8.8923 0.14246 7.0197 3.3450
9 1.3048 0.76642 0.09843 10.159 0.12843 7.7861 3.8032
10 1.3439 0.74409 0.08723 11.464 0.11723 8.5302 4.2565
11 1.3842 0.72242 0.07808 12.808 0.10808 9.2526 4.7049
12 1.4258 0.70138 0.07046 14.192 0.10046 9.9540 5.1485
13 1.4685 0.68095 0.06403 15.618 0.09403 10.635 5.5872
14 1.5126 0.66112 0.05853 17.086 0.08853 11.296 6.0210
15 1.5580 0.64186 0.05377 18.599 0.08377 11.938 6.4500
16 1.6047 0.62317 0.04961 20.157 0.07961 12.561 6.8742
17 1.6528 0.60502 0.04595 21.762 0.07595 13.166 7.2936
18 1.7024 0.58739 0.04271 23.414 0.07271 13.754 7.7081
19 1.7535 0.57029 0.03981 25.117 0.06981 14.324 8.1179
20 1.8061 0.55368 0.03722 26.870 0.06722 14.877 8.5229
21 1.8603 0.53755 0.03487 28.676 0.06487 15.415 8.9231
22 1.9161 0.52189 0.03275 30.537 0.06275 15.937 9.3186
23 1.9736 0.50669 0.03081 32.453 0.06081 16.444 9.7093
24 2.0328 0.49193 0.02905 34.426 0.05905 16.936 10.095
25 2.0938 0.47761 0.02743 36.459 0.05743 17.413 10.477
26 2.1566 0.46369 0.02594 38.553 0.05594 17.877 10.853
27 2.2213 0.45019 0.02456 40.710 0.05456 18.327 11.226
28 2.2879 0.43708 0.02329 42.931 0.05329 18.764 11.593
29 2.3566 0.42435 0.02211 45.219 0.05211 19.188 11.956
30 2.4273 0.41199 0.02102 47.575 0.05102 19.600 12.314
31 2.5001 0.39999 0.02000 50.003 0.05000 20.000 12.668
32 2.5751 0.38834 0.01905 52.503 0.04905 20.389 13.017
33 2.6523 0.37703 0.01816 55.078 0.04816 20.766 13.362
34 2.7319 0.36604 0.01732 57.730 0.04732 21.132 13.702
35 2.8139 0.35538 0.01654 60.462 0.04654 21.487 14.037
40 3.2620 0.30656 0.01326 75.401 0.04326 23.115 15.650
45 3.7816 0.26444 0.01079 92.720 0.04079 24.519 17.156
50 4.3839 0.22811 0.00887 112.80 0.03887 25.730 18.558
55 5.0821 0.19677 0.00735 136.07 0.03735 26.774 19.860
60 5.8916 0.16973 0.00613 163.05 0.03613 27.676 21.067
65 6.8300 0.14641 0.00515 194.33 0.03515 28.453 22.184
70 7.9178 0.12630 0.00434 230.59 0.03434 29.123 23.215
75 9.1789 0.10895 0.00367 272.63 0.03367 29.702 24.163
80 10.641 0.09398 0.00311 321.36 0.03311 30.201 25.035
85 12.336 0.08107 0.00265 377.86 0.03265 30.631 25.835
90 14.300 0.06993 0.00226 443.35 0.03226 31.002 26.567
95 16.578 0.06032 0.00193 519.27 0.03193 31.323 27.235
100 19.219 0.05203 0.00165 607.29 0.03165 31.599 27.844
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 483

i ! 4% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0400 0.96154 1.0000 1.0000 1.0400 0.96154 0.00000
2 1.0816 0.92456 0.49020 2.0400 0.53020 1.8861 0.49020
3 1.1249 0.88900 0.32035 3.1216 0.36035 2.7751 0.97386
4 1.1699 0.85480 0.23549 4.2465 0.27549 3.6299 1.4510
5 1.2167 0.82193 0.18463 5.4163 0.22463 4.4518 1.9216
6 1.2653 0.79031 0.15076 6.6330 0.19076 5.2421 2.3857
7 1.3159 0.75992 0.12661 7.8983 0.16661 6.0021 2.8433
8 1.3686 0.73069 0.10853 9.2142 0.14853 6.7327 3.2944
9 1.4233 0.70259 0.09449 10.583 0.13449 7.4353 3.7391
10 1.4802 0.67556 0.08329 12.006 0.12329 8.1109 4.1773
11 1.5395 0.64958 0.07415 13.486 0.11415 8.7605 4.6090
12 1.6010 0.62460 0.06655 15.026 0.10655 9.3851 5.0343
13 1.6651 0.60057 0.06014 16.627 0.10014 9.9856 5.4533
14 1.7317 0.57748 0.05467 18.292 0.09467 10.563 5.8659
15 1.8009 0.55526 0.04994 20.024 0.08994 11.118 6.2721
16 1.8730 0.53391 0.04582 21.825 0.08582 11.652 6.6720
17 1.9479 0.51337 0.04220 23.698 0.08220 12.166 7.0656
18 2.0258 0.49363 0.03899 25.645 0.07899 12.659 7.4530
19 2.1068 0.47464 0.03614 27.671 0.07614 13.134 7.8342
20 2.1911 0.45639 0.03358 29.778 0.07358 13.590 8.2091
21 2.2788 0.43883 0.03128 31.969 0.07128 14.029 8.5779
22 2.3699 0.42196 0.02920 34.248 0.06920 14.451 8.9407
23 2.4647 0.40573 0.02731 36.618 0.06731 14.857 9.2973
24 2.5633 0.39012 0.02559 39.083 0.06559 15.247 9.6479
25 2.6658 0.37512 0.02401 41.646 0.06401 15.622 9.9925
26 2.7725 0.36069 0.02257 44.312 0.06257 15.983 10.331
27 2.8834 0.34682 0.02124 47.084 0.06124 16.330 10.664
28 2.9987 0.33348 0.02001 49.968 0.06001 16.663 10.991
29 3.1187 0.32065 0.01888 52.966 0.05888 16.984 11.312
30 3.2434 0.30832 0.01783 56.085 0.05783 17.292 11.627
31 3.3731 0.29646 0.01686 59.328 0.05686 17.588 11.937
32 3.5081 0.28506 0.01595 62.701 0.05595 17.874 12.241
33 3.6484 0.27409 0.01510 66.210 0.05510 18.148 12.540
34 3.7943 0.26355 0.01431 69.858 0.05431 18.411 12.832
35 3.9461 0.25342 0.01358 73.652 0.05358 18.665 13.120
40 4.8010 0.20829 0.01052 95.026 0.05052 19.793 14.477
45 5.8412 0.17120 0.00826 121.03 0.04826 20.720 15.705
50 7.1067 0.14071 0.00655 152.67 0.04655 21.482 16.812
55 8.6464 0.11566 0.00523 191.16 0.04523 22.109 17.807
60 10.520 0.09506 0.00420 237.99 0.04420 22.623 18.697
65 12.799 0.07813 0.00339 294.97 0.04339 23.047 19.491
70 15.572 0.06422 0.00275 364.29 0.04275 23.395 20.196
75 18.945 0.05278 0.00223 448.63 0.04223 23.680 20.821
80 23.050 0.04338 0.00181 551.24 0.04181 23.915 21.372
85 28.044 0.03566 0.00148 676.09 0.04148 24.109 21.857
90 34.119 0.02931 0.00121 827.98 0.04121 24.267 22.283
95 41.511 0.02409 0.00099 1012.8 0.04099 24.398 22.655
100 50.505 0.01980 0.00081 1237.6 0.04081 24.505 22.980
484 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 5% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0500 0.95238 1.0000 1.0000 1.0500 0.95238 0.00000
2 1.1025 0.90703 0.48780 2.0500 0.53780 1.8594 0.48780
3 1.1576 0.86384 0.31721 3.1525 0.36721 2.7232 0.96749
4 1.2155 0.82270 0.23201 4.3101 0.28201 3.5460 1.4391
5 1.2763 0.78353 0.18097 5.5256 0.23097 4.3295 1.9025
6 1.3401 0.74622 0.14702 6.8019 0.19702 5.0757 2.3579
7 1.4071 0.71068 0.12282 8.1420 0.17282 5.7864 2.8052
8 1.4775 0.67684 0.10472 9.5491 0.15472 6.4632 3.2445
9 1.5513 0.64461 0.09069 11.027 0.14069 7.1078 3.6758
10 1.6289 0.61391 0.07950 12.578 0.12950 7.7217 4.0991
11 1.7103 0.58468 0.07039 14.207 0.12039 8.3064 4.5144
12 1.7959 0.55684 0.06283 15.917 0.11283 8.8633 4.9219
13 1.8856 0.53032 0.05646 17.713 0.10646 9.3936 5.3215
14 1.9799 0.50507 0.05102 19.599 0.10102 9.8986 5.7133
15 2.0789 0.48102 0.04634 21.579 0.09634 10.380 6.0973
16 2.1829 0.45811 0.04227 23.657 0.09227 10.838 6.4736
17 2.2920 0.43630 0.03870 25.840 0.08870 11.274 6.8423
18 2.4066 0.41552 0.03555 28.132 0.08555 11.690 7.2034
19 2.5270 0.39573 0.03275 30.539 0.08275 12.085 7.5569
20 2.6533 0.37689 0.03024 33.066 0.08024 12.462 7.9030
21 2.7860 0.35894 0.02800 35.719 0.07800 12.821 8.2416
22 2.9253 0.34185 0.02597 38.505 0.07597 13.163 8.5730
23 3.0715 0.32557 0.02414 41.430 0.07414 13.489 8.8971
24 3.2251 0.31007 0.02247 44.502 0.07247 13.799 9.2140
25 3.3864 0.29530 0.02095 47.727 0.07095 14.094 9.5238
26 3.5557 0.28124 0.01956 51.113 0.06956 14.375 9.8266
27 3.7335 0.26785 0.01829 54.669 0.06829 14.643 10.122
28 3.9201 0.25509 0.01712 58.403 0.06712 14.898 10.411
29 4.1161 0.24295 0.01605 62.323 0.06605 15.141 10.694
30 4.3219 0.23138 0.01505 66.439 0.06505 15.372 10.969
31 4.5380 0.22036 0.01413 70.761 0.06413 15.593 11.238
32 4.7649 0.20987 0.01328 75.299 0.06328 15.803 11.501
33 5.0032 0.19987 0.01249 80.064 0.06249 16.003 11.757
34 5.2533 0.19035 0.01176 85.067 0.06176 16.193 12.006
35 5.5160 0.18129 0.01107 90.320 0.06107 16.374 12.250
40 7.0400 0.14205 0.00828 120.80 0.05828 17.159 13.377
45 8.9850 0.11130 0.00626 159.70 0.05626 17.774 14.364
50 11.467 0.08720 0.00478 209.35 0.05478 18.256 15.223
55 14.636 0.06833 0.00367 272.71 0.05367 18.633 15.966
60 18.679 0.05354 0.00283 353.58 0.05283 18.929 16.606
65 23.840 0.04195 0.00219 456.80 0.05219 19.161 17.154
70 30.426 0.03287 0.00170 588.53 0.05170 19.343 17.621
75 38.833 0.02575 0.00132 756.65 0.05132 19.485 18.018
80 49.561 0.02018 0.00103 971.23 0.05103 19.596 18.353
85 63.254 0.01581 0.00080 1245.1 0.05080 19.684 18.635
90 80.730 0.01239 0.00063 1594.6 0.05063 19.752 18.871
95 103.03 0.00971 0.00049 2040.7 0.05049 19.806 19.069
100 131.50 0.00760 0.00038 2610.0 0.05038 19.848 19.234
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 485

