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AMA811S-ADVANCED MANAGEMENT ACCOUNTING-2ND OPP JULY 2024 |
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nAmlBIA unlVERSITY
OF SCIEn CE Ano TECHn OLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF ECONOMICS, ACCOUNTING AND FINANCE
QUALIFICATION: BACHELOR OF ACCOUNTING (HONOURS)
QUALIFICATION CODE: 08BOAH
COURSE CODE: AMA811 S
SESSION: JULY 2024
LEVEL:8
COURSE NAME: ADVANCED MANAGEMENT
ACCOUNTING
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINER
Lameck Odada
MODE RATOR Lazarus Shinkeva
INSTRUCTIONS
1. This question paper consists of FOUR (4) questions.
2. Answer ALL FOUR questions in blue or black ink only. NO PENCIL and TIPEX.
3. Start each question on a new page, number the answers correctly and clearly.
4. Write clearly, and neatly and show all your workings/assumptions.
5. Unless otherwise stated, work with four (4) decimal places in all your calculations and
round off only final answers to two (2) decimal places.
6. Questions relating to this examination may be raised in the initial 30 minutes after the
start of the examination. Thereafter, candidates must use their initiative to deal with any
perceived error or ambiguities and any assumptions made by the candidate should be
clearly stated.
PERMISSIBLE MATERIALS
1. Silent, non-programmable calculators
THIS QUESTION PAPER CONSISTS OF _6_ PAGES (including this front page, not tables)
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QUESTION 1
(25 MARKS]
Hendil Incorporated (Hendil) plans to invest N$1 million in a new product range and has
forecast the following financial information:
Year
1
2
3
4
Sales volume (units)
70 000
90 000 100 000
75 000
Average selling price (N$/unit)
40
45
51
51
Average variable cost (N$/unit)
30
28
27
27
Incremental cash fixed costs (N$/unit) 500 000 500 000 500 000
500 000
The above cost forecasts have been prepared on the basis of current prices and no account
has been taken of inflation of 4% per year on variable costs and 3% per year on fixed costs.
Working capital investment accounts for N$200 000 of the proposed N$1 million investment
and machinery for N$800 000
Hendil uses a four-year evaluation period for capital investment purposes but expects the
new product range to continue to sell for several years after the end of this period. Capital
investments are expected to pay back within two years on an undiscounted basis, and within
three years on a discounted basis.
The company pays tax in the year in which liabilities arise at an annual rate of 30% and
claims capital allowances on machinery on a 25% reducing balance basis. Balancing
allowances or charges are claimed only on the disposal of assets. Hendil an after-tax
discount rate of 11% when appraising new capital investments.
REQUIRED
Calculate the Net Present Value (NPV) of the proposed investment and
conclude whether the investment is financially viable or not. Show all your
figures to the nearest N$1,000.
MARKS
25
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QUESTION 2
[25 MARKS]
Midan Marketing (Midan) is a Namibian meat-processing and meat-marketing entity serving
niche markets locally and internationally with premium quality products that are traceable all
the way from the farm to the fork. Midan operates various slaughter facilities across Namibia
and engages in related manufacturing and other production activities by means of production
operations. Midan aims to achieve its vision by creating added value for its customers
through unique competencies, as well as cost-effective and innovative processes, sound
social and environmental practices, and motivated staff.
Midan issued corporate bonds with a coupon rate of 8%. The face value is N$100 and the
bond is stated on the statement of financial position at its total par value of N$80m. The
bonds are currently trading at a price of N$94. Interest is payable annually in arrears. The
maturity date is in five years' time.
Midan has 200 000 non-redeemable preference shares which were issued at a price of
N$100 each. Preference dividends are payable annually in arrears. The non-redeemable
preference shares are currently priced at N$106. The dividend rate is 7.8% and Midan has
recently paid the preference dividends for the current year.
Midan has an equity beta of 1.15 and the risk-free rate is 6%. Midan uses a market premium
of 6.5% as this is the average between 5-8% which is the range of the market risk premium
recommended by some analysts. The current share price is N$3.20 and Midan has 30
million ordinary shares in issue.
REQUIRED
MARKS
Determine the after-tax cost of debt of Midan if the corporation tax rate is 4
a)
30%.
b) Calculate the cost of preference shares of Midan
2
c) Determine Midan's cost of equity
3
Estimate the Weighted Average Cost of Capital (WACC) for Midan.
