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FHM810S-FINANCIAL ACC NHOSP AND TOURISM-1ST OPP-JUNE 2022 |
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1 Pages 1-10 |
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nAm I BI A un IVE RSITY
OFSCIEnCEAno TECHnOLOGY
FACULTYOF COMMERCE, HUMAN SCIENCESAND EDUCATION
DEPARTMENTOF HOSPITALITYAND TOURISM
QUALIFICATION:BACHELOROF HOSPITALITYAND TOURISM MANAGEMENT HONOURS
QUALIFICATION CODE: 08BHTH
COURSECODE: FMH810S
SESSION:JUNE 2022
LEVEL:8
COURSENAME: FINANCIALMANAGEMENT IN HOSPITALITY
AND TOURISM
PAPER:THEORYAND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
EXAMINER
FIRSTOPPORTUNITYEXAMINATION QUESTION PAPER
L. Odada
MODERATOR A. Okafor
INSTRUCTIONS
1. Answer ALL the questions in blue or black ink only. NO PENCIL.
2. Start each question on a new page, number the answers correctly and clearly.
3. Write clearly, neatly and show all your workings/assumptions.
4. Work with four (4) decimal places in all your calculations and only round off only final
answers to two (2) decimal places unless otherwise stated.
5. 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.
PERMISSIBLEMATERIALS
1. Silent, non-programmable calculators
THIS QUESTION PAPERCONSISTSOF _8_ PAGES(excluding this front page and tables)
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QUESTION 1
[23 MARKS]
Le Mirage Resort and Spa is a unique establishment in the Sossusvlei area. It is situated 21 km from
the Sesriem gate to Sossusvlei. This makes it one of the lodges closest to the Sossusvlei and the ideal
place to stay when you want to visit the highest dunes in the world. Le Mirage Resort and Spa is
considering two projects which are similar in nature, and both are expected to operate for 4 years.
Depreciation is charged on the straight-line basis and the cost of capital of 12%.
The following information is provided:
Profit after depreciation
Project A
Project B
Year0
46 000
46000
Year 1
6 500
4 500
Year2
3 500
2 500
Year3
13 500
4500
Year4
(1500)
14500
Estimated scrap value at the end of year 4
4000
4 000
REQUIRED
MARKS
Calculate the Payback Period for both projects and advise Le Mirage Resort and
8
a)
Spa on which project to undertake
Calculate the Net Present Value (NPV) for both projects and advise Le Mirage
10
b)
Resort and Spa on which project(s) to undertake
Assume the two projects are mutually exclusive, advise Le Mirage Resort and Spa
2
c)
on which project to undertake
Other than Payback Period and NPV, identify any three (3) other investment
3
d)
appraisal techniques
QUESTION 2
[17 MARKS)
A company needs to produce a cash budget in order to ensure that there is enough cash within the
business to achieve the operational levels set by the functional budgets. The following information
relates to NUST hotel school. The cash balance as at the beginning of March 2022 was N$27 000. The
business has the following budgeted incomes and expenses from January to May 2022:
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Month
January
February
March
April
May
CashSales
N$
20 000
22 000
25 000
Credit Sales
N$
74000
82 000
80000
90000
100 000
Purchases
N$
55 200
61200
60000
69 000
75 000
Salaries
N$
9 000
9 000
9 500
9 500
10000
The following information also relates to the business
• Creditors give one month credit
• Salaries are paid in the current month
• Fixed costs are paid one month in arrears
• Credit salesare settled asfollows:
40% in the month of sale
45% in the next month following the sale
12% in two months following the month of sale
The balance represents bad debts.
REQUIRED
Prepare a cash budget for the period March - May 2022
Fixed Overheads
N$
30 000
25 000
25 000
27 000
32 000
MARKS
17
QUESTION 3
[25 MARKS]
Netflix is the world's leading streaming entertainment service with over 209 million subscribers in over
190 countries (July 2021). Netflix started in 1997 as a DVD mail rental business. In 2007, the company
shifted its business model and decided to go digital with the introduction of streaming media.
Customers can now access a wide range of movies, TV series, and original Netflix content for an
affordable, no-commitment monthly fee.