i ! 6% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0600 0.94340 1.0000 1.0000 1.0600 0.94340 0.00000
2 1.1236 0.89000 0.48544 2.0600 0.54544 1.8334 0.48544
3 1.1910 0.83962 0.31411 3.1836 0.37411 2.6730 0.96118
4 1.2625 0.79209 0.22859 4.3746 0.28859 3.4651 1.4272
5 1.3382 0.74726 0.17740 5.6371 0.23740 4.2124 1.8836
6 1.4185 0.70496 0.14336 6.9753 0.20336 4.9173 2.3304
7 1.5036 0.66506 0.11914 8.3938 0.17914 5.5824 2.7676
8 1.5938 0.62741 0.10104 9.8975 0.16104 6.2098 3.1952
9 1.6895 0.59190 0.08702 11.491 0.14702 6.8017 3.6133
10 1.7908 0.55839 0.07587 13.181 0.13587 7.3601 4.0220
11 1.8983 0.52679 0.06679 14.972 0.12679 7.8869 4.4213
12 2.0122 0.49697 0.05928 16.870 0.11928 8.3838 4.8113
13 2.1329 0.46884 0.05296 18.882 0.11296 8.8527 5.1920
14 2.2609 0.44230 0.04758 21.015 0.10758 9.2950 5.5635
15 2.3966 0.41727 0.04296 23.276 0.10296 9.7122 5.9260
16 2.5404 0.39365 0.03895 25.673 0.09895 10.106 6.2794
17 2.6928 0.37136 0.03544 28.213 0.09544 10.477 6.6240
18 2.8543 0.35034 0.03236 30.906 0.09236 10.828 6.9597
19 3.0256 0.33051 0.02962 33.760 0.08962 11.158 7.2867
20 3.2071 0.31180 0.02718 36.786 0.08718 11.470 7.6051
21 3.3996 0.29416 0.02500 39.993 0.08500 11.764 7.9151
22 3.6035 0.27751 0.02305 43.392 0.08305 12.042 8.2166
23 3.8197 0.26180 0.02128 46.996 0.08128 12.303 8.5099
24 4.0489 0.24698 0.01968 50.816 0.07968 12.550 8.7951
25 4.2919 0.23300 0.01823 54.865 0.07823 12.783 9.0722
26 4.5494 0.21981 0.01690 59.156 0.07690 13.003 9.3414
27 4.8223 0.20737 0.01570 63.706 0.07570 13.211 9.6029
28 5.1117 0.19563 0.01459 68.528 0.07459 13.406 9.8568
29 5.4184 0.18456 0.01358 73.640 0.07358 13.591 10.103
30 5.7435 0.17411 0.01265 79.058 0.07265 13.765 10.342
31 6.0881 0.16425 0.01179 84.802 0.07179 13.929 10.574
32 6.4534 0.15496 0.01100 90.890 0.07100 14.084 10.799
33 6.8406 0.14619 0.01027 97.343 0.07027 14.230 11.017
34 7.2510 0.13791 0.00960 104.18 0.06960 14.368 11.228
35 7.6861 0.13011 0.00897 111.43 0.06897 14.498 11.432
40 10.286 0.09722 0.00646 154.76 0.06646 15.046 12.359
45 13.765 0.07265 0.00470 212.74 0.06470 15.456 13.141
50 18.420 0.05429 0.00344 290.34 0.06344 15.762 13.796
55 24.650 0.04057 0.00254 394.17 0.06254 15.991 14.341
60 32.988 0.03031 0.00188 533.13 0.06188 16.161 14.791
65 44.145 0.02265 0.00139 719.08 0.06139 16.289 15.160
70 59.076 0.01693 0.00103 967.93 0.06103 16.385 15.461
75 79.057 0.01265 0.00077 1300.9 0.06077 16.456 15.706
80 105.80 0.00945 0.00057 1746.6 0.06057 16.509 15.903
85 141.58 0.00706 0.00043 2343.0 0.06043 16.549 16.062
90 189.46 0.00528 0.00032 3141.1 0.06032 16.579 16.189
95 253.55 0.00394 0.00024 4209.1 0.06024 16.601 16.290
100 339.30 0.00295 0.00018 5638.4 0.06018 16.618 16.371
486 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 7% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0700 0.93458 1.0000 1.0000 1.0700 0.93458 0.00000
2 1.1449 0.87344 0.48309 2.0700 0.55309 1.8080 0.48309
3 1.2250 0.81630 0.31105 3.2149 0.38105 2.6243 0.95493
4 1.3108 0.76290 0.22523 4.4399 0.29523 3.3872 1.4155
5 1.4026 0.71299 0.17389 5.7507 0.24389 4.1002 1.8650
6 1.5007 0.66634 0.13980 7.1533 0.20980 4.7665 2.3032
7 1.6058 0.62275 0.11555 8.6540 0.18555 5.3893 2.7304
8 1.7182 0.58201 0.09747 10.260 0.16747 5.9713 3.1465
9 1.8385 0.54393 0.08349 11.978 0.15349 6.5152 3.5517
10 1.9672 0.50835 0.07238 13.816 0.14238 7.0236 3.9461
11 2.1049 0.47509 0.06336 15.784 0.13336 7.4987 4.3296
12 2.2522 0.44401 0.05590 17.888 0.12590 7.9427 4.7025
13 2.4098 0.41496 0.04965 20.141 0.11965 8.3577 5.0648
14 2.5785 0.38782 0.04434 22.550 0.11434 8.7455 5.4167
15 2.7590 0.36245 0.03979 25.129 0.10979 9.1079 5.7583
16 2.9522 0.33873 0.03586 27.888 0.10586 9.4466 6.0897
17 3.1588 0.31657 0.03243 30.840 0.10243 9.7632 6.4110
18 3.3799 0.29586 0.02941 33.999 0.09941 10.059 6.7225
19 3.6165 0.27651 0.02675 37.379 0.09675 10.336 7.0242
20 3.8697 0.25842 0.02439 40.995 0.09439 10.594 7.3163
21 4.1406 0.24151 0.02229 44.865 0.09229 10.836 7.5990
22 4.4304 0.22571 0.02041 49.006 0.09041 11.061 7.8725
23 4.7405 0.21095 0.01871 53.436 0.08871 11.272 8.1369
24 5.0724 0.19715 0.01719 58.177 0.08719 11.469 8.3923
25 5.4274 0.18425 0.01581 63.249 0.08581 11.654 8.6391
26 5.8074 0.17220 0.01456 68.676 0.08456 11.826 8.8773
27 6.2139 0.16093 0.01343 74.484 0.08343 11.987 9.1072
28 6.6488 0.15040 0.01239 80.698 0.08239 12.137 9.3289
29 7.1143 0.14056 0.01145 87.347 0.08145 12.278 9.5427
30 7.6123 0.13137 0.01059 94.461 0.08059 12.409 9.7487
31 8.1451 0.12277 0.00980 102.07 0.07980 12.532 9.9471
32 8.7153 0.11474 0.00907 110.22 0.07907 12.647 10.138
33 9.3253 0.10723 0.00841 118.93 0.07841 12.754 10.322
34 9.9781 0.10022 0.00780 128.26 0.07780 12.854 10.499
35 10.677 0.09366 0.00723 138.24 0.07723 12.948 10.669
40 14.974 0.06678 0.00501 199.64 0.07501 13.332 11.423
45 21.002 0.04761 0.00350 285.75 0.07350 13.606 12.036
50 29.457 0.03395 0.00246 406.53 0.07246 13.801 12.529
55 41.315 0.02420 0.00174 575.93 0.07174 13.940 12.921
60 57.946 0.01726 0.00123 813.52 0.07123 14.039 13.232
65 81.273 0.01230 0.00087 1146.8 0.07087 14.110 13.476
70 113.99 0.00877 0.00062 1614.1 0.07062 14.160 13.666
75 159.88 0.00625 0.00044 2269.7 0.07044 14.196 13.814
80 224.23 0.00446 0.00031 3189.1 0.07031 14.222 13.927
85 314.50 0.00318 0.00022 4478.6 0.07022 14.240 14.015
90 441.10 0.00227 0.00016 6287.2 0.07016 14.253 14.081
95 618.67 0.00162 0.00011 8823.9 0.07011 14.263 14.132
100 867.72 0.00115 0.00008 12 382.0 0.07008 14.269 14.170
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 487

