TIME VALUE OF MONEY

A B C D E F G
1 FUTURE AND PRESENT VALUE FACTORS
2
3
4 Interest rate 10%
5 Present value 1,000
6
7 First of End of % of
8 Year Year Initial
9 Year Balance Interest Balance Investment
10
11 1 1,000 100 1,100 110%
12 2 1,100 110 1,210 121%
13 3 1,210 121 1,331 133%
14 4 1,331 133 1,464 146%
15
16
17 % of Initial Investment ( Future Value Factor ) = ( 1 + Interest Rate ) ^ # of Years
18
19 Present Value Factor = 1 / ( 1 + Interest Rate ) ^ # of Years

Page 1
 TIME VALUE OF MONEY

A B C D E F G
1 AMORTIZATON TABLE
2
3
4 The following amortization table shows the link between the present value (amount
5 borrowed), cash flow (payment) and discount rate (interest rate) on a five-year loan.
6
7
8 Interest rate 10%
9 Payment 1,000
10 Amount borrowed 3,791
11
12 Beginning Plus Less Ending
13 Year Balance Interest Payment Balance
14
15 1 3,791 379 (1,000) 3,170
16 2 3,170 317 (1,000) 2,487
17 3 2,487 249 (1,000) 1,736
18 4 1,736 174 (1,000) 909
19 5 909 91 (1,000) 0

Page 2
 TIME VALUE OF MONEY

A B C D E F G H
1 PRESENT VALUE CALCULATION
2
3
4 The following shows how to calculate the present value as the sum of the present values
5 of the cash flows.
6
7 Interest rate 10%
8 Payment 1,000
9
10 Year 0 1 2 3 4 5
11
12 Payment 1,000 1,000 1,000 1,000 1,000
13 Present value factor 100% 91% 83% 75% 68% 62%
14 PV of payment 909 826 751 683 621
15 PV of all payments 3,791

Page 3
 TIME VALUE OF MONEY

A B C D E F G H
1 SPREADSHEET FUNCTIONS
2
3 Given the number of periods (or number of payments), any two of the following determine
4 the third: present value, cash flow, discount rate. Be careful about the signs!
5
6 1. The present value is computed as PV(interest rate, # of periods, cash flow).
7
8 Discount rate 10%
9 Number of periods 5
10 Cash flow 1,000
11 Present value (3,791)
12
13
14 2. The present value can also be computed as NPV(interest rate, series of cash flows).
15
16 Year 0 1 2 3 4 5
17
18 Cash flow 1,000 1,000 1,000 1,000 1,000
19 PV of cash flows 3,791
20
21
22 3. The cash flow is computed as PMT(discount rate, # of periods, present value).
23
24 Discount rate 10%
25 Number of periods 5
26 Present value 3791
27 Cash flow (1,000)
28
29
30 4. The discount rate is computed as IRR(series of present value and cash flows).
31
32 Year 0 1 2 3 4 5
33
34 Cash flow (3,791) 1,000 1,000 1,000 1,000 1,000
35 Internal rate of return 10%

Page 4
 TIME VALUE OF MONEY

A B C D E F
1 MONTHLY COMPOUNDING
2
3 Annual interest rate 10%
4 Monthly interest rate 0.83% ( Annual rate / 12 )
5
6 Future
7 Beginning Ending Value
8 Month Balance Interest Balance Factor
9
10 1 100.00 0.83 100.83 100.83%
11 2 100.83 0.84 101.67 101.67%
12 3 101.67 0.85 102.52 102.52%
13 4 102.52 0.85 103.38 103.38%
14 5 103.38 0.86 104.24 104.24%
15 6 104.24 0.87 105.11 105.11%
16 7 105.11 0.88 105.98 105.98%
17 8 105.98 0.88 106.86 106.86%
18 9 106.86 0.89 107.75 107.75%
19 10 107.75 0.90 108.65 108.65%
20 11 108.65 0.91 109.56 109.56%
21 12 109.56 0.91 110.47 110.47%
22
23 Effective annual rate 10.47%
24
25 Effective annual rate = FVF - 100% = ( 1 + Monthly Rate )^12 - 100%

Page 5
 A B C D E F G
1 Principal $15,000
2 Interest rate 8.00%
3 Number of years 4
4 Monthly payment $366.19
5
6 If the principal or interest rate are changed, the monthly payment and the following
7 amortization table will automatically recalculate.