6
d)
Round off the weights to the nearest whole number
e) State any three (3) reasons for calculating the WACC
3
Other than the Capital Asset Pricing Model (CAPM)
f)
• how could Midan estimate the cost of equity?
1
• state any three (3) assumptions and any three (3) limitations of
6
this model
2
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QUESTION 3
[25 MARKS]
Oshikoto Country Lodges (hereafter OCL) is a truly Namibian hospitality company. They
provide their guests with unmatched experiences at unique properties with a true sense of
place in the landscape. Staying at one of their lodges is a once-in-a-lifetime experience that
is grounded in genuine, warm hospitality and a love of the land they come from. Developing
a passionate and dedicated team is foremost in their philosophy, as only a great team can
provide their guests with a first-class experience. They continually pursue excellence by
enhancing our skills and evolving with the hospitality and tourism industry of Namibia. OCL
is looking to expand its hospitality and tourism interest in Namibia by investing in two
companies in the hospitality and tourism sector. OCL can invest N$4 million in one of the two
companies or a portfolio of the two companies. The following risk/return profiles have been
provided.
Estimated Returns(%)
Economic State
Probability SLM Safaris ATl Holidays
Market
Recession
30%
2
25
-
Boom
50%
10
22
-
Depression
20%
12
-2
-
Expected return
-
-
12%
Standard deviation
-
-
6%
Covariance with the market
25.2
39.6
-
The risk-free rate is 3% per annum and there is no company or personal taxation.
REQUIRED
MARKS
Calculate the expected returns together with the risk of SLM Safaris and
6
a)
ATl Holidays.
If OCL is to select only one company to invest in, which one would you
3
b) advise OCL to select? Motivate your answer with appropriate
calculations.
Determine the expected return of the portfolio, assuming that OCL
2
c)
invests N$1.6 million in SLM Safaris.
Determine the covariance of SLM Safaris and ATI Holidays and interpret
4
d)
your answer.
Determine the standard deviation of the portfolio and advise OCL on
6
e)
whether to invest in the portfolio or not.
Calculate the required return for both companies according to the Capital
4
f)
Asset Pricing Model (CAPM)
3
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QUESTION 4
[25 MARKS]
Dineo Manufacturing and Supplies (hereafter OMS) is a 100% Namibian custom garment
manufacturer, founded in 2009 and started with operations in 2010. The target audience of
OMS is corporate companies, public services, and schools and is not limited to local and
international brands. Below is the summarized statement of the financial position of OMS
and the statement of comprehensive income for the year ended 31 December 2023.
OMS Statemen t off mancI.a I posI I0n as of 31 Decem ber 2023
ASSETS
2023
2022
Non-current assets
9 450 000
8 640 000
Property, plant, and equipment
9 450 000
8 640 000
Investments
-
-
Current assets
36 045 000
29 632 500
Inventories
20 925 000
14 850 000
Receivables
12 150 000
9 990 000
Cash assets
2 970 000
4 792 500
TOTAL ASSETS
45 495 000
38 272 500
EQUITY AND LIABILITIES
Share capital and reserves
16 335 000
15 120 000
Share capital
7 000 000
7 000 000
Other reserves
-250 000
-250 000
Retained earnings
9 585 000
8 370 000
Redeemable -preference shares
2 700 000
2 700 000
Non-current liabilities: Lonq-term borrowinqs
7 425 000
7 425 000
Current liabilities
19 035 000
13 027 500
Trade and other payables
4 860 000
4 320 000
Short term borrowings
14 175 000
8 707 500
TOTAL EQUITY AND LIABILITIES
45 495 000
38 272 500
OMS Statemen t of compre hensIve mcome for th e vear en ded 31 Decem ber 2023
2023
2022
Sales
85 320 000
74 250 000
Cost of sales
63 990 000
54 945 000
Gross profit
21 330 000
19 305 000
Operating expenses
12 636 000
11 070 000
Depreciation
810 000
675 000
Profit before interest and tax
7 884 000
7 560 000
Finance costs
2 430 000
1 485 000
Profit before tax
5 454 000
6 075 000
Income tax expense
2 430 000
2 160 000
Profit from continuing operations
3 024 000
3 915 000
loss on discontinued operations
1 080 000
-
Profit for the year
1944000
3 915 000
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DMS extract statemen t of changes m equi·t:y for th e vear ended 31 Decem ber 2023
2023
2022
Balance on 31 December
8 370 000
5 184 000
Comprehensive income for the year
1 944 000
3 915 000
10 314 000
9 099 000
Dividends-preference shares
-324 000
-324 000
Dividends-ordinary shares
-405 000
-405 000
Balance on 31 December
9 585 000
8 370 000
REQUIRED
Compute the following liquidity ratios for 2022 and 2023.