i ! 8% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0800 0.92593 1.0000 1.0000 1.0800 0.92593 0.00000
2 1.1664 0.85734 0.48077 2.0800 0.56077 1.7833 0.48077
3 1.2597 0.79383 0.30803 3.2464 0.38803 2.5771 0.94874
4 1.3605 0.73503 0.22192 4.5061 0.30192 3.3121 1.4040
5 1.4693 0.68058 0.17046 5.8666 0.25046 3.9927 1.8465
6 1.5869 0.63017 0.13632 7.3359 0.21632 4.6229 2.2763
7 1.7138 0.58349 0.11207 8.9228 0.19207 5.2064 2.6937
8 1.8509 0.54027 0.09401 10.637 0.17401 5.7466 3.0985
9 1.9990 0.50025 0.08008 12.488 0.16008 6.2469 3.4910
10 2.1589 0.46319 0.06903 14.487 0.14903 6.7101 3.8713
11 2.3316 0.42888 0.06008 16.645 0.14008 7.1390 4.2395
12 2.5182 0.39711 0.05270 18.977 0.13270 7.5361 4.5957
13 2.7196 0.36770 0.04652 21.495 0.12652 7.9038 4.9402
14 2.9372 0.34046 0.04130 24.215 0.12130 8.2442 5.2731
15 3.1722 0.31524 0.03683 27.152 0.11683 8.5595 5.5945
16 3.4259 0.29189 0.03298 30.324 0.11298 8.8514 5.9046
17 3.7000 0.27027 0.02963 33.750 0.10963 9.1216 6.2037
18 3.9960 0.25025 0.02670 37.450 0.10670 9.3719 6.4920
19 4.3157 0.23171 0.02413 41.446 0.10413 9.6036 6.7697
20 4.6610 0.21455 0.02185 45.762 0.10185 9.8181 7.0369
21 5.0338 0.19866 0.01983 50.423 0.09983 10.017 7.2940
22 5.4365 0.18394 0.01803 55.457 0.09803 10.201 7.5412
23 5.8715 0.17032 0.01642 60.893 0.09642 10.371 7.7786
24 6.3412 0.15770 0.01498 66.765 0.09498 10.529 8.0066
25 6.8485 0.14602 0.01368 73.106 0.09368 10.675 8.2254
26 7.3964 0.13520 0.01251 79.954 0.09251 10.810 8.4352
27 7.9881 0.12519 0.01145 87.351 0.09145 10.935 8.6363
28 8.6271 0.11591 0.01049 95.339 0.09049 11.051 8.8289
29 9.3173 0.10733 0.00962 103.97 0.08962 11.158 9.0133
30 10.063 0.09938 0.00883 113.28 0.08883 11.258 9.1897
31 10.868 0.09202 0.00811 123.35 0.08811 11.350 9.3584
32 11.737 0.08520 0.00745 134.21 0.08745 11.435 9.5197
33 12.676 0.07889 0.00685 145.95 0.08685 11.514 9.6737
34 13.690 0.07305 0.00630 158.63 0.08630 11.587 9.8208
35 14.785 0.06763 0.00580 172.32 0.08580 11.655 9.9611
40 21.725 0.04603 0.00386 259.06 0.08386 11.925 10.570
45 31.920 0.03133 0.00259 386.51 0.08259 12.108 11.045
50 46.902 0.02132 0.00174 573.77 0.08174 12.233 11.411
55 68.914 0.01451 0.00118 848.92 0.08118 12.319 11.690
60 101.26 0.00988 0.00080 1253.2 0.08080 12.377 11.902
65 148.78 0.00672 0.00054 1847.2 0.08054 12.416 12.060
70 218.61 0.00457 0.00037 2720.1 0.08037 12.443 12.178
75 321.20 0.00311 0.00025 4002.6 0.08025 12.461 12.266
80 471.95 0.00212 0.00017 5886.9 0.08017 12.474 12.330
85 693.46 0.00144 0.00012 8655.7 0.08012 12.482 12.377
90 1018.9 0.00098 0.00008 12 724.0 0.08008 12.488 12.412
95 1497.1 0.00067 0.00005 18 702.0 0.08005 12.492 12.437
100 2199.8 0.00045 0.00004 27 485.0 0.08004 12.494 12.455
488 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 9% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.0900 0.91743 1.0000 1.0000 1.0900 0.91743 0.00000
2 1.1881 0.84168 0.47847 2.0900 0.56847 1.7591 0.47847
3 1.2950 0.77218 0.30505 3.2781 0.39505 2.5313 0.94262
4 1.4116 0.70843 0.21867 4.5731 0.30867 3.2397 1.3925
5 1.5386 0.64993 0.16709 5.9847 0.25709 3.8897 1.8282
6 1.6771 0.59627 0.13292 7.5233 0.22292 4.4859 2.2498
7 1.8280 0.54703 0.10869 9.2004 0.19869 5.0330 2.6574
8 1.9926 0.50187 0.09067 11.028 0.18067 5.5348 3.0512
9 2.1719 0.46043 0.07680 13.021 0.16680 5.9952 3.4312
10 2.3674 0.42241 0.06582 15.193 0.15582 6.4177 3.7978
11 2.5804 0.38753 0.05695 17.560 0.14695 6.8052 4.1510
12 2.8127 0.35553 0.04965 20.141 0.13965 7.1607 4.4910
13 3.0658 0.32618 0.04357 22.953 0.13357 7.4869 4.8182
14 3.3417 0.29925 0.03843 26.019 0.12843 7.7862 5.1326
15 3.6425 0.27454 0.03406 29.361 0.12406 8.0607 5.4346
16 3.9703 0.25187 0.03030 33.003 0.12030 8.3126 5.7245
17 4.3276 0.23107 0.02705 36.974 0.11705 8.5436 6.0024
18 4.7171 0.21199 0.02421 41.301 0.11421 8.7556 6.2687
19 5.1417 0.19449 0.02173 46.018 0.11173 8.9501 6.5236
20 5.6044 0.17843 0.01955 51.160 0.10955 9.1285 6.7674
21 6.1088 0.16370 0.01762 56.765 0.10762 9.2922 7.0006
22 6.6586 0.15018 0.01590 62.873 0.10590 9.4424 7.2232
23 7.2579 0.13778 0.01438 69.532 0.10438 9.5802 7.4357
24 7.9111 0.12640 0.01302 76.790 0.10302 9.7066 7.6384
25 8.6231 0.11597 0.01181 84.701 0.10181 9.8226 7.8316
26 9.3992 0.10639 0.01072 93.324 0.10072 9.9290 8.0156
27 10.245 0.09761 0.00973 102.72 0.09973 10.027 8.1906
28 11.167 0.08955 0.00885 112.97 0.09885 10.116 8.3571
29 12.172 0.08215 0.00806 124.14 0.09806 10.198 8.5154
30 13.268 0.07537 0.00734 136.31 0.09734 10.274 8.6657
31 14.462 0.06915 0.00669 149.58 0.09669 10.343 8.8083
32 15.763 0.06344 0.00610 164.04 0.09610 10.406 8.9436
33 17.182 0.05820 0.00556 179.80 0.09556 10.464 9.0718
34 18.728 0.05339 0.00508 196.98 0.09508 10.518 9.1933
35 20.414 0.04899 0.00464 215.71 0.09464 10.567 9.3083
40 31.409 0.03184 0.00296 337.88 0.09296 10.757 9.7957
45 48.327 0.02069 0.00190 525.86 0.09190 10.881 10.160
50 74.358 0.01345 0.00123 815.08 0.09123 10.962 10.430
55 114.41 0.00874 0.00079 1260.1 0.09079 11.014 10.626
60 176.03 0.00568 0.00051 1944.8 0.09051 11.048 10.768
65 270.85 0.00369 0.00033 2998.3 0.09033 11.070 10.870
70 416.73 0.00240 0.00022 4619.2 0.09022 11.084 10.943
75 641.19 0.00156 0.00014 7113.2 0.09014 11.094 10.994
80 986.55 0.00101 0.00009 10 951.0 0.09009 11.100 11.030
85 1517.9 0.00066 0.00006 16 855.0 0.09006 11.104 11.055
90 2335.5 0.00043 0.00004 25 939.0 0.09004 11.106 11.073
95 3593.5 0.00028 0.00003 39 917.0 0.09003 11.108 11.085
100 5529.0 0.00018 0.00002 61 423.0 0.09002 11.109 11.093
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 489