Netflix is considering launching a new, innovative product onto the Namibian market and is trying to
decide on the right launch price for the product. The product's expected life is three years. Given the
high level of costs which have been incurred in developing the product, Netflix wants to ensure that it
sets its price at the right level and has therefore consulted a market research company to help it do
this. The research, which relates to similar but not identical products launched by other companies,
has revealed that at a price of N$60, annual demand would be expected to be 250 000 units. However,
for every N$2 increase in selling price, demand would be expected to fall by 2 000 units and for every
N$2 decrease in selling price, demand would be expected to increase by 2 000 units.
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A forecast of the annual production costs which would be incurred by Netflix in relation to the new
product are as follows:
Annual production (units)
Direct material
Direct labour
Overheads
200 000
N$
2 400 000
1200 000
1400 000
250 000
N$
3 000 000
1500 000
1550 000
300 000
N$
3 600 000
1800 000
1700000
350 000
N$
4 200 000
2 100 000
1850 000
REQUIRED
Determine the equation for the demand function (that is, the price as a function
a)
of quantity demanded. If P = a - bx, then MR= a - 2bx)
b) Determine the Marginal Cost (MC)
c) Calculate the optimum price
d) Compute the maximum profit
e) Explain what is meant by price elasticity of demand
MARKS
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5
5
8
3
QUESTION4
[30 MARKS]
For questions 1 - 30, write ONLY the letter that represents your correct answer. Do not copy the
question
1. The concept of financial management is
a) Profit maximization
b) All features of obtaining and using financial resources for company operations
c) Organization of funds
d) Effective Management of every company
2. What is the primary goal of financial management?
a) To minimise the risk
b) To maximise the owner's wealth
c) To maximise the return
d) To raise profit
3. The finance manager is accountable for.
a) Earning capital assets of the company
b) Effective management of a fund
c) Arrangement of financial resources
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d) Proper utilisation of funds
4. Which of the following is concerned with the acquisition, financing, and management of assets
with some overall goal in mind?
a) Financial management
b) Profit maximization
c) Agency theory
d) Social responsibility
5. Jensen and Meckling showed that _____
can assure themselves that the ____
_
will make optimal decisions only if appropriate incentives are given and only if the ____
_
are monitored.
a) principals; agents; agents
b) agents; principals; principals
c) principals; agents; principals
d) agents; principals; agents
6. Which of the following is concerned with the maximization of a firm's earnings after taxes?
a) Shareholder wealth maximization
b) Profit maximization
c) Stakeholder maximization
d) Earnings Per Share maximization
7. What is the most appropriate goal of the firm?
a) Shareholder wealth maximization.
b) Profit maximization.
c) Stakeholder maximization.
d) Earnings Per Share maximization
8. Which of the following statements is correct regarding profit maximization as the primary goal
of the firm?
a) Profit maximization considers the firm's risk level.
b) Profit maximization will not lead to increasing short-term profits at the expense of
lowering expected future profits.
c) Profit maximization does consider the impact on individual shareholder's Earnings Per
Share.
d) Profit maximization is concerned more with maximizing net income than the stock price.
9. Which of the following is concerned with the branch of economics relating the behaviour of
principals and their agents?
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a) Financial management
b) Profit maximization
c) Agency theory
d) Social responsibility
10. What is the most important of the three financial management decisions?
a) Asset management decision.
b) Financing decision.
c) Investment decision.
d) Accounting decision.
11. With this pricing approach, the pricing process begins with the customer, not the cost of the
product offering:
a) Value-based pricing.
b) Cost-based pricing.
c) Customer-led pricing.
d) Sales pricing.
12. When a 10% increase (decrease) in price produces a 10% decrease (increase) in quantity
demanded. This is referred to as:
a) zero price elasticity of demand.
b) infinite price elasticity of demand.
c) unit price elasticity of demand.
d) indefinite price elasticity of demand.
13. Segmentation pricing is where varying prices are set for different groups of customers.
Economists call this approach:
a) Price discrimination.
b) Internal pricing.
c) Listed pricing.
d) Cost pricing.
14. This approach is fairly standard for high-technology offerings or for those offerings that
require substantial research and development cost input initially.
a) Customer-centric pricing.
b) Market penetration pricing.
c) Skim pricing.
d) None of these
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15. This allows us to determine how the quantity of an offering relates to the price at which it is
offered:
a) Price bundling.
b) Price elasticity.
c) Price inelasticity.
d) Price inflation.