• Current ratio
a)
• Quick ratio
• Inventory turnover.
• Debtors' collection period
• Creditors settlement period
Compute the following debt ratios for 2022 and 2023.
b)
• Debt ratio
• Times interest earned
Compute the following profitability ratios for 2022 and 2023.
c)
• Gross profit margin
• Net profit margin
• Return on Assets
d) Compute the return on the shareholders' equity in 2022 and 2023
e) Identify any three (3) limitations of ratio analysis
MARKS
10
4
6
2
3
END OF EXAMINATION QUESTION PAPER
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TABLE A
Future value interest factor of $1 per period at i% for n periods, FVIF(i,n).
Period
1
2
3
4
5
6
7
8
9
1%
1.010
1.020
1.030
1.041
1.051
1.062
1.072
1.083
1.094
2%
1.020
1.040
1.061
1.082
1.104
1.126
1.149
1.172
1.195
3%
1.030
1.061
1.093
1.126
1.159
1.194
1.230
1.267
1.305
4%
1.040
1.082
1.125
1.170
1.217
1.265
1.316
1.369
1.423
5%
1.050
1.103
1.158
1.216
1.276
1.340
1.407
1.477
1.551
6%
1.060
1.124
1.191
1.262
1.338
1.419
1.504
1.594
1.689
7%
1.070
1.145
1.225
1.311
1.403
1.501
1.606
1.718
1.838-
8%
1.0.80
1.166
1.260
1.360
1.469
1.587
1.714
1.851
1.999
9%
1.090
1.188
1.295
1.412
1.539
1.677
1.828
1.993
2.172
10%
1.100
1.210
1.331
1.464
1.611
1.772
1.949
2.144
2.358
11%
1.110
1.232
1.368
1.518
1.685 ·.
1.870
2.076
2.305
2.558
12%
1.120
1.254
1.405
1.574
1.762
1.974
2.211
2.476
2.773
13%
1.130
1.277
1.443
1.630
1.842
2.082
2.353
2.658
3.004
14%
1.140
1.300
1.482
1.689
1.925
2.195
2.502
2.853
3.252
10 1.105
11 1.116
12 1.127
13 1.138
14 1.149
15 1.161
16 1.173
17 1.184
18 1.196
19 1.208
20 1.220
25 1.282
30 1.348
35 1.417
40 1.489
so 1.645
1.219
1.243
1.268
1.294
1.319
1.346
1.373
1.400
1.428
1.457
1.486
1.641
1.811
2.000
2.208
2.692
1.344
1.384
1.426
1.469
1.513
1.558
1.605
1.653
1.702
1.754
1.806
2.094
2.427
2.814
3.262
4.384
1.480
1.539
1.601
1.665
1.732
1.801
1.873
1.948
2.026
2.107
2.191
2.666
3.243
3.946
4.801
7.107
1.629
1.710
1.796
1.886
1.980
2.079
2.183
2.292
2.407
2.527
2.653
3.386
4.322
5.516
7.040
11.467
1.791
1.898
2.012
2.133
2.261
2.397
2.540
2.693
2.854
3.026
3.207
4.292
5.743
7.686
10.286
18.420
1.967
2.105
2.252
2.410
2.579
2.759
2.952
3.159
3.380
3.617
3.870
5.427
7.612
10.677
14.974
29.457
2.159
2.332
2.518
2.720
2.937
3.172
3.426
3.700
3.996
4.316
4.661
6.848
10.063
14.785
21.725
46.902
2.367
2.580
2.813
3.066
3.342
3.642
3.970
4.328
4.717
5.142
5:604
8.623
13.268
20.414
31.409
74.358
2.594
2.853
3.138
3.452
3.797
4.177
4.595
5.054
5.560
6.116
6.727
10.835