i ! 10% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.1000 0.90909 1.0000 1.0000 1.1000 0.90909 0.00000
2 1.2100 0.82645 0.47619 2.1000 0.57619 1.7355 0.47619
3 1.3310 0.75131 0.30211 3.3100 0.40211 2.4869 0.93656
4 1.4641 0.68301 0.21547 4.6410 0.31547 3.1699 1.3812
5 1.6105 0.62092 0.16380 6.1051 0.26380 3.7908 1.8101
6 1.7716 0.56447 0.12961 7.7156 0.22961 4.3553 2.2236
7 1.9487 0.51316 0.10541 9.4872 0.20541 4.8684 2.6216
8 2.1436 0.46651 0.08744 11.436 0.18744 5.3349 3.0045
9 2.3579 0.42410 0.07364 13.579 0.17364 5.7590 3.3724
10 2.5937 0.38554 0.06275 15.937 0.16275 6.1446 3.7255
11 2.8531 0.35049 0.05396 18.531 0.15396 6.4951 4.0641
12 3.1384 0.31863 0.04676 21.384 0.14676 6.8137 4.3884
13 3.4523 0.28966 0.04078 24.523 0.14078 7.1034 4.6988
14 3.7975 0.26333 0.03575 27.975 0.13575 7.3667 4.9955
15 4.1772 0.23939 0.03147 31.772 0.13147 7.6061 5.2789
16 4.5950 0.21763 0.02782 35.950 0.12782 7.8237 5.5493
17 5.0545 0.19784 0.02466 40.545 0.12466 8.0216 5.8071
18 5.5599 0.17986 0.02193 45.599 0.12193 8.2014 6.0526
19 6.1159 0.16351 0.01955 51.159 0.11955 8.3649 6.2861
20 6.7275 0.14864 0.01746 57.275 0.11746 8.5136 6.5081
21 7.4002 0.13513 0.01562 64.002 0.11562 8.6487 6.7189
22 8.1403 0.12285 0.01401 71.403 0.11401 8.7715 6.9189
23 8.9543 0.11168 0.01257 79.543 0.11257 8.8832 7.1085
24 9.8497 0.10153 0.01130 88.497 0.11130 8.9847 7.2881
25 10.835 0.09230 0.01017 98.347 0.11017 9.0770 7.4580
26 11.918 0.08391 0.00916 109.18 0.10916 9.1609 7.6186
27 13.110 0.07628 0.00826 121.10 0.10826 9.2372 7.7704
28 14.421 0.06934 0.00745 134.21 0.10745 9.3066 7.9137
29 15.863 0.06304 0.00673 148.63 0.10673 9.3696 8.0489
30 17.449 0.05731 0.00608 164.49 0.10608 9.4269 8.1762
31 19.194 0.05210 0.00550 181.94 0.10550 9.4790 8.2962
32 21.114 0.04736 0.00497 201.14 0.10497 9.5264 8.4091
33 23.225 0.04306 0.00450 222.25 0.10450 9.5694 8.5152
34 25.548 0.03914 0.00407 245.48 0.10407 9.6086 8.6149
35 28.102 0.03558 0.00369 271.02 0.10369 9.6442 8.7086
40 45.259 0.02209 0.00226 442.59 0.10226 9.7791 9.0962
45 72.890 0.01372 0.00139 718.90 0.10139 9.8628 9.3740
50 117.39 0.00852 0.00086 1163.9 0.10086 9.9148 9.5704
55 189.06 0.00529 0.00053 1880.6 0.10053 9.9471 9.7075
60 304.48 0.00328 0.00033 3034.8 0.10033 9.9672 9.8023
65 490.37 0.00204 0.00020 4893.7 0.10020 9.9796 9.8672
70 789.75 0.00127 0.00013 7887.5 0.10013 9.9873 9.9113
75 1271.9 0.00079 0.00008 12 709.0 0.10008 9.9921 9.9410
490 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 11% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.1100 0.90090 1.0000 1.0000 1.1100 0.90090 0.00000
2 1.2321 0.81162 0.47393 2.1100 0.58393 1.7125 0.47393
3 1.3676 0.73119 0.29921 3.3421 0.40921 2.4437 0.93055
4 1.5181 0.65873 0.21233 4.7097 0.32233 3.1024 1.3700
5 1.6851 0.59345 0.16057 6.2278 0.27057 3.6959 1.7923
6 1.8704 0.53464 0.12638 7.9129 0.23638 4.2305 2.1976
7 2.0762 0.48166 0.10222 9.783 0.21222 4.7122 2.5863
8 2.3045 0.43393 0.08432 11.859 0.19432 5.1461 2.9585
9 2.5580 0.39092 0.07060 14.164 0.18060 5.5370 3.3144
10 2.8394 0.35218 0.05980 16.722 0.16980 5.8892 3.6544
11 3.1518 0.31728 0.05112 19.561 0.16112 6.2065 3.9788
12 3.4985 0.28584 0.04403 22.713 0.15403 6.4924 4.2879
13 3.8833 0.25751 0.03815 26.212 0.14815 6.7499 4.5822
14 4.3104 0.23199 0.03323 30.095 0.14323 6.9819 4.8619
15 4.7846 0.20900 0.02907 34.405 0.13907 7.1909 5.1275
16 5.3109 0.18829 0.02552 39.190 0.13552 7.3792 5.3794
17 5.8951 0.16963 0.02247 44.501 0.13247 7.5488 5.6180
18 6.5436 0.15282 0.01984 50.396 0.12984 7.7016 5.8439
19 7.2633 0.13768 0.01756 56.939 0.12756 7.8393 6.0574
20 8.0623 0.12403 0.01558 64.203 0.12558 7.9633 6.2590
21 8.949 0.11174 0.01384 72.265 0.12384 8.0751 6.4491
22 9.934 0.10067 0.01231 81.214 0.12231 8.1757 6.6283
23 11.026 0.09069 0.01097 91.15 0.12097 8.2664 6.7969
24 12.239 0.08170 0.00979 102.17 0.11979 8.3481 6.9555
25 13.585 0.07361 0.00874 114.41 0.11874 8.4217 7.1045
26 15.080 0.06631 0.00781 128.00 0.11781 8.4881 7.2443
27 16.739 0.05974 0.00699 143.08 0.11699 8.5478 7.3754
28 18.580 0.05382 0.00626 159.82 0.11626 8.6016 7.4982
29 20.624 0.04849 0.00561 178.40 0.11561 8.6501 7.6131
30 22.892 0.04368 0.00502 199.02 0.11502 8.6938 7.7206
31 25.410 0.03935 0.00451 221.91 0.11451 8.7331 7.8210
32 28.206 0.03545 0.00404 247.32 0.11404 8.7686 7.9147
33 31.308 0.03194 0.00363 275.53 0.11363 8.8005 8.0021
34 34.752 0.02878 0.00326 306.84 0.11326 8.8293 8.0836
35 38.575 0.02592 0.00293 341.59 0.11293 8.8552 8.1594
40 65.001 0.01538 0.00172 581.83 0.11172 8.9511 8.4659
45 109.53 0.00913 0.00101 986.6 0.11101 9.0079 8.6763
50 184.56 0.00542 0.00060 1668.8 0.11060 9.0417 8.8185
55 311.00 0.00322 0.00035 2818.2 0.11035 9.0617 8.9135
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 491