8
9 Beginning Plus Less Ending
10 Month Balance Interest Payment Balance
11
12 1 15,000.00 100.00 (366.19) 14,733.81
13 2 14,733.81 98.23 (366.19) 14,465.84
14 3 14,465.84 96.44 (366.19) 14,196.08
15 4 14,196.08 94.64 (366.19) 13,924.53
16 5 13,924.53 92.83 (366.19) 13,651.17
17 6 13,651.17 91.01 (366.19) 13,375.98
18 7 13,375.98 89.17 (366.19) 13,098.96
19 8 13,098.96 87.33 (366.19) 12,820.09
20 9 12,820.09 85.47 (366.19) 12,539.37
21 10 12,539.37 83.60 (366.19) 12,256.77
22 11 12,256.77 81.71 (366.19) 11,972.29
23 12 11,972.29 79.82 (366.19) 11,685.91
24 13 11,685.91 77.91 (366.19) 11,397.62
25 14 11,397.62 75.98 (366.19) 11,107.41
26 15 11,107.41 74.05 (366.19) 10,815.26
27 16 10,815.26 72.10 (366.19) 10,521.17
28 17 10,521.17 70.14 (366.19) 10,225.12
29 18 10,225.12 68.17 (366.19) 9,927.09
30 19 9,927.09 66.18 (366.19) 9,627.08
31 20 9,627.08 64.18 (366.19) 9,325.07
32 21 9,325.07 62.17 (366.19) 9,021.04
33 22 9,021.04 60.14 (366.19) 8,714.99
34 23 8,714.99 58.10 (366.19) 8,406.89
35 24 8,406.89 56.05 (366.19) 8,096.74
36 25 8,096.74 53.98 (366.19) 7,784.53
37 26 7,784.53 51.90 (366.19) 7,470.23
38 27 7,470.23 49.80 (366.19) 7,153.84
39 28 7,153.84 47.69 (366.19) 6,835.34
40 29 6,835.34 45.57 (366.19) 6,514.71
41 30 6,514.71 43.43 (366.19) 6,191.95
42 31 6,191.95 41.28 (366.19) 5,867.04
43 32 5,867.04 39.11 (366.19) 5,539.96
44 33 5,539.96 36.93 (366.19) 5,210.70
45 34 5,210.70 34.74 (366.19) 4,879.24
46 35 4,879.24 32.53 (366.19) 4,545.57
47 36 4,545.57 30.30 (366.19) 4,209.68
48 37 4,209.68 28.06 (366.19) 3,871.56
49 38 3,871.56 25.81 (366.19) 3,531.17
50 39 3,531.17 23.54 (366.19) 3,188.52
51 40 3,188.52 21.26 (366.19) 2,843.58
52 41 2,843.58 18.96 (366.19) 2,496.35
53 42 2,496.35 16.64 (366.19) 2,146.79
54 43 2,146.79 14.31 (366.19) 1,794.91
55 44 1,794.91 11.97 (366.19) 1,440.68
56 45 1,440.68 9.60 (366.19) 1,084.09
57 46 1,084.09 7.23 (366.19) 725.13
58 47 725.13 4.83 (366.19) 363.77
59 48 363.77 2.43 (366.19) 0.00
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162 151 0.00 0.00 (366.19) (366.19)
163 152 (366.19) (2.44) (366.19) (734.83)
164 153 (734.83) (4.90) (366.19) (1,105.92)
165 154 (1,105.92) (7.37) (366.19) (1,479.49)
166 155 (1,479.49) (9.86) (366.19) (1,855.55)
167 156 (1,855.55) (12.37) (366.19) (2,234.11)
168 157 (2,234.11) (14.89) (366.19) (2,615.20)
169 158 (2,615.20) (17.43) (366.19) (2,998.83)
170 159 (2,998.83) (19.99) (366.19) (3,385.01)
171 160 (3,385.01) (22.57) (366.19) (3,773.77)
172 161 (3,773.77) (25.16) (366.19) (4,165.12)
173 162 (4,165.12) (27.77) (366.19) (4,559.09)
174 163 (4,559.09) (30.39) (366.19) (4,955.67)
175 164 (4,955.67) (33.04) (366.19) (5,354.91)
176 165 (5,354.91) (35.70) (366.19) (5,756.80)
177 166 (5,756.80) (38.38) (366.19) (6,161.37)
178 167 (6,161.37) (41.08) (366.19) (6,568.64)
179 168 (6,568.64) (43.79) (366.19) (6,978.63)
180 169 (6,978.63) (46.52) (366.19) (7,391.34)
181 170 (7,391.34) (49.28) (366.19) (7,806.81)
182 171 (7,806.81) (52.05) (366.19) (8,225.05)
183 172 (8,225.05) (54.83) (366.19) (8,646.08)
184 173 (8,646.08) (57.64) (366.19) (9,069.91)
185 174 (9,069.91) (60.47) (366.19) (9,496.57)
186 175 (9,496.57) (63.31) (366.19) (9,926.08)
187 176 (9,926.08) (66.17) (366.19) (10,358.45)
188 177 (10,358.45) (69.06) (366.19) (10,793.70)
189 178 (10,793.70) (71.96) (366.19) (11,231.85)
190 179 (11,231.85) (74.88) (366.19) (11,672.92)
191 180 (11,672.92) (77.82) (366.19) (12,116.93)
192 181 (12,116.93) (80.78) (366.19) (12,563.91)
193 182 (12,563.91) (83.76) (366.19) (13,013.86)
194 183 (13,013.86) (86.76) (366.19) (13,466.81)