16. Which of the following has a major influence on pricing decisions?
a) Customer demand
b) Actions of competitors
c) Political, legal, and image-related issues
d) All of the above
17. What is the name of the practice of setting prices relatively low when introducing a new
product to the market?
a) Predatory pricing
b) Skimming pricing
c) Penetration pricing
d) Cost-plus pricing
18. What is the practice of temporarily reducing a price to broaden demand for a product, with
the intention of later restricting supply and increasing the price?
a) Predatory pricing
b) Skimming pricing
c) Penetration pricing
d) Cost-plus pricing
19. Which best describes the gross margin ratio
a) Leverage ratio
b) Liquidity ratio
c) Coverage ratio
d) Profitability ratio
20. Ratio analysis expresses the relationship of one number to another number. To add meaning
to a ratio it can be compared to ...........
a) Budgeted ratios
b) Ratios of prior years or accounting periods
c) Industry averages
d) All of the above
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21. Which group of ratios measures a firm's ability to meet short-term obligations
a) Liquidity ratios
b) Debt ratios
c) Coverage ratios
d) Profitability ratios
22. Which of the following assets is not a quick current asset for the purpose of calculating acid
test ratio?
a) Short term bills receivables
b) Cash
c) Stock
d) Debtors less provision for bad and doubtful debts
23. A ratio that compares investors and creditors' stake in a company is
a) Debt ratio
b) Debt equity ratio
c) Equity ratio
d) Investor creditor ratio
24. The process of budgeting helps .inthe control of
a) Cost of production
b) Liquidity
c) Capital Expenditure
d) All of the above
25. Which of the following is not true about a cash budget?
a) A cash budget sets out all cash receipts and payments that a business expects to make
over a period of time.
b) Cash budgets are usually prepared on a month-to-month basis.
c) Cash budgets show the expected bank balance at the end of the month.
d) Cash budgets include personal cash receipts and expenses.
26. Which is the mostly likely purpose of budgeting?
a) Planning and control of an organization's income and expenditure
b) Preparation of a five-year business plan
c) Company valuation
d) Assessthe non-financial performance of an organization
27. The Internal Rate of Return (IRR)method used to compare two investment projects
a) ignores the size of each of the projects
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b) is based on accounting profits
c) is not shown as a percentage
d) always provides only one IRRfor each project
28. Net present value (NPV) used to evaluate and investment
a) is shown as a percentage
b) uses relevant cash flows
c) does not allow for the time value of money
d) does not require an estimate of the cost of capital
29. In cases where capital must be rationed, a firm should rank projects according to?
a) net present values.
b) internal rates of return.
c) profitability indexes.
d) external rates of return.
30. Which of the following is an example of a capital investment project?
a) Replacement of worn-out equipment
b) Expansion of production facilities
c) Development of employee training programs
d) All of the above are examples of capital investment projects.
END OF EXAMINATION QUESTION PAPER
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2 Pages 11-20 |
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TABLE A
Future value interest factor of $1 per period at i% for n periods, FVIF(i,n).
Periccf
1
2
3
4
1% 2%
1,010 1.020
1.020 1.040
1.030 1.061
1.041 1.082
3%
1,030
1.061
1.093
1.126
4%
1,040
1.082
1.125
1.170
5%
1.050