17.449
28.102
45.259
117.391
2.839
3.152
3.498
3.883
4.310
4.785
5.311
5.895
6.544
7.263
8.062
13.585
22.892
38.575
65.001
184.565
3.106
3.479
3.896
4.363
4.887
5.474
6.130
6.866
7.690
8.613
9.646
17.000
29.960
52.800
93.051
289.002
3.395
3.836
4.335
4.898
5.535-
6.254
7.067
7.986
9.024
10.197
11.523
21.231
39.116
72.069
132.782
450.736
3.707
4.226
4.818
5.492
6.261
7.138
8.137
9.276
10.575
12.056
13.743
26.462
50.950
98.100
188.884
700.233
15%
1.150
1.323
1.521
1.749
2.011
2.313
2.660
3.059
3.518
4.046
4.652
5.350
6.153
7.076
8.137
9.358
10.761
12.375
14.232
16.367
32.919
66.212
133.176
267.864
1.083.657
16%
17%
18%
19%
1.160
1.170
1.180
1.190
1.346
1.369
1.392
1.416
1.561
1.602
1.643
1.685
1.811
1.874
1.939
2.005
2.100
2.192
2.288
2.386
2.436
2.565
2.700
2.840
. 2.826
3.001
3.185
3.379
3.278
3.511
3.759
4.021
3.803
4.108
4.435
4.785
4.411
4.807
5.234
5.695
5.117
5.624
6.176
6.777
5.936
6.580
7.288
8.064
6.886
7.699
8.599
9.596
7.988
9.007
10.147
11.420
9.266
10.539
11.974
13.590
10.748
12.330
14.129
16.172
12.468
14.426
16.672
19.244
14.463
16.879
19.673
22.901
16.m
19.748
23.214
27.252
19.461
23.106
27.393
32.429
40.874
50.658
62.669
77.388
85.850 111.065 143.371 184.675
180.314 243.503 327.997 440.701
378.721 533.869 750.378 1.051.668
1,670.704 2.566.215 3.927.357 5.988.914
···--- - ----"---------
20%
1.200
1.440
1.728
2.074
2.488
2.986
3.583
4.300
5.160
6.192
7.430
8.916
10.699
12.839
15.407
18.488
22.186
26.623
31.948
38.338
95.396
237.376
590.668
1,469.772
9,100.438
TABLE B
Present value interestfactor of $1 per period at io/ofor n periods,PVIF(i,n).
Period
1
2
3
4
1%
0.990
0.980
0.971
0.961
2%
0.980
0.961
0.942
0.924
3%
0.971
0.943
0.915
0.888
4%
0.962
0.925
0.889
0.855
5%
0.952
0.907
0.864
0.823
6%
0.943
0.890
0.840
0.792
7%
0.935
0.873
· 0.816
0.763
8%
0.926
0.857
0.794
0.735
9%
0.917
0.842
0.772·
0.708
10%
0.909
0.826
0.751
0.683
11%
0.901
0.812
0.731
Q.659
12%
0.893
0.797
0.712
0.636
13%
0.885
0.783
0.693
0.613
14%
0.877
0.769
0.675
0.592
15%
0.870
0.756
0.658
0.572
16%
0.862
0.743
0.641
0.552
17%
0.855
0.731
0.624
0.534
18%
0.847
0.718
0.609
0.516
19%1 20%
0.840 0.833
0.706 0.694
0.593 0.579
0.499 0.482
5 0.951
6 0.942
7 0.933
8 0.923
9 0.914
10 0.905
0.906
0.888
0.871
0.853
0.837
0.820
0.863
0.837
0.813
0.789
0.766
0.744
0.822
0.790
0.760
0.731
0.703
0.676
0.784
0.746
0.711
0.677
0.645
0.614
0.747
0.705
0.665
0.627
0.592
0.558
0.713
0.666
0.623
0.582
0.544
0.508
0.681
0.630
0.583
0.540
0.500
0.463
0.650
.0.596
0.547
0.502
0.460