195 184 (13,466.81) (89.78) (366.19) (13,922.79)
196 185 (13,922.79) (92.82) (366.19) (14,381.80)
197 186 (14,381.80) (95.88) (366.19) (14,843.87)
198 187 (14,843.87) (98.96) (366.19) (15,309.02)
199 188 (15,309.02) (102.06) (366.19) (15,777.28)
200 189 (15,777.28) (105.18) (366.19) (16,248.65)
201 190 (16,248.65) (108.32) (366.19) (16,723.17)
202 191 (16,723.17) (111.49) (366.19) (17,200.85)
203 192 (17,200.85) (114.67) (366.19) (17,681.72)
204 193 (17,681.72) (117.88) (366.19) (18,165.79)
205 194 (18,165.79) (121.11) (366.19) (18,653.09)
206 195 (18,653.09) (124.35) (366.19) (19,143.64)
207 196 (19,143.64) (127.62) (366.19) (19,637.46)
208 197 (19,637.46) (130.92) (366.19) (20,134.57)
209 198 (20,134.57) (134.23) (366.19) (20,634.99)
210 199 (20,634.99) (137.57) (366.19) (21,138.75)
211 200 (21,138.75) (140.93) (366.19) (21,645.87)
212 201 (21,645.87) (144.31) (366.19) (22,156.37)
213 202 (22,156.37) (147.71) (366.19) (22,670.27)
214 203 (22,670.27) (151.14) (366.19) (23,187.60)
215 204 (23,187.60) (154.58) (366.19) (23,708.38)
216 205 (23,708.38) (158.06) (366.19) (24,232.63)
217 206 (24,232.63) (161.55) (366.19) (24,760.37)
218 207 (24,760.37) (165.07) (366.19) (25,291.64)
219 208 (25,291.64) (168.61) (366.19) (25,826.44)
220 209 (25,826.44) (172.18) (366.19) (26,364.81)
221 210 (26,364.81) (175.77) (366.19) (26,906.77)
222 211 (26,906.77) (179.38) (366.19) (27,452.34)
223 212 (27,452.34) (183.02) (366.19) (28,001.55)
224 213 (28,001.55) (186.68) (366.19) (28,554.42)
225 214 (28,554.42) (190.36) (366.19) (29,110.98)
226 215 (29,110.98) (194.07) (366.19) (29,671.25)
227 216 (29,671.25) (197.81) (366.19) (30,235.25)
228 217 (30,235.25) (201.57) (366.19) (30,803.01)
229 218 (30,803.01) (205.35) (366.19) (31,374.56)
230 219 (31,374.56) (209.16) (366.19) (31,949.92)
231 220 (31,949.92) (213.00) (366.19) (32,529.11)
232 221 (32,529.11) (216.86) (366.19) (33,112.17)
233 222 (33,112.17) (220.75) (366.19) (33,699.11)
234 223 (33,699.11) (224.66) (366.19) (34,289.96)
235 224 (34,289.96) (228.60) (366.19) (34,884.75)
236 225 (34,884.75) (232.57) (366.19) (35,483.51)
237 226 (35,483.51) (236.56) (366.19) (36,086.26)
238 227 (36,086.26) (240.58) (366.19) (36,693.03)
239 228 (36,693.03) (244.62) (366.19) (37,303.85)
240 229 (37,303.85) (248.69) (366.19) (37,918.73)
241 230 (37,918.73) (252.79) (366.19) (38,537.72)
242 231 (38,537.72) (256.92) (366.19) (39,160.83)
243 232 (39,160.83) (261.07) (366.19) (39,788.10)
244 233 (39,788.10) (265.25) (366.19) (40,419.54)
245 234 (40,419.54) (269.46) (366.19) (41,055.20)
246 235 (41,055.20) (273.70) (366.19) (41,695.10)
247 236 (41,695.10) (277.97) (366.19) (42,339.26)
248 237 (42,339.26) (282.26) (366.19) (42,987.71)
249 238 (42,987.71) (286.58) (366.19) (43,640.49)
250 239 (43,640.49) (290.94) (366.19) (44,297.62)
251 240 (44,297.62) (295.32) (366.19) (44,959.13)
252 241 (44,959.13) (299.73) (366.19) (45,625.06)
253 242 (45,625.06) (304.17) (366.19) (46,295.42)
254 243 (46,295.42) (308.64) (366.19) (46,970.25)
255 244 (46,970.25) (313.13) (366.19) (47,649.58)
256 245 (47,649.58) (317.66) (366.19) (48,333.43)
257 246 (48,333.43) (322.22) (366.19) (49,021.85)
258 247 (49,021.85) (326.81) (366.19) (49,714.86)
259 248 (49,714.86) (331.43) (366.19) (50,412.48)
260 249 (50,412.48) (336.08) (366.19) (51,114.76)
261 250 (51,114.76) (340.77) (366.19) (51,821.72)
262 251 (51,821.72) (345.48) (366.19) (52,533.39)
263 252 (52,533.39) (350.22) (366.19) (53,249.81)
264 253 (53,249.81) (355.00) (366.19) (53,971.00)