1.103
1.158
1,216
6'%
1.060
1.124
1.191
1.262
7%
1.070
1.145
1.225
1,311
8%
1.080
1.166
1.260
1.360
9%
1.090
1.188
1.295
1.412
10%
1.100
1.210
1.331
1.464
1 t~'c,
1.110
1.232
1.368
1.518
12%
1.120
1.254
1.405
1.574
13%
1.130
1.277
1,443
1.630
5 1.051 1.104 1.159 1.217
6 1.062 1.126 1.194 1.265
7 1.072 1.149 1.230 1.316
1.276
1.340
1.407
1.338
1.419
1,504
1.403
1.501
1.606
1.469
1.587
1.714
1.539
1.677
1.828
1.611
1.772
1.949
1.685
1.870
2.076
1.762
1.974
2.211
1.842
2.082
2.353
8 1.083 1.172 1.267 1.369 1.477 1,594 1.718 1.851 1.993
9 1.094 1.195 1.305 1.423 1.551 1,689 1.838- 1.999 2.172
2.144
2.358
2.305
2.558
2.476
2.773
2.658
3,004
10 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 2.594 2.839 3.106 3.395
11 1.116 1.243 1.384 1.539 1.710 1,898 2.105 2.332 2.580 2.853 3.152 3.479 3.836
12 1.127 1.268 1.426 1.601 1.796 2.012 2.252 2.518 2.813 3.138 3.498 3.896 4.335
13 1.138 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3,066 3.452 3.883 4.363 4.898
14 1.149 1.319 1.513 1.732 1.980 2.261 2.579 2.937 3.342
15 1.161 1.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642
3.797
4.177
4,310
4.785
4.887
5.474
5.535
6.254
16 1.173 1.373 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 5.311 6.130 7.067
17 1.184 1.400 1.653 1.948 2.292 2.693 3,159 3.700 4.328 5,054 5.895 6.866 7.986
18 1.196 1.428 1.702 2.026 2.407 2.854 3.380 3.996 4.717 5.560 6.544 7.690 9.024
19 1.208
20 1.220
25 1.282
30 1.348
35 1.417
40 1.489
so 1.645
1.457
1.486
1.641
1.811
2.000
2.208
2.692
1.754
1.806
2.094
2.427
2.814
3.262
4.384
2.107
2,191
2.666
3.243
3.946
4.801
7,107
2.527
2.653
3.386
4.322
5.516
7,040
11.467
3.026
3.207
4.292
5.743
7,686
10.286
18.420
3.617
3.870
5.427
7.612
10.677
14.974
29.457
4.316
4.661
6.848
10.063
14.785
21.725
46.902
5.142
5.604
8.623
13.268
20.414
31.409
74.358
6.116
6.727
10.835
17.449
28.102
45.259
117.391
7.263
8.062
13.585
22.892
38,575
65.001
184.565
8.613
9.646
17.000
29.960
52.800
93,051
289.002
10.197
11.523
21.231
39.116
72.069
132.782
450.736
14o/o
15%
1,140
1.150
1.300
1.323
1.482
1.521
1.689
1.749
1.925
2.011
2.195
2.313
2.502
2.660
2.853
3.059
3.252
3.518
3.707
4.046
4.226
4.652
4.818
5.350
5.492
6.153
6.261
7.076
7.138
8.137
8.137
9.358
9.276
10.761
10,575
12.375
12.056
14.232
13.743
16.367
26.462
32.919
50.950
66.212
98.100 133.176
188.884 267.864
700.233 1,083.657
16~1o
1.160
1.346
1.561
1.811
2.100
2.436
. 2.826
3.278
3,803
4.411
5.117
5.936
6.886
7.988
9.266
10.748
12.468
14.463
16.777
19.461
40.874
85.850
180.314
378.721
1.670.704
17%
1.170
1.369
1.602
1.874
2.192
2.565
3.001
3,511
4.108
4.807
S.624
6.580
7.699
9.007
10.539
12.330
14.426
16.879
19.748
23.106
50.658
111.065
243.503
533.869
2,566.215
18%
1.180
1.392
1.643
1.939
2.288
2.700
3.185
3,759
4,435
5.234
6.176
7.288
8.599
10.147
11.974
14.129
16.672
19.673
23.214
27.393
62.669
143.371
327.997
750.378
3.927.357
19%
1.190
1.416
1.685
2.005
2.386
2.840
3.379
4.021
4,785
5.695
6.777
8.064
9.596
11.420
13.590
16.172
19.244
22.901
27.252
32.429
77,388
184.675
440.701
1,051.668
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.TT2
9, 1-00.438
TABLE B
Present value interest factor of $1 per period at i% for n periods, PVIF(i,n).
Period
1
2
1%
0.990
0.980
2%
0.980
0.961
3%
0.971
0.943
4%
0,962
0.925
5%
0.952
0.907
6%
0.943
0.890
7%
0.935
0.873
8%
0.926
0.857
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19%1 20%
0.917 0.909 0.901 0.893 0.885 0.877 0.370 0.862 0.855 0.847 0.840 0.833
0.842 0.826 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694
3 0.971
4 0.961
5 0.951
6 0.942
7 0.933
8 0.923
9 0.914
10 0.905
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
0.942
0.924
0.906
0.888
0.871
0.853.