0.422
0.621
0.564
0.513
0.467
0.424
0.386
0.593
0.535
0.482
0.434
0.391
0.352
0.567
0.507
0.452
0.404
0.361
0.322
0.543
0.480
0.425
0.376
0.333
0.295
0.519
0.456
0.400
0.351
0.308
0.270
0.497
0.432
0.376
0.327
0.284
0.247
0.476
0.410
0.354
0.305
0.263
0.227
0.456
0.390
0.333
0.285
0.243
0.208
0.437
0.370
0.314
0.266
0.225
0.191
0.419
0.352
0.296
0.249
0.209
0.176
0.402
0.335
0.279
0.233
0.194
0.162
11 0.896
12 0.887
13 0.879
14 0.870
15 0.861
16 0.853
17 0.844
18 0.836
19 0.828
20 0.820
25 0.780
30 0:742
35 0.706
40 0.672
50 0.608
0.804
0.788
0.773
0.758
0.743
0.728
0.714
0.700
0.686
0.673
0.610
0.552
0.500
0.453
0.372
0.722
0.701
0.681
0.661
0.642
0.623
0.605
0.587
0.570
0.554
0.478
0.412
0.355
0.307
0.228
0.650
0.625
0.601
0.577
0.555
0.534
0.513
0.494
0.475
0.456
0.375
0:308
0.253
0.208
0.141
0.585
0.557
0.530
0.505
0.481
0.458
0.436
' 0.416
0.396
0.377
0.295
0.231
0.181
0.142
0.087
0.527
0.497
0.469
0.442
0.417
0.394
0.371
0.350
0.331
0.312
0.233
0.174
0.130
0.097
0.054
0.475
0.444
0.415
0.388
0.362
0.339
0.317
0.296
0.277
0.258
0.184
0.131
0.094
0.067
0.034
0.429
0.397
0.368
0.340
0.315
0.292
0.270
0.250
0.232
0.215
0.146
0.099
0.068
0.046
0.021
0.388
0.356
0.326
0.299
0.275
0.252
0.231
0.212
0.194
0.178
0.116
0.075
0.049
0.032
0.013
0.350
0.319
0.290
0.263
0.239
0.218
0.198
0.180
0.164
0.149
0.092
0.057
0.036
0.022
0.009
0.317
0.286
0.258
0.232
0.209
0.188
0.170
0.153
0.138
0.124
0.074
0.044
0.026
0.015
0.005
0.287
0.257
0.229
0.205
0.183
0.163
0.146
0.130
0.116
0.104
0.059
0.033
0.019
0.011
0.003
0.261
0.231
0.204
0.181
0.160
0.141
0.125
0.111
0.098
0.087
0.047
0.026
0.014
0.008
0.002
0.237
0.208
0.182
0.160
0.140
0.123
0.108
0.095
0.083
0.073
0.038
0.020
0.010
0.005
0.001
0.215
0.187
0.163
0.141
0.123
0.107
0.093
0.081
0.070
0.061
0.030
0.015
0.008
0.004
0.001
0.195
0.168
0.145
0.125
0.108
0.093
0.080
0.069
0.060
0.051
0.024
0.012
0.006
0.003
0.001
0.178
0.152
0.130
0.111
0.095
0.081
0.069
0.059
0.051
0.043
0.020
0.009
0.004
0.002
0.000
0.162
0.137
0.116
0.099
0.084
0.071
0.060
0.051
0.043
0.037
0.016
0.007
0.003
0.001
0.000
0.148
0.124
0.104
0.088
0.074
0.062
0.052
0.044
0.037
0.031
0.013
0.005
0.002
0.001
0.000
0.135
0.112
0.093
0,078
0.065
0.054
0.045
0.038
0.031
0.026•
0.010
0.004
0.002
0.001
0.000
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8 Page 8 |
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TABLE C
t-uture va1ue interest tactor or an oramarv annu1tv or :.,1 oer oenad at I roror n penoas. t-V11-A!l.nl.