265 254 (53,971.00) (359.81) (366.19) (54,697.00)
266 255 (54,697.00) (364.65) (366.19) (55,427.84)
267 256 (55,427.84) (369.52) (366.19) (56,163.55)
268 257 (56,163.55) (374.42) (366.19) (56,904.17)
269 258 (56,904.17) (379.36) (366.19) (57,649.73)
270 259 (57,649.73) (384.33) (366.19) (58,400.25)
271 260 (58,400.25) (389.34) (366.19) (59,155.78)
272 261 (59,155.78) (394.37) (366.19) (59,916.35)
273 262 (59,916.35) (399.44) (366.19) (60,681.98)
274 263 (60,681.98) (404.55) (366.19) (61,452.72)
275 264 (61,452.72) (409.68) (366.19) (62,228.60)
276 265 (62,228.60) (414.86) (366.19) (63,009.65)
277 266 (63,009.65) (420.06) (366.19) (63,795.91)
278 267 (63,795.91) (425.31) (366.19) (64,587.41)
279 268 (64,587.41) (430.58) (366.19) (65,384.19)
280 269 (65,384.19) (435.89) (366.19) (66,186.27)
281 270 (66,186.27) (441.24) (366.19) (66,993.71)
282 271 (66,993.71) (446.62) (366.19) (67,806.53)
283 272 (67,806.53) (452.04) (366.19) (68,624.77)
284 273 (68,624.77) (457.50) (366.19) (69,448.46)
285 274 (69,448.46) (462.99) (366.19) (70,277.64)
286 275 (70,277.64) (468.52) (366.19) (71,112.35)
287 276 (71,112.35) (474.08) (366.19) (71,952.63)
288 277 (71,952.63) (479.68) (366.19) (72,798.51)
289 278 (72,798.51) (485.32) (366.19) (73,650.02)
290 279 (73,650.02) (491.00) (366.19) (74,507.22)
291 280 (74,507.22) (496.71) (366.19) (75,370.13)
292 281 (75,370.13) (502.47) (366.19) (76,238.79)
293 282 (76,238.79) (508.26) (366.19) (77,113.24)
294 283 (77,113.24) (514.09) (366.19) (77,993.52)
295 284 (77,993.52) (519.96) (366.19) (78,879.67)
296 285 (78,879.67) (525.86) (366.19) (79,771.73)
297 286 (79,771.73) (531.81) (366.19) (80,669.74)
298 287 (80,669.74) (537.80) (366.19) (81,573.73)
299 288 (81,573.73) (543.82) (366.19) (82,483.75)
300 289 (82,483.75) (549.89) (366.19) (83,399.83)
301 290 (83,399.83) (556.00) (366.19) (84,322.03)
302 291 (84,322.03) (562.15) (366.19) (85,250.37)
303 292 (85,250.37) (568.34) (366.19) (86,184.90)
304 293 (86,184.90) (574.57) (366.19) (87,125.66)
305 294 (87,125.66) (580.84) (366.19) (88,072.69)
306 295 (88,072.69) (587.15) (366.19) (89,026.03)
307 296 (89,026.03) (593.51) (366.19) (89,985.73)
308 297 (89,985.73) (599.90) (366.19) (90,951.83)
309 298 (90,951.83) (606.35) (366.19) (91,924.37)
310 299 (91,924.37) (612.83) (366.19) (92,903.40)
311 300 (92,903.40) (619.36) (366.19) (93,888.95)
312 301 (93,888.95) (625.93) (366.19) (94,881.07)
313 302 (94,881.07) (632.54) (366.19) (95,879.80)
314 303 (95,879.80) (639.20) (366.19) (96,885.19)
315 304 (96,885.19) (645.90) (366.19) (97,897.29)
316 305 (97,897.29) (652.65) (366.19) (98,916.13)
317 306 (98,916.13) (659.44) (366.19) (99,941.76)
318 307 (99,941.76) (666.28) (366.19) (100,974.24)
319 308 (100,974.24) (673.16) (366.19) (102,013.59)
320 309 (102,013.59) (680.09) (366.19) (103,059.88)
321 310 (103,059.88) (687.07) (366.19) (104,113.14)
322 311 (104,113.14) (694.09) (366.19) (105,173.42)
323 312 (105,173.42) (701.16) (366.19) (106,240.77)
324 313 (106,240.77) (708.27) (366.19) (107,315.23)
325 314 (107,315.23) (715.43) (366.19) (108,396.86)
326 315 (108,396.86) (722.65) (366.19) (109,485.70)
327 316 (109,485.70) (729.90) (366.19) (110,581.80)
328 317 (110,581.80) (737.21) (366.19) (111,685.21)
329 318 (111,685.21) (744.57) (366.19) (112,795.97)
330 319 (112,795.97) (751.97) (366.19) (113,914.13)
331 320 (113,914.13) (759.43) (366.19) (115,039.76)
332 321 (115,039.76) (766.93) (366.19) (116,172.88)
333 322 (116,172.88) (774.49) (366.19) (117,313.56)
334 323 (117,313.56) (782.09) (366.19) (118,461.85)