i ! 12% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.1200 0.89286 1.0000 1.0000 1.1200 0.89286 0.00000
2 1.2544 0.79719 0.47170 2.1200 0.59170 1.6901 0.47170
3 1.4049 0.71178 0.29635 3.3744 0.41635 2.4018 0.92461
4 1.5735 0.63552 0.20923 4.7793 0.32923 3.0373 1.3589
5 1.7623 0.56743 0.15741 6.3528 0.27741 3.6048 1.7746
6 1.9738 0.50663 0.12323 8.1152 0.24323 4.1114 2.1720
7 2.2107 0.45235 0.09912 10.089 0.21912 4.5638 2.5515
8 2.4760 0.40388 0.08130 12.300 0.20130 4.9676 2.9131
9 2.7731 0.36061 0.06768 14.776 0.18768 5.3282 3.2574
10 3.1058 0.32197 0.05698 17.549 0.17698 5.6502 3.5847
11 3.4785 0.28748 0.04842 20.655 0.16842 5.9377 3.8953
12 3.8960 0.25668 0.04144 24.133 0.16144 6.1944 4.1897
13 4.3635 0.22917 0.03568 28.029 0.15568 6.4235 4.4683
14 4.8871 0.20462 0.03087 32.393 0.15087 6.6282 4.7317
15 5.4736 0.18270 0.02682 37.280 0.14682 6.8109 4.9803
16 6.1304 0.16312 0.02339 42.753 0.14339 6.9740 5.2147
17 6.8660 0.14564 0.02046 48.884 0.14046 7.1196 5.4353
18 7.6900 0.13004 0.01794 55.750 0.13794 7.2497 5.6427
19 8.6128 0.11611 0.01576 63.440 0.13576 7.3658 5.8375
20 9.6463 0.10367 0.01388 72.052 0.13388 7.4694 6.0202
21 10.804 0.09256 0.01224 81.699 0.13224 7.5620 6.1913
22 12.100 0.08264 0.01081 92.503 0.13081 7.6446 6.3514
23 13.552 0.07379 0.00956 104.60 0.12956 7.7184 6.5010
24 15.179 0.06588 0.00846 118.16 0.12846 7.7843 6.6406
25 17.000 0.05882 0.00750 133.33 0.12750 7.8431 6.7708
26 19.040 0.05252 0.00665 150.33 0.12665 7.8957 6.8921
27 21.325 0.04689 0.00590 169.37 0.12590 7.9426 7.0049
28 23.884 0.04187 0.00524 190.70 0.12524 7.9844 7.1098
29 26.750 0.03738 0.00466 214.58 0.12466 8.0218 7.2071
30 29.960 0.03338 0.00414 241.33 0.12414 8.0552 7.2974
31 33.555 0.02980 0.00369 271.29 0.12369 8.0850 7.3811
32 37.582 0.02661 0.00328 304.85 0.12328 8.1116 7.4586
33 42.092 0.02376 0.00292 342.43 0.12292 8.1354 7.5302
34 47.143 0.02121 0.00260 384.52 0.12260 8.1566 7.5965
35 52.800 0.01894 0.00232 431.66 0.12232 8.1755 7.6577
40 93.051 0.01075 0.00130 767.09 0.12130 8.2438 7.8988
45 163.99 0.00610 0.00074 1358.2 0.12074 8.2825 8.0572
50 289.00 0.00346 0.00042 2400.0 0.12042 8.3045 8.1597
55 509.32 0.00196 0.00024 4236.0 0.12024 8.3170 8.2251
492 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 13% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.1300 0.88496 1.0000 1.0000 1.1300 0.88496 0.00000
2 1.2769 0.78315 0.46948 2.1300 0.59948 1.6681 0.46948
3 1.4429 0.69305 0.29352 3.4069 0.42352 2.3612 0.91872
4 1.6305 0.61332 0.20619 4.8498 0.33619 2.9745 1.3479
5 1.8424 0.54276 0.15431 6.4803 0.28431 3.5172 1.7571
6 2.0820 0.48032 0.12015 8.3227 0.25015 3.9975 2.1468
7 2.3526 0.42506 0.09611 10.405 0.22611 4.4226 2.5171
8 2.6584 0.37616 0.07839 12.757 0.20839 4.7988 2.8685
9 3.0040 0.33288 0.06487 15.416 0.19487 5.1317 3.2014
10 3.3946 0.29459 0.05429 18.420 0.18429 5.4262 3.5162
11 3.8359 0.26070 0.04584 21.814 0.17584 5.6869 3.8134
12 4.3345 0.23071 0.03899 25.650 0.16899 5.9176 4.0936
13 4.8980 0.20416 0.03335 29.985 0.16335 6.1218 4.3573
14 5.5348 0.18068 0.02867 34.883 0.15867 6.3025 4.6050
15 6.2543 0.15989 0.02474 40.417 0.15474 6.4624 4.8375
16 7.0673 0.14150 0.02143 46.672 0.15143 6.6039 5.0552
17 7.9861 0.12522 0.01861 53.739 0.14861 6.7291 5.2589
18 9.0243 0.11081 0.01620 61.725 0.14620 6.8399 5.4491
19 10.197 0.09806 0.01413 70.749 0.14413 6.9380 5.6265
20 11.523 0.08678 0.01235 80.947 0.14235 7.0248 5.7917
21 13.021 0.07680 0.01081 92.470 0.14081 7.1016 5.9454
22 14.714 0.06796 0.00948 105.49 0.13948 7.1695 6.0881
23 16.627 0.06014 0.00832 120.20 0.13832 7.2297 6.2205
24 18.788 0.05323 0.00731 136.83 0.13731 7.2829 6.3431
25 21.231 0.04710 0.00643 155.62 0.13643 7.3300 6.4566
26 23.991 0.04168 0.00565 176.85 0.13565 7.3717 6.5614
27 27.109 0.03689 0.00498 200.84 0.13498 7.4086 6.6582
28 30.633 0.03264 0.00439 227.95 0.13439 7.4412 6.7474
29 34.616 0.02889 0.00387 258.58 0.13387 7.4701 6.8296
30 39.116 0.02557 0.00341 293.20 0.13341 7.4957 6.9052
31 44.201 0.02262 0.00301 332.32 0.13301 7.5183 6.9747
32 49.947 0.02002 0.00266 376.52 0.13266 7.5383 7.0385
33 56.440 0.01772 0.00234 426.46 0.13234 7.5560 7.0971
34 63.777 0.01568 0.00207 482.90 0.13207 7.5717 7.1507
35 72.069 0.01388 0.00183 546.68 0.13183 7.5856 7.1998
40 132.78 0.00753 0.00099 1013.7 0.13099 7.6344 7.3888
45 244.64 0.00409 0.00053 1874.2 0.13053 7.6609 7.5076
50 450.74 0.00222 0.00029 3459.5 0.13029 7.6752 7.5811
55 830.45 0.00120 0.00016 6380.4 0.13016 7.6830 7.6260
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 493