Period II 1%
2%
3%
4%
5%
6%
7%
8%
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.110 2.120 2.130 2.140 2.150 2.160 2.170 2.180 2.190 2.200
3 3.030 3.060 3.091 3.122 3.153 3.184 3.215 3.246 3.278 3.310 3.342 3.374 3.407 3.440 3.473 3.506 3.539 3.572 3.606 3.640
4 4.060 4.122 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.710 4.779 4.850 4.921 4.993 5.066 5.141 5.215 5.291 5.368
5 5.101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.228 6.353 6.480 6.610 6.742 6.877 7.014 7.154 7.297 7.442
6 6.152 6.308 6.468 6.633 6.802 6.975 7.153 7.336 7.523 7.716 7.913 8.115 8.323 8.536 8.754 8.977 9.207 9.442 9.683 9.930
7 7.214 7.434 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 10.089 10.405 10.730 11.067 11.414 11.772 12.142 12.523 12.916
8 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 12.300 12.757 13.233 13.727 14.240 14.773 15.327 15.902 16.499
9 9.369 9.755 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.164 14.776 15.416 16.085 16.786 17.519 18.285 19.086 19.923 20.799
10 10.462 10.950 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 16.722 17.549 18.420 19.337 20.304 21.321 22.393 23.521 24.709 25.959
11 11.567 12.169 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 19.561 20.655 21.814 23.045 24.349 25.733 27.200 28.755 30.404 32.150
12 12.683 13.412 14.192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 24.133 25.650 27.271 29.002 30.850 32.824 34.931 37.180 39.581
13 13.809 14.680 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 28.029 29.985 32.089 34.352 36.786 39.404 42.219 45.244 48.497
14 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 32.393 34.883 37.581 40.505 43.672 47.103 50.818 54.841 59.196
15 16.097 17.293 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 34.405 37.280 40.417 43.842 47.580 51.660 56.110 60.965 66.261 72.035
16 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 42.753 46.672 50.980 55.717 60.925 66.649 72.939 79.850 87.442
17 18.430 20.012 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 53.739 59.118 65.075 71.673 78.979 87.068 96.022 105.93
18 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 55.750 61.725 68.394 75.836 84.141 93.406 103.74 115.27 .128.12
19 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 63.440 70.749 78.969 88.212 98.603 110.28 123.41 138.17 154.74
20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052 80.947 91.025 102.44 115.38 130.03 146.63 165.42 186.69
25 28.243 32.030 36.459 41.646 47.727 54.865 63.249 73.106 84.701 98.347 114.41 133.33 155.62 181.87 212.79 249.21 292.10 342.60 402.04 471.98
30 34.785 40.568 47.575 56.085 66.439 79.058 94.461 113.28 136.31 164.49 199.02 241.33 293.20 356.79 434.75 530.31 647.44 790.95 966.71 1,181.9
35 41.660 49.994 60.462 73.652 90.320 111.43 138.24 172.32 215. 71 271.02 341.59 431.66 546.68 693.57 881.17 1,120.7 1,426.5 1,816.7 2,314.2 2,948.3
40 48.886 60.402 75.401 95:026 120.80 154.76 199.64 259.06 337.88 442.59 581.83 767.09 1,013.7 1,342.0 1,779.1 2,360.8 3,134.5 4,163.2 5,529.8 7,343.9
50 64.463 84.579 112.80 152.67 209.35 290.34 406.53 573.77 815.08 1,163.9 1,668.8 2.400.0 3,459.5 4,994.5 7,217.7 10.436 15,090 •-21,813 31,515 45.497
TABLED
Present value interest factor of an (ordinary) annuity of $1 per period at i% for n periods, PV!FA(i,n).
Period
1%
2%
1 0.990 0.980
2 1.970 1.942
3 2.941 2.884
4 3.902 3.808
5 4.853 4.713
6 5.795 5.601
7 6;728 6.472
8 7.652 7.325
9 8.566 8.162
10 9.471 8.:983
11 10.368 9.787
12 11.255 10.575
13 12.134 11.348