335 324 (118,461.85) (789.75) (366.19) (119,617.78)
336 325 (119,617.78) (797.45) (366.19) (120,781.43)
337 326 (120,781.43) (805.21) (366.19) (121,952.83)
338 327 (121,952.83) (813.02) (366.19) (123,132.05)
339 328 (123,132.05) (820.88) (366.19) (124,319.12)
340 329 (124,319.12) (828.79) (366.19) (125,514.11)
341 330 (125,514.11) (836.76) (366.19) (126,717.06)
342 331 (126,717.06) (844.78) (366.19) (127,928.04)
343 332 (127,928.04) (852.85) (366.19) (129,147.09)
344 333 (129,147.09) (860.98) (366.19) (130,374.26)
345 334 (130,374.26) (869.16) (366.19) (131,609.62)
346 335 (131,609.62) (877.40) (366.19) (132,853.21)
347 336 (132,853.21) (885.69) (366.19) (134,105.09)
348 337 (134,105.09) (894.03) (366.19) (135,365.32)
349 338 (135,365.32) (902.44) (366.19) (136,633.95)
350 339 (136,633.95) (910.89) (366.19) (137,911.03)
351 340 (137,911.03) (919.41) (366.19) (139,196.63)
352 341 (139,196.63) (927.98) (366.19) (140,490.80)
353 342 (140,490.80) (936.61) (366.19) (141,793.60)
354 343 (141,793.60) (945.29) (366.19) (143,105.09)
355 344 (143,105.09) (954.03) (366.19) (144,425.32)
356 345 (144,425.32) (962.84) (366.19) (145,754.34)
357 346 (145,754.34) (971.70) (366.19) (147,092.23)
358 347 (147,092.23) (980.61) (366.19) (148,439.04)
359 348 (148,439.04) (989.59) (366.19) (149,794.83)
360 349 (149,794.83) (998.63) (366.19) (151,159.66)
361 350 (151,159.66) (1,007.73) (366.19) (152,533.58)
362 351 (152,533.58) (1,016.89) (366.19) (153,916.67)
363 352 (153,916.67) (1,026.11) (366.19) (155,308.97)
364 353 (155,308.97) (1,035.39) (366.19) (156,710.56)
365 354 (156,710.56) (1,044.74) (366.19) (158,121.49)
366 355 (158,121.49) (1,054.14) (366.19) (159,541.83)
367 356 (159,541.83) (1,063.61) (366.19) (160,971.63)
368 357 (160,971.63) (1,073.14) (366.19) (162,410.97)
369 358 (162,410.97) (1,082.74) (366.19) (163,859.90)
370 359 (163,859.90) (1,092.40) (366.19) (165,318.50)
371 360 (165,318.50) (1,102.12) (366.19) (166,786.81)

Page 6
 A B C D E F G
1 Principal $125,000
2 Interest rate 6.67%
3 Number of years 15
4 Monthly payment $1,100.60
5
6 If the principal or interest rate are changed, the monthly payment and the following
7 amortization table will automatically recalculate.
8
9 Beginning Plus Less Ending
10 Month Principal Interest Payment Principal
11
12 1 125,000.00 694.79 (1,100.60) 124,594.19
13 2 124,594.19 692.54 (1,100.60) 124,186.13
14 3 124,186.13 690.27 (1,100.60) 123,775.80
15 4 123,775.80 687.99 (1,100.60) 123,363.18
16 5 123,363.18 685.69 (1,100.60) 122,948.28
17 6 122,948.28 683.39 (1,100.60) 122,531.06
18 7 122,531.06 681.07 (1,100.60) 122,111.53
19 8 122,111.53 678.74 (1,100.60) 121,689.67
20 9 121,689.67 676.39 (1,100.60) 121,265.46
21 10 121,265.46 674.03 (1,100.60) 120,838.89
22 11 120,838.89 671.66 (1,100.60) 120,409.96
23 12 120,409.96 669.28 (1,100.60) 119,978.64
24 13 119,978.64 666.88 (1,100.60) 119,544.92
25 14 119,544.92 664.47 (1,100.60) 119,108.79
26 15 119,108.79 662.05 (1,100.60) 118,670.23
27 16 118,670.23 659.61 (1,100.60) 118,229.24
28 17 118,229.24 657.16 (1,100.60) 117,785.80
29 18 117,785.80 654.69 (1,100.60) 117,339.89
30 19 117,339.89 652.21 (1,100.60) 116,891.51
31 20 116,891.51 649.72 (1,100.60) 116,440.63
32 21 116,440.63 647.22 (1,100.60) 115,987.24
33 22 115,987.24 644.70 (1,100.60) 115,531.34
34 23 115,531.34 642.16 (1,100.60) 115,072.90
35 24 115,072.90 639.61 (1,100.60) 114,611.91
36 25 114,611.91 637.05 (1,100.60) 114,148.37
37 26 114,148.37 634.47 (1,100.60) 113,682.24
38 27 113,682.24 631.88 (1,100.60) 113,213.52
39 28 113,213.52 629.28 (1,100.60) 112,742.20