0.837
0.820
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
0.915
0.888
0.863
0.837
0.813
0.789
0.766
0.744
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
0.889
0.855
0.822
0.790
0.760
0.731
0.703
0.676
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
0.864
0.823
0.784
0.746
0.711
0.677
0.645
0.614
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
0.840
0.792
0.747
0.705
0.665
0.627
0.592
0.558
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
· 0.816
0.763
0.713
0.666
0.623
0.582
0.544
0.508
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
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
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
0.772· 0.751
0.708 0.683
0.650 0.621
0.596 0.564
0.547 0.513
0.502 0.467
0.460 0.424
0.422 0.386
0.388 0.350
0.356 0.319
0.326 0.290
0.299 0.263
0.275 0.239
0.252 0.218
0.231 0.198
0.212 0.180
0.194 0.164
0.178 0.149
0.116 0.092
0.075 0.057
0.049 0.036
0.032 0.022
0.013 0.009
0.731
0.659
0.593
0.535
0.482
0.434
0.391
0.352
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
0.712
0.636
0.567
0.507
0.452
0.404
0.361
0.322
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
0.693
0.613
0.543
0.480
0.425
0.376
0.333
0.295
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
0.675
0.592
0.519
0.456
0.400
0.351
0.308
0.270
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
0.658
0.572
0.497
0.432
0.376
0.327
0.284
0.247
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
0.641
0.552
0.476
0.410
0.354
0.305
0.263
0.227
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
0.624
0.534
0.456
0.390
0.333
0.285
0.243
0.208
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
0.609
0.516
0.437
0.370
0.314
0.266
0.225
0.191
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
0.593
0.499
0.419
0.352
0.296
0.249
0.209
0.176
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
0.579
0.482
0.402
0.335
0.279
0.233
0.194
0.162
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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2.2 Page 12 |
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2.3 Page 13 |
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TABLE C
!
Future value interest ractor o; an oramarv annu1tv or ::,1oer oenod at 1%torn oenods. FVIFAr,.n1.
I
I
'Period ! 1%
2%
3%
4%
5%! 6%
7%
8%
9% 10%1 11% 12% 13% 14% 15%1 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, PVIFA(i,n).
Penod
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 11.346
14 13.004 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
so 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.n5
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
17.2S2
18.665
19.793
21.482
5%
0.952
1.859
2.723
3.546
4.329
5,076
5.786
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
5.582
6.210
6.802
7.360
7.887
8.364
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
5.208
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% 11%
0.909 0.901
1.736 1,713
2:487 2,444
3.170 3.102
3.791 3.696
4,355 4,231
4.868 4,712
5.335 5.146
5.759 5.537
6.145 5.889
6.495 6.207
6,814 6.492
7.103 6.750
7.367 6.982
7,606 7.191
7.824 7.379
8.022 7.549
8.201 7.702
8.365 7,839
8.514 7.963
9.011 8.422
9.427 8.694
9,644 8.855
9.779 8.951
9.915 9,042
12%
0,893
1,690
2.402
3.037
3.605
4.111
4,564
4.968
5.328
5,650
5.938
6.194
6.424
6.628
6.811
6.974
7.120
7.250
7,366
7.469
7,843,
8,055
8,176
8.244
a.304
13%
0.885
1.668
2.361
2.974
3.517
3.998
4.423
4,799
5.132
5.426
5.687
5.918
6.122
6,302
6.462
6.604
6.729
6.840
6.938
7.025
7,330
7.496
7,586
7.634
7.675
14%
0.877
1,647
2.322
2.914
3.433
3.889
4.288
4.639
4,946
5.216
5.453
5.660
5.842
6.002
6.142
6,265
6.373
6.467
6.550
6.623
6.873
7.003
7.070
7.105
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
6.561
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%
0.847
1.566
2.174
2.690
3.127
3.498
3,812
4.078
4.303
4.494
4.656
4.793
4.910
5,008
5.092
5.162
5.222
5.273
5,316
5.353
5.467
5.517
5.539
5,548
5,554
19%1 20%
0.840 0.833
1.547 1.528
2.140 2.106
2.639 2.589
3.058 2.991
3.410 3.326
3,706 3.605
3.954 3,837
4.163 4,031
4.339 4.192
4,486 4.327
4.611 4.439
4.715 4,533
4.802 4,611
4,876 4,675
4,938 4.730
4.990 4.775
5,033 4.812
5.070 4,843
5.101 4.870
5.195 4.948
5.235 4.979
5.251 4,992
5.258 4.997
5.262 4,999
21%
0.826
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
2.042
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
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