14 13.0.04 12.106
15 13.865 12.849
16 14.718 13.578
17 15.562 14.292
18 16.398 14.992
19 17.226 15.678
20 18.046 16.351
25 22.023 19.523
30 25.808 22.396
35 29.409 24.999
40 32.835 27.355
50 39.196 31.424
3%
0.971
1.913
2.829
3.717
. 4.580-
5.417
6.230
7.020
7.786
8.530
9.253
9.954
10.635
11.296
11.938
12.561
13.166
13.754
14.324
14.877
17.413
19.6.00
21.487
23.115
25.730
4%
0.962
1.886
2.775
3.630
4.452
5.242
6.002
6.733
7.435
8.111
8.760
9.385
9.986
10.563
11.118
11.652
12.166
12.659
13.134
13.590
15.622
17.292
18.665
19.793
21.482
5%
0.952
1.859
2.723
3.546
4.329
5.076
5.766
6.463
7.108
7.722
8.306
8.863
9.394
9.899
10.380
10.838
11.274
11.690
12.085
12.462
14.094
15.372
16.374
17.159
18.256
6%
0.943
1.833
2.673
3.465
4.212
4.917
5.562
6.210
6.802
7.360
7.887
8.384
8.853
9.295
9.712
10.106
10.477
10.828
11.158
11.470
12.783
13.765
14.498
15.046
15.762
7%
0.935
1.808
2.624
3.387
4.100
4.767
5.389
5.971
6.515
7.024
7.499
7.943
8.358
8.745
9.108
9.447
9.763
10.059
10.336
10.594
11.654
12.409
12.948
13.332
13.801
8%
0.926
1.783
2.577
3.312
3.993
4.623
5.206
5.747
6.247
6.710
7.139
7.536
7.904
8.244
8.559
8.851
9.122
9.372
9.604
9.818
10.675
11.258
11.655
11.925
12.233
9%
0.917
1.759
2.531
3.240
3.890
4.486
5.033
5.535
5.995
6.418
6.805
7.161
7.487
7.786
8.061
8.313
8.544
8.756
8.950
9.129
9.823
10.274
10.567
10.757
10.962
10%
0.909
1.736
2.487
3.170
3.791
4.355
4.868
5.335
5.759
6.145
6.495
6.814
7.103
7.367
7.606
7.824
8.022
8.201
8.365
8.514
9.077
9.427
9.644
9.779
9.915
11% 12% 13% 14%
0.901 0.893 0.885 0.877
1.713 1.690 1.668 1.647
2.444 2.402 2.361 2.322
3.102 3.037 2.974 2.914
3.696 3.605 3.517 3.433
4.231 4.111 3.998 3.889
4.712 4.564 4.423 4.288
5.146 4.968 4.799 4.639
5.537 5.328 5.132 4.946
5.889 5.650 5.426 5.216
6.207 5.938 5.687 5.453
6.492 6.194 5.918 5.660
6.750 6.424 6.122 5.842
6.982 6.628 6.302 6.002
7.191 6.811 6.462 6.142
7.379 6.974 6.604 6.265
7.549 7.120 6.729 6.373
7.702 7.250 6.840 6.467
7.839 7.366 · 6.938 6.550
7.963 7.469 7.025 6.623
8.422 7 .843, 7 .330 6.873
8.694 8.055 7.496 7.003
8.855 8.176 7.586 7.070
8.951 8.244 7.634 7.105
9.042 8.304 7.675 7.133
15%
0.870
1.626
2.283
2.855
3.352
3.784
4.160
4.487
4.772
5.019
5.234
5.421
5.583
5.724
5.847
5.954
6.047
6.128
6.198
6.259
6.464
6.566
6.617
6.642
6.661
16%
0.862
1.605
2.246
2.798
3.274
3.685
4.039
4.344
4.607
4.833
5.029
5.197
5.342
5.468
5.575
5.668
5.749
5.818
5.877
5.929
6.097
6.177
6.215
6.233
6.246
17%
0.855
1.585
2.210
2.743
3.199
3.589
3.922
4.207
4.451
4.659
4.836
4.988
5.118
5.229
5.324
5.405
5.475
5.534
5.584
5.628
5.766
5.829
5.858
5.871
5.880
18% 19%1 20%
0.847 0.840 0.833 ·
1.566 1.547 1.528
2.174 2.140 2,106
2.690 2.639 2.589
3.127 3.058 2.991
3.498 3.410 3.326
3.812 3.706 3.605
4.078 3.954 3.837
4.303 4.163 4.031
4.494 4.339 4.192
4.656 4.486 4.327
4.793 4.611 4.439
4.910 4.715 4.533
5.008 4.802 4.611
5.092 4.876 4.675
5.162 4.938 4.730
5.222 4.990 4.775
5.273 5.033 4.812
5.316 5.070 4.843
5.353 5.101 4.870
5.467 5.195 4.948
5.517 5.235 4.979
5.539 5.251 4.992
5.548 · 5.258 4.997
5.554 5.262 4.999
21%
0.626
1.509
2.074·
2.540
2.926
3.245
3.508
3.726
3.905
4.054
4.177
4.278
4.362
4.432
4.489
4.536
4.576
4.608
4.635
4.657
4.721
4.746
4.756
4.760
4.762
22%
0.820
1.492
2.0;42
2.494
2.864
3.167
3.416
3.619
3.786
3.923
4.035
4.127
4.203
4.265
4.315
4.357
4.391
4.419
4.442
4.460
•4.514
4_.534
4.541
4.544
4.545
23%
0.813
1.474
2.011
2.448
2.803
3.092
3.327
3.518
3.673
3.799
3.902
3.985
4.053
4.108
4.153
4.189
4.219
4.243
4.263
4.279
4.323
4.339
4.345
4.347
4.348