i ! 14% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.1400 0.87719 1.0000 1.0000 1.1400 0.87719 0.00000
2 1.2996 0.76947 0.46729 2.1400 0.60729 1.6467 0.46729
3 1.4815 0.67497 0.29073 3.4396 0.43073 2.3216 0.91290
4 1.6890 0.59208 0.20320 4.9211 0.34320 2.9137 1.3370
5 1.9254 0.51937 0.15128 6.6101 0.29128 3.4331 1.7399
6 2.1950 0.45559 0.11716 8.5355 0.25716 3.8887 2.1218
7 2.5023 0.39964 0.09319 10.730 0.23319 4.2883 2.4832
8 2.8526 0.35056 0.07557 13.233 0.21557 4.6389 2.8246
9 3.2519 0.30751 0.06217 16.085 0.20217 4.9464 3.1463
10 3.7072 0.26974 0.05171 19.337 0.19171 5.2161 3.4490
11 4.2262 0.23662 0.04339 23.045 0.18339 5.4527 3.7333
12 4.8179 0.20756 0.03667 27.271 0.17667 5.6603 3.9998
13 5.4924 0.18207 0.03116 32.089 0.17116 5.8424 4.2491
14 6.2613 0.15971 0.02661 37.581 0.16661 6.0021 4.4819
15 7.1379 0.14010 0.02281 43.842 0.16281 6.1422 4.6990
16 8.1372 0.12289 0.01962 50.980 0.15962 6.2651 4.9011
17 9.2765 0.10780 0.01692 59.118 0.15692 6.3729 5.0888
18 10.575 0.09456 0.01462 68.394 0.15462 6.4674 5.2630
19 12.056 0.08295 0.01266 78.969 0.15266 6.5504 5.4243
20 13.743 0.07276 0.01099 91.025 0.15099 6.6231 5.5734
21 15.668 0.06383 0.00954 104.77 0.14954 6.6870 5.7111
22 17.861 0.05599 0.00830 120.44 0.14830 6.7429 5.8381
23 20.362 0.04911 0.00723 138.30 0.14723 6.7921 5.9549
24 23.212 0.04308 0.00630 158.66 0.14630 6.8351 6.0624
25 26.462 0.03779 0.00550 181.87 0.14550 6.8729 6.1610
26 30.167 0.03315 0.00480 208.33 0.14480 6.9061 6.2514
27 34.390 0.02908 0.00419 238.50 0.14419 6.9352 6.3342
28 39.204 0.02551 0.00366 272.89 0.14366 6.9607 6.4100
29 44.693 0.02237 0.00320 312.09 0.14320 6.9830 6.4791
30 50.950 0.01963 0.00280 356.79 0.14280 7.0027 6.5423
31 58.083 0.01722 0.00245 407.74 0.14245 7.0199 6.5998
32 66.215 0.01510 0.00215 465.82 0.14215 7.0350 6.6522
33 75.485 0.01325 0.00188 532.04 0.14188 7.0482 6.6998
34 86.053 0.01162 0.00165 607.52 0.14165 7.0599 6.7431
35 98.100 0.01019 0.00144 693.57 0.14144 7.0700 6.7824
40 188.88 0.00529 0.00075 1342.0 0.14075 7.1050 6.9300
45 363.68 0.00275 0.00039 2590.6 0.14039 7.1232 7.0188
50 700.23 0.00143 0.00020 4994.5 0.14020 7.1327 7.0714
55 1348.2 0.00074 0.00010 9623.1 0.14010 7.1376 7.1020
494 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 15% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.1500 0.86957 1.0000 1.0000 1.1500 0.86957 0.00000
2 1.3225 0.75614 0.46512 2.1500 0.61512 1.6257 0.46512
3 1.5209 0.65752 0.28798 3.4725 0.43798 2.2832 0.90713
4 1.7490 0.57175 0.20027 4.9934 0.35027 2.8550 1.3263
5 2.0114 0.49718 0.14832 6.7424 0.29832 3.3522 1.7228
6 2.3131 0.43233 0.11424 8.7537 0.26424 3.7845 2.0972
7 2.6600 0.37594 0.09036 11.067 0.24036 4.1604 2.4498
8 3.0590 0.32690 0.07285 13.727 0.22285 4.4873 2.7813
9 3.5179 0.28426 0.05957 16.786 0.20957 4.7716 3.0922
10 4.0456 0.24718 0.04925 20.304 0.19925 5.0188 3.3832
11 4.6524 0.21494 0.04107 24.349 0.19107 5.2337 3.6549
12 5.3503 0.18691 0.03448 29.002 0.18448 5.4206 3.9082
13 6.1528 0.16253 0.02911 34.352 0.17911 5.5831 4.1438
14 7.0757 0.14133 0.02469 40.505 0.17469 5.7245 4.3624
15 8.1371 0.12289 0.02102 47.580 0.17102 5.8474 4.5650
16 9.3576 0.10686 0.01795 55.717 0.16795 5.9542 4.7522
17 10.761 0.09293 0.01537 65.075 0.16537 6.0472 4.9251
18 12.375 0.08081 0.01319 75.836 0.16319 6.1280 5.0843
19 14.232 0.07027 0.01134 88.212 0.16134 6.1982 5.2307
20 16.367 0.06110 0.00976 102.44 0.15976 6.2593 5.3651
21 18.822 0.05313 0.00842 118.81 0.15842 6.3125 5.4883
22 21.645 0.04620 0.00727 137.63 0.15727 6.3587 5.6010
23 24.891 0.04017 0.00628 159.28 0.15628 6.3988 5.7040
24 28.625 0.03493 0.00543 184.17 0.15543 6.4338 5.7979
25 32.919 0.03038 0.00470 212.79 0.15470 6.4641 5.8834
26 37.857 0.02642 0.00407 245.71 0.15407 6.4906 5.9612
27 43.535 0.02297 0.00353 283.57 0.15353 6.5135 6.0319
28 50.066 0.01997 0.00306 327.10 0.15306 6.5335 6.0960
29 57.575 0.01737 0.00265 377.17 0.15265 6.5509 6.1541
30 66.212 0.01510 0.00230 434.75 0.15230 6.5660 6.2066
31 76.144 0.01313 0.00200 500.96 0.15200 6.5791 6.2541
32 87.565 0.01142 0.00173 577.10 0.15173 6.5905 6.2970
33 100.70 0.00993 0.00150 664.67 0.15150 6.6005 6.3357
34 115.80 0.00864 0.00131 765.37 0.15131 6.6091 6.3705
35 133.18 0.00751 0.00113 881.17 0.15113 6.6166 6.4019
40 267.86 0.00373 0.00056 1779.1 0.15056 6.6418 6.5168
45 538.77 0.00186 0.00028 3585.1 0.15028 6.6543 6.5830
50 1083.7 0.00092 0.00014 7217.7 0.15014 6.6605 6.6205
55 2179.6 0.00046 0.00007 14 524.0 0.15007 6.6636 6.6414
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 495