40 29 112,742.20 626.66 (1,100.60) 112,268.26
41 30 112,268.26 624.02 (1,100.60) 111,791.69
42 31 111,791.69 621.38 (1,100.60) 111,312.46
43 32 111,312.46 618.71 (1,100.60) 110,830.57
44 33 110,830.57 616.03 (1,100.60) 110,346.01
45 34 110,346.01 613.34 (1,100.60) 109,858.75
46 35 109,858.75 610.63 (1,100.60) 109,368.78
47 36 109,368.78 607.91 (1,100.60) 108,876.09
48 37 108,876.09 605.17 (1,100.60) 108,380.65
49 38 108,380.65 602.42 (1,100.60) 107,882.47
50 39 107,882.47 599.65 (1,100.60) 107,381.52
51 40 107,381.52 596.86 (1,100.60) 106,877.78
52 41 106,877.78 594.06 (1,100.60) 106,371.24
53 42 106,371.24 591.25 (1,100.60) 105,861.89
54 43 105,861.89 588.42 (1,100.60) 105,349.70
55 44 105,349.70 585.57 (1,100.60) 104,834.67
56 45 104,834.67 582.71 (1,100.60) 104,316.78
57 46 104,316.78 579.83 (1,100.60) 103,796.01
58 47 103,796.01 576.93 (1,100.60) 103,272.34
59 48 103,272.34 574.02 (1,100.60) 102,745.76
60 49 102,745.76 571.10 (1,100.60) 102,216.26
61 50 102,216.26 568.15 (1,100.60) 101,683.81
62 51 101,683.81 565.19 (1,100.60) 101,148.40
63 52 101,148.40 562.22 (1,100.60) 100,610.02
64 53 100,610.02 559.22 (1,100.60) 100,068.64
65 54 100,068.64 556.21 (1,100.60) 99,524.26
66 55 99,524.26 553.19 (1,100.60) 98,976.84
67 56 98,976.84 550.15 (1,100.60) 98,426.39
68 57 98,426.39 547.09 (1,100.60) 97,872.88
69 58 97,872.88 544.01 (1,100.60) 97,316.29
70 59 97,316.29 540.92 (1,100.60) 96,756.60
71 60 96,756.60 537.81 (1,100.60) 96,193.81
72 61 96,193.81 534.68 (1,100.60) 95,627.89
73 62 95,627.89 531.53 (1,100.60) 95,058.82
74 63 95,058.82 528.37 (1,100.60) 94,486.59
75 64 94,486.59 525.19 (1,100.60) 93,911.17
76 65 93,911.17 521.99 (1,100.60) 93,332.56
77 66 93,332.56 518.77 (1,100.60) 92,750.74
78 67 92,750.74 515.54 (1,100.60) 92,165.68
79 68 92,165.68 512.29 (1,100.60) 91,577.36
80 69 91,577.36 509.02 (1,100.60) 90,985.78
81 70 90,985.78 505.73 (1,100.60) 90,390.91
82 71 90,390.91 502.42 (1,100.60) 89,792.73
83 72 89,792.73 499.10 (1,100.60) 89,191.23
84 73 89,191.23 495.75 (1,100.60) 88,586.39
85 74 88,586.39 492.39 (1,100.60) 87,978.18
86 75 87,978.18 489.01 (1,100.60) 87,366.59
87 76 87,366.59 485.61 (1,100.60) 86,751.60
88 77 86,751.60 482.19 (1,100.60) 86,133.20
89 78 86,133.20 478.76 (1,100.60) 85,511.35
90 79 85,511.35 475.30 (1,100.60) 84,886.06
91 80 84,886.06 471.82 (1,100.60) 84,257.28
92 81 84,257.28 468.33 (1,100.60) 83,625.01
93 82 83,625.01 464.82 (1,100.60) 82,989.23
94 83 82,989.23 461.28 (1,100.60) 82,349.91
95 84 82,349.91 457.73 (1,100.60) 81,707.04
96 85 81,707.04 454.15 (1,100.60) 81,060.59
97 86 81,060.59 450.56 (1,100.60) 80,410.55
98 87 80,410.55 446.95 (1,100.60) 79,756.90
99 88 79,756.90 443.32 (1,100.60) 79,099.62
100 89 79,099.62 439.66 (1,100.60) 78,438.68
101 90 78,438.68 435.99 (1,100.60) 77,774.07
102 91 77,774.07 432.29 (1,100.60) 77,105.76
103 92 77,105.76 428.58 (1,100.60) 76,433.74
104 93 76,433.74 424.84 (1,100.60) 75,757.98
105 94 75,757.98 421.09 (1,100.60) 75,078.47
106 95 75,078.47 417.31 (1,100.60) 74,395.18
107 96 74,395.18 413.51 (1,100.60) 73,708.10
108 97 73,708.10 409.69 (1,100.60) 73,017.19
109 98 73,017.19 405.85 (1,100.60) 72,322.44
110 99 72,322.44 401.99 (1,100.60) 71,623.84
111 100 71,623.84 398.11 (1,100.60) 70,921.35
112 101 70,921.35 394.20 (1,100.60) 70,214.95
113 102 70,214.95 390.28 (1,100.60) 69,504.63
114 103 69,504.63 386.33 (1,100.60) 68,790.36
115 104 68,790.36 382.36 (1,100.60) 68,072.12
116 105 68,072.12 378.37 (1,100.60) 67,349.88
117 106 67,349.88 374.35 (1,100.60) 66,623.64