i ! 20% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.2000 0.83333 1.0000 1.0000 1.2000 0.83333 0.00000
2 1.4400 0.69444 0.45455 2.2000 0.65455 1.5278 0.45455
3 1.7280 0.57870 0.27473 3.6400 0.47473 2.1065 0.87912
4 2.0736 0.48225 0.18629 5.3680 0.38629 2.5887 1.2742
5 2.4883 0.40188 0.13438 7.4416 0.33438 2.9906 1.6405
6 2.9860 0.33490 0.10071 9.9299 0.30071 3.3255 1.9788
7 3.5832 0.27908 0.07742 12.916 0.27742 3.6046 2.2902
8 4.2998 0.23257 0.06061 16.499 0.26061 3.8372 2.5756
9 5.1598 0.19381 0.04808 20.799 0.24808 4.0310 2.8364
10 6.1917 0.16151 0.03852 25.959 0.23852 4.1925 3.0739
11 7.4301 0.13459 0.03110 32.150 0.23110 4.3271 3.2893
12 8.9161 0.11216 0.02526 39.581 0.22526 4.4392 3.4841
13 10.699 0.09346 0.02062 48.497 0.22062 4.5327 3.6597
14 12.839 0.07789 0.01689 59.196 0.21689 4.6106 3.8175
15 15.407 0.06491 0.01388 72.035 0.21388 4.6755 3.9588
16 18.488 0.05409 0.01144 87.442 0.21144 4.7296 4.0851
17 22.186 0.04507 0.00944 105.93 0.20944 4.7746 4.1976
18 26.623 0.03756 0.00781 128.12 0.20781 4.8122 4.2975
19 31.948 0.03130 0.00646 154.74 0.20646 4.8435 4.3861
20 38.338 0.02608 0.00536 186.69 0.20536 4.8696 4.4643
21 46.005 0.02174 0.00444 225.03 0.20444 4.8913 4.5334
22 55.206 0.01811 0.00369 271.03 0.20369 4.9094 4.5941
23 66.247 0.01509 0.00307 326.24 0.20307 4.9245 4.6475
24 79.497 0.01258 0.00255 392.48 0.20255 4.9371 4.6943
25 95.396 0.01048 0.00212 471.98 0.20212 4.9476 4.7352
26 114.48 0.00874 0.00176 567.38 0.20176 4.9563 4.7709
27 137.37 0.00728 0.00147 681.85 0.20147 4.9636 4.8020
28 164.84 0.00607 0.00122 819.22 0.20122 4.9697 4.8291
29 197.81 0.00506 0.00102 984.07 0.20102 4.9747 4.8527
30 237.38 0.00421 0.00085 1181.9 0.20085 4.9789 4.8731
31 284.85 0.00351 0.00070 1419.3 0.20070 4.9824 4.8908
32 341.82 0.00293 0.00059 1704.1 0.20059 4.9854 4.9061
33 410.19 0.00244 0.00049 2045.9 0.20049 4.9878 4.9194
34 492.22 0.00203 0.00041 2456.1 0.20041 4.9898 4.9308
35 590.67 0.00169 0.00034 2948.3 0.20034 4.9915 4.9406
496 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 25% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.2500 0.80000 1.0000 1.0000 1.2500 0.80000 0.00000
2 1.5625 0.64000 0.44444 2.2500 0.69444 1.4400 0.44444
3 1.9531 0.51200 0.26230 3.8125 0.51230 1.9520 0.85246
4 2.4414 0.40960 0.17344 5.7656 0.42344 2.3616 1.2249
5 3.0518 0.32768 0.12185 8.2070 0.37185 2.6893 1.5631
6 3.8147 0.26214 0.08882 11.259 0.33882 2.9514 1.8683
7 4.7684 0.20972 0.06634 15.073 0.31634 3.1611 2.1424
8 5.9605 0.16777 0.05040 19.842 0.30040 3.3289 2.3872
9 7.4506 0.13422 0.03876 25.802 0.28876 3.4631 2.6048
10 9.3132 0.10737 0.03007 33.253 0.28007 3.5705 2.7971
11 11.642 0.08590 0.02349 42.566 0.27349 3.6564 2.9663
12 14.552 0.06872 0.01845 54.208 0.26845 3.7251 3.1145
13 18.190 0.05498 0.01454 68.760 0.26454 3.7801 3.2437
14 22.737 0.04398 0.01150 86.949 0.26150 3.8241 3.3559
15 28.422 0.03518 0.00912 109.69 0.25912 3.8593 3.4530
16 35.527 0.02815 0.00724 138.11 0.25724 3.8874 3.5366
17 44.409 0.02252 0.00576 173.64 0.25576 3.9099 3.6084
18 55.511 0.01801 0.00459 218.04 0.25459 3.9279 3.6698
19 69.389 0.01441 0.00366 273.56 0.25366 3.9424 3.7222
20 86.736 0.01153 0.00292 342.94 0.25292 3.9539 3.7667
21 108.42 0.00922 0.00233 429.68 0.25233 3.9631 3.8045
22 135.53 0.00738 0.00186 538.10 0.25186 3.9705 3.8365
23 169.41 0.00590 0.00148 673.63 0.25148 3.9764 3.8634
24 211.76 0.00472 0.00119 843.03 0.25119 3.9811 3.8861
25 264.70 0.00378 0.00095 1054.8 0.25095 3.9849 3.9052
26 330.87 0.00302 0.00076 1319.5 0.25076 3.9879 3.9212
27 413.59 0.00242 0.00061 1650.4 0.25061 3.9903 3.9346
28 516.99 0.00193 0.00048 2064.0 0.25048 3.9923 3.9457
29 646.23 0.00155 0.00039 2580.9 0.25039 3.9938 3.9551
30 807.79 0.00124 0.00031 3227.2 0.25031 3.9950 3.9628
31 1009.7 0.00099 0.00025 4035.0 0.25025 3.9960 3.9693
32 1262.2 0.00079 0.00020 5044.7 0.25020 3.9968 3.9746
33 1577.7 0.00063 0.00016 6306.9 0.25016 3.9975 3.9791
34 1972.2 0.00051 0.00013 7884.6 0.25013 3.9980 3.9828
35 2465.2 0.00041 0.00010 9856.8 0.25010 3.9984 3.9858
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 497

i ! 30% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.3000 0.76923 1.0000 1.0000 1.3000 0.76923 0.00000
2 1.6900 0.59172 0.43478 2.3000 0.73478 1.3609 0.43478
3 2.1970 0.45517 0.25063 3.9900 0.55063 1.8161 0.82707
4 2.8561 0.35013 0.16163 6.1870 0.46163 2.1662 1.1783
5 3.7129 0.26933 0.11058 9.0431 0.41058 2.4356 1.4903
6 4.8268 0.20718 0.07839 12.756 0.37839 2.6427 1.7654
7 6.2749 0.15937 0.05687 17.583 0.35687 2.8021 2.0063
8 8.1573 0.12259 0.04192 23.858 0.34192 2.9247 2.2156
9 10.604 0.09430 0.03124 32.015 0.33124 3.0190 2.3963
10 13.786 0.07254 0.02346 42.619 0.32346 3.0915 2.5512
11 17.922 0.05580 0.01773 56.405 0.31773 3.1473 2.6833
12 23.298 0.04292 0.01345 74.327 0.31345 3.1903 2.7952
13 30.288 0.03302 0.01024 97.625 0.31024 3.2233 2.8895
14 39.374 0.02540 0.00782 127.91 0.30782 3.2487 2.9685
15 51.186 0.01954 0.00598 167.29 0.30598 3.2682 3.0344
16 66.542 0.01503 0.00458 218.47 0.30458 3.2832 3.0892
17 86.504 0.01156 0.00351 285.01 0.30351 3.2948 3.1345
18 112.46 0.00889 0.00269 371.52 0.30269 3.3037 3.1718
19 146.19 0.00684 0.00207 483.97 0.30207 3.3105 3.2025
20 190.05 0.00526 0.00159 630.17 0.30159 3.3158 3.2275
21 247.06 0.00405 0.00122 820.22 0.30122 3.3198 3.2480
22 321.18 0.00311 0.00094 1067.3 0.30094 3.3230 3.2646
23 417.54 0.00239 0.00072 1388.5 0.30072 3.3254 3.2781
24 542.80 0.00184 0.00055 1806.0 0.30055 3.3272 3.2890
25 705.64 0.00142 0.00043 2348.8 0.30043 3.3286 3.2979
26 917.33 0.00109 0.00033 3054.4 0.30033 3.3297 3.3050
27 1192.5 0.00084 0.00025 3971.8 0.30025 3.3305 3.3107
28 1550.3 0.00065 0.00019 5164.3 0.30019 3.3312 3.3153
29 2015.4 0.00050 0.00015 6714.6 0.30015 3.3317 3.3189
30 2620.0 0.00038 0.00011 8730.0 0.30011 3.3321 3.3219
31 3406.0 0.00029 0.00009 11 350.0 0.30009 3.3324 3.3242
32 4427.8 0.00023 0.00007 14 756.0 0.30007 3.3326 3.3261
33 5756.1 0.00017 0.00005 19 184.0 0.30005 3.3328 3.3276
34 7483.0 0.00013 0.00004 24 940.0 0.30004 3.3329 3.3288
35 9727.9 0.00010 0.00003 32 423.0 0.30003 3.3330 3.3297
498 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

i ! 40% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.4000 0.71429 1.0000 1.0000 1.4000 0.71429 0.00000
2 1.9600 0.51020 0.41667 2.4000 0.81667 1.2245 0.41667
3 2.7440 0.36443 0.22936 4.3600 0.62936 1.5889 0.77982
4 3.8416 0.26031 0.14077 7.1040 0.54077 1.8492 1.0923
5 5.3782 0.18593 0.09136 10.946 0.49136 2.0352 1.3580
6 7.5295 0.13281 0.06126 16.324 0.46126 2.1680 1.5811
7 10.541 0.09486 0.04192 23.853 0.44192 2.2628 1.7664
8 14.758 0.06776 0.02907 34.395 0.42907 2.3306 1.9185
9 20.661 0.04840 0.02034 49.153 0.42034 2.3790 2.0422
10 28.925 0.03457 0.01432 69.814 0.41432 2.4136 2.1419
11 40.496 0.02469 0.01013 98.739 0.41013 2.4383 2.2215
12 56.694 0.01764 0.00718 139.23 0.40718 2.4559 2.2845
13 79.371 0.01260 0.00510 195.93 0.40510 2.4685 2.3341
14 111.12 0.00900 0.00363 275.30 0.40363 2.4775 2.3729
15 155.57 0.00643 0.00259 386.42 0.40259 2.4839 2.4030
16 217.80 0.00459 0.00185 541.99 0.40185 2.4885 2.4262
17 304.91 0.00328 0.00132 759.78 0.40132 2.4918 2.4441
18 426.88 0.00234 0.00094 1064.70 0.40094 2.4941 2.4577
19 597.63 0.00167 0.00067 1491.58 0.40067 2.4958 2.4682
20 836.68 0.00120 0.00048 2089.21 0.40048 2.4970 2.4761
21 1171.36 0.00085 0.00034 2925.89 0.40034 2.4979 2.4821
22 1639.90 0.00061 0.00024 4097.24 0.40024 2.4985 2.4866
23 2295.86 0.00044 0.00017 5737.14 0.40017 2.4989 2.4900
24 3214.20 0.00031 0.00012 8033.00 0.40012 2.4992 2.4925
25 4499.88 0.00022 0.00009 11 247.0 0.40009 2.4994 2.4944
26 6299.83 0.00016 0.00006 15 747.0 0.40006 2.4996 2.4959
27 8819.76 0.00011 0.00005 22 047.0 0.40005 2.4997 2.4969
28 12 348.0 0.00008 0.00003 30 867.0 0.40003 2.4998 2.4977
29 17 287.0 0.00006 0.00002 43 214.0 0.40002 2.4999 2.4983
30 24 201.0 0.00004 0.00002 60 501.0 0.40002 2.4999 2.4988
31 33 882.0 0.00003 0.00001 84 703.0 0.40001 2.4999 2.4991
32 47 435.0 0.00002 0.00001 118 585.0 0.40001 2.4999 2.4993
33 66 409.0 0.00002 0.00001 166 019.0 0.40001 2.5000 2.4995
34 92 972.0 0.00001 0.00000 232 428.0 0.40000 2.5000 2.4996
35 130 161.0 0.00001 0.00000 325 400.0 0.40000 2.5000 2.4997
 APPENDIX A Compound Interest Factors for Discrete Compounding, Discrete Cash Flows 499

i ! 50% Discrete Compounding, Discrete Cash Flows

SINGLE PAYMENT UNIFORM SERIES
Arithmetic
Compound Present Sinking Uniform Capital Series Gradient
Amount Worth Fund Series Recovery Present Series
Factor Factor Factor Factor Factor Worth Factor Factor
N (F/P,i,N) (P/F,i,N) (A/F,i,N) (F/A,i,N) (A/P,i,N) (P/A,i,N) (A/G,i,N)
1 1.5000 0.66667 1.0000 1.0000 1.5000 0.66667 0.00000
2 2.2500 0.44444 0.40000 2.5000 0.90000 1.1111 0.40000
3 3.3750 0.29630 0.21053 4.7500 0.71053 1.4074 0.73684
4 5.0625 0.19753 0.12308 8.1250 0.62308 1.6049 1.0154
5 7.5938 0.13169 0.07583 13.1875 0.57583 1.7366 1.2417
6 11.3906 0.08779 0.04812 20.781 0.54812 1.8244 1.4226
7 17.0859 0.05853 0.03108 32.172 0.53108 1.8829 1.5648
8 25.6289 0.03902 0.02030 49.258 0.52030 1.9220 1.6752
9 38.443 0.02601 0.01335 74.887 0.51335 1.9480 1.7596
10 57.665 0.01734 0.00882 113.330 0.50882 1.9653 1.8235
11 86.498 0.01156 0.00585 170.995 0.50585 1.9769 1.8713
12 129.746 0.00771 0.00388 257.493 0.50388 1.9846 1.9068
13 194.620 0.00514 0.00258 387.239 0.50258 1.9897 1.9329
14 291.929 0.00343 0.00172 581.86 0.50172 1.9931 1.9519
15 437.894 0.00228 0.00114 873.79 0.50114 1.9954 1.9657
16 656.841 0.00152 0.00076 1311.68 0.50076 1.9970 1.9756
17 985.261 0.00101 0.00051 1968.52 0.50051 1.9980 1.9827
18 1477.89 0.00068 0.00034 2953.78 0.50034 1.9986 1.9878
19 2216.84 0.00045 0.00023 4431.68 0.50023 1.9991 1.9914
20 3325.26 0.00030 0.00015 6648.51 0.50015 1.9994 1.9940
21 4987.89 0.00020 0.00010 9973.77 0.50010 1.9996 1.9958
22 7481.83 0.00013 0.00007 14 962.0 0.50007 1.9997 1.9971
23 11 223.0 0.00009 0.00004 22 443.0 0.50004 1.9998 1.9980
24 16 834.0 0.00006 0.00003 33 666.0 0.50003 1.9999 1.9986
25 25 251.0 0.00004 0.00002 50 500.0 0.50002 1.9999 1.9990
26 37 877.0 0.00003 0.00001 75 752.0 0.50001 1.9999 1.9993
27 56 815.0 0.00002 0.00001 113 628.0 0.50001 2.0000 1.9995
28 85 223.0 0.00001 0.00001 170 443.0 0.50001 2.0000 1.9997
29 127 834.0 0.00001 0.00000 255 666.0 0.50000 2.0000 1.9998
30 191 751.0 0.00001 0.00000 383 500.0 0.50000 2.0000 1.9998
31 287 627.0 0.00000 0.00000 575 251.0 0.50000 2.0000 1.9999
32 431 440.0 0.00000 0.00000 862 878.0 0.50000 2.0000 1.9999
33 647 160.0 0.00000 0.00000 1 294 318.0 0.50000 2.0000 1.9999
34 970 740.0 0.00000 0.00000 1 941 477.0 0.50000 2.0000 2.0000
35 1 456 110.0 0.00000 0.00000 2 912 217.0 0.50000 2.0000 2.0000
List of Formulas
After-tax IRR: • Sinking Fund Factor
IRRafter-tax ! IRRbefore-tax × (1 − t) i
(A/F,i,N ) = !!
(1 + i)N − 1
After-tax MARR:
• Uniform Series Compound
MARRafter-tax ! MARRbefore-tax × (1 − t) Amount Factor

(1 + i)N − 1
Benefit–Cost Ratio: (F/A,i,N ) = !!
i
PW(benefits)
BCR = !! • Capital Recovery Factor
PW(costs)
Book Value, Declining-Balance: i(1 + i)N
(A/P,i,N ) = !!
(1 + i)N − 1
BVdb (n) = P(1 − d)n
• Series Present Worth Factor
Book Value, Straight-Line: (1 + i)N − 1
(P/A,i,N ) = !!
P−S i(1 + i)N
"
BVsl (n) = P − n !!
N # • Arithmetic Gradient to
Capital Tax Factor: Annuity Conversion Factor
td(1 + i/2) 1 N
CTF = 1 − !! (A/G,i,N ) = !! − !!
(i + d )(1 + i) i (1 + i)N − 1
Capital Salvage Factor: • Geometric Gradient Series
to Present Worth Conversion
td
CSF = 1 − ! Factor
(i + d )
(P/A,i˚ ,N )
Capitalized Value: (P/A,g,i,N ) = !!
1+g
Α (1 + i˚ ) N − 1 1
P = !!
i "
(P/A,g,i,N ) = !! #!!
i˚(1 + i˚ ) N 1 + g
Capital Recovery Formula: 1+i
i˚ = ! − 1
A = (P − S )(A/P,i,N ) + Si 1+g

Compound Interest: Depreciation Amount, Straight

Line:
F = P(1 + i )N
P−S
Dsl (n) = !!
Compound Interest Factors: N
• Compound Amount Factor Depreciation Amount, Declining
Balance:
(F/P,i,N ) = (1 + i ) N

Ddb(n) = BVdb (n − 1) × d
• Present Worth Factor
1
(P/F,i,N ) = !!
(1 + i)N
Depreciation Rate: Linear Interpolation:
y* − y
d=1−
!!"P!
n S
&
x* = x1 + (x2 − x1) !1
y2 − y1 '
Effective Interest Rate: Modified Benefit–Cost Ratio:
r m
# m $
ie = 1 + !! − 1 or
BCRM = PW(benefits)
!!!!
− PW(operating costs)
PW(capital costs )
ie = (1 + is)m − 1
Payback Period:
Effective Interest Rate for
First cost
Continuous Compounding: Payback period = !!
Annual savings
ie = e r − 1
Real Dollars:
Expected Value of the Discrete
AN
Random Variable: R0,N = !!
I0,N /100
E(X ) = %xi p(xi)
AN
RN = ! !
(1 + f )N
Financial Ratios:
Quick assets RN = AN (P/F,f,N)
• Acid test ratio = !!
Current liabilities
Real MARR:
Current assets
• Current ratio = !!
Current liabilities 1 + M ARR
MARRR = !!C − 1
1+ f
Total equity
• Equity ratio = !! Real Interest Rate:
Total assets
1+i
Sales i′ = !! # 1
• Inventory turnover = !! 1+ f
Inventories
Real IRR:
• Return on Profits after taxes 1 + I RR
= !! IRRR = !!C − 1
total assets Total assets 1+ f
Simple Interest Amount:
Growth-Adjusted Interest Rate:
Is = PiN
1+ i
i˚ = !! − 1
1+g
Internal Rate of Return:
T
(Rt − Dt)
%
t"0
!
(1 + i*)t
= 0 or

T T
Rt Dt
% !!
t " 0 (1 + i*)
t
= %
t"0
!!
(1 + i*)t