118 107 66,623.64 370.32 (1,100.60) 65,893.35
119 108 65,893.35 366.26 (1,100.60) 65,159.01
120 109 65,159.01 362.18 (1,100.60) 64,420.59
121 110 64,420.59 358.07 (1,100.60) 63,678.06
122 111 63,678.06 353.94 (1,100.60) 62,931.40
123 112 62,931.40 349.79 (1,100.60) 62,180.60
124 113 62,180.60 345.62 (1,100.60) 61,425.62
125 114 61,425.62 341.42 (1,100.60) 60,666.44
126 115 60,666.44 337.20 (1,100.60) 59,903.04
127 116 59,903.04 332.96 (1,100.60) 59,135.41
128 117 59,135.41 328.69 (1,100.60) 58,363.50
129 118 58,363.50 324.40 (1,100.60) 57,587.30
130 119 57,587.30 320.09 (1,100.60) 56,806.79
131 120 56,806.79 315.75 (1,100.60) 56,021.94
132 121 56,021.94 311.39 (1,100.60) 55,232.73
133 122 55,232.73 307.00 (1,100.60) 54,439.13
134 123 54,439.13 302.59 (1,100.60) 53,641.12
135 124 53,641.12 298.16 (1,100.60) 52,838.68
136 125 52,838.68 293.69 (1,100.60) 52,031.77
137 126 52,031.77 289.21 (1,100.60) 51,220.38
138 127 51,220.38 284.70 (1,100.60) 50,404.48
139 128 50,404.48 280.16 (1,100.60) 49,584.05
140 129 49,584.05 275.60 (1,100.60) 48,759.05
141 130 48,759.05 271.02 (1,100.60) 47,929.47
142 131 47,929.47 266.41 (1,100.60) 47,095.28
143 132 47,095.28 261.77 (1,100.60) 46,256.45
144 133 46,256.45 257.11 (1,100.60) 45,412.96
145 134 45,412.96 252.42 (1,100.60) 44,564.78
146 135 44,564.78 247.71 (1,100.60) 43,711.89
147 136 43,711.89 242.97 (1,100.60) 42,854.25
148 137 42,854.25 238.20 (1,100.60) 41,991.85
149 138 41,991.85 233.40 (1,100.60) 41,124.66
150 139 41,124.66 228.58 (1,100.60) 40,252.64
151 140 40,252.64 223.74 (1,100.60) 39,375.78
152 141 39,375.78 218.86 (1,100.60) 38,494.04
153 142 38,494.04 213.96 (1,100.60) 37,607.40
154 143 37,607.40 209.03 (1,100.60) 36,715.84
155 144 36,715.84 204.08 (1,100.60) 35,819.32
156 145 35,819.32 199.10 (1,100.60) 34,917.81
157 146 34,917.81 194.08 (1,100.60) 34,011.30
158 147 34,011.30 189.05 (1,100.60) 33,099.74
159 148 33,099.74 183.98 (1,100.60) 32,183.12
160 149 32,183.12 178.88 (1,100.60) 31,261.41
161 150 31,261.41 173.76 (1,100.60) 30,334.57
162 151 30,334.57 168.61 (1,100.60) 29,402.58
163 152 29,402.58 163.43 (1,100.60) 28,465.41
164 153 28,465.41 158.22 (1,100.60) 27,523.03
165 154 27,523.03 152.98 (1,100.60) 26,575.41
166 155 26,575.41 147.71 (1,100.60) 25,622.52
167 156 25,622.52 142.42 (1,100.60) 24,664.34
168 157 24,664.34 137.09 (1,100.60) 23,700.84
169 158 23,700.84 131.74 (1,100.60) 22,731.97
170 159 22,731.97 126.35 (1,100.60) 21,757.72
171 160 21,757.72 120.94 (1,100.60) 20,778.06
172 161 20,778.06 115.49 (1,100.60) 19,792.95
173 162 19,792.95 110.02 (1,100.60) 18,802.37
174 163 18,802.37 104.51 (1,100.60) 17,806.28
175 164 17,806.28 98.97 (1,100.60) 16,804.65
176 165 16,804.65 93.41 (1,100.60) 15,797.46
177 166 15,797.46 87.81 (1,100.60) 14,784.66
178 167 14,784.66 82.18 (1,100.60) 13,766.24
179 168 13,766.24 76.52 (1,100.60) 12,742.16
180 169 12,742.16 70.83 (1,100.60) 11,712.38
181 170 11,712.38 65.10 (1,100.60) 10,676.89
182 171 10,676.89 59.35 (1,100.60) 9,635.63
183 172 9,635.63 53.56 (1,100.60) 8,588.59
184 173 8,588.59 47.74 (1,100.60) 7,535.73
185 174 7,535.73 41.89 (1,100.60) 6,477.01
186 175 6,477.01 36.00 (1,100.60) 5,412.41
187 176 5,412.41 30.08 (1,100.60) 4,341.90
188 177 4,341.90 24.13 (1,100.60) 3,265.43
189 178 3,265.43 18.15 (1,100.60) 2,182.98
190 179 2,182.98 12.13 (1,100.60) 1,094.52
191 180 1,094.52 6.08 (1,100.60) (0.00)
192 181 (0.00) (0.00) (1,100.60) (1,100.60)
193 182 (1,100.60) (6.12) (1,100.60) (2,207.32)
194 183 (2,207.32) (12.27) (1,100.60) (3,320.19)
195 184 (3,320.19) (18.45) (1,100.60) (4,439.24)
196 185 (4,439.24) (24.67) (1,100.60) (5,564.52)
197 186 (5,564.52) (30.93) (1,100.60) (6,696.05)
198 187 (6,696.05) (37.22) (1,100.60) (7,833.86)
199 188 (7,833.86) (43.54) (1,100.60) (8,978.01)
200 189 (8,978.01) (49.90) (1,100.60) (10,128.51)
201 190 (10,128.51) (56.30) (1,100.60) (11,285.41)
202 191 (11,285.41) (62.73) (1,100.60) (12,448.74)
203 192 (12,448.74) (69.19) (1,100.60) (13,618.53)
204 193 (13,618.53) (75.70) (1,100.60) (14,794.83)
205 194 (14,794.83) (82.23) (1,100.60) (15,977.66)
206 195 (15,977.66) (88.81) (1,100.60) (17,167.07)
207 196 (17,167.07) (95.42) (1,100.60) (18,363.09)
208 197 (18,363.09) (102.07) (1,100.60) (19,565.76)
209 198 (19,565.76) (108.75) (1,100.60) (20,775.11)
210 199 (20,775.11) (115.48) (1,100.60) (21,991.19)
211 200 (21,991.19) (122.23) (1,100.60) (23,214.02)
212 201 (23,214.02) (129.03) (1,100.60) (24,443.65)
213 202 (24,443.65) (135.87) (1,100.60) (25,680.12)
214 203 (25,680.12) (142.74) (1,100.60) (26,923.46)
215 204 (26,923.46) (149.65) (1,100.60) (28,173.71)
216 205 (28,173.71) (156.60) (1,100.60) (29,430.91)
217 206 (29,430.91) (163.59) (1,100.60) (30,695.09)
218 207 (30,695.09) (170.61) (1,100.60) (31,966.31)
219 208 (31,966.31) (177.68) (1,100.60) (33,244.59)
220 209 (33,244.59) (184.78) (1,100.60) (34,529.97)
221 210 (34,529.97) (191.93) (1,100.60) (35,822.50)
222 211 (35,822.50) (199.11) (1,100.60) (37,122.21)
223 212 (37,122.21) (206.34) (1,100.60) (38,429.15)
224 213 (38,429.15) (213.60) (1,100.60) (39,743.35)
225 214 (39,743.35) (220.91) (1,100.60) (41,064.86)
226 215 (41,064.86) (228.25) (1,100.60) (42,393.71)
227 216 (42,393.71) (235.64) (1,100.60) (43,729.95)
228 217 (43,729.95) (243.07) (1,100.60) (45,073.62)
229 218 (45,073.62) (250.53) (1,100.60) (46,424.75)
230 219 (46,424.75) (258.04) (1,100.60) (47,783.40)
231 220 (47,783.40) (265.60) (1,100.60) (49,149.59)
232 221 (49,149.59) (273.19) (1,100.60) (50,523.38)
233 222 (50,523.38) (280.83) (1,100.60) (51,904.81)
234 223 (51,904.81) (288.50) (1,100.60) (53,293.91)
235 224 (53,293.91) (296.23) (1,100.60) (54,690.74)
236 225 (54,690.74) (303.99) (1,100.60) (56,095.33)
237 226 (56,095.33) (311.80) (1,100.60) (57,507.72)
238 227 (57,507.72) (319.65) (1,100.60) (58,927.97)
239 228 (58,927.97) (327.54) (1,100.60) (60,356.11)
240 229 (60,356.11) (335.48) (1,100.60) (61,792.19)
241 230 (61,792.19) (343.46) (1,100.60) (63,236.25)
242 231 (63,236.25) (351.49) (1,100.60) (64,688.34)
243 232 (64,688.34) (359.56) (1,100.60) (66,148.50)
244 233 (66,148.50) (367.68) (1,100.60) (67,616.78)
245 234 (67,616.78) (375.84) (1,100.60) (69,093.21)
246 235 (69,093.21) (384.04) (1,100.60) (70,577.86)
247 236 (70,577.86) (392.30) (1,100.60) (72,070.75)
248 237 (72,070.75) (400.59) (1,100.60) (73,571.94)
249 238 (73,571.94) (408.94) (1,100.60) (75,081.48)
250 239 (75,081.48) (417.33) (1,100.60) (76,599.41)
251 240 (76,599.41) (425.77) (1,100.60) (78,125.78)
252 241 (78,125.78) (434.25) (1,100.60) (79,660.62)
253 242 (79,660.62) (442.78) (1,100.60) (81,204.00)
254 243 (81,204.00) (451.36) (1,100.60) (82,755.96)
255 244 (82,755.96) (459.99) (1,100.60) (84,316.55)
256 245 (84,316.55) (468.66) (1,100.60) (85,885.81)
257 246 (85,885.81) (477.38) (1,100.60) (87,463.79)
258 247 (87,463.79) (486.15) (1,100.60) (89,050.54)
259 248 (89,050.54) (494.97) (1,100.60) (90,646.12)
260 249 (90,646.12) (503.84) (1,100.60) (92,250.56)
261 250 (92,250.56) (512.76) (1,100.60) (93,863.92)
262 251 (93,863.92) (521.73) (1,100.60) (95,486.24)
263 252 (95,486.24) (530.74) (1,100.60) (97,117.59)
264 253 (97,117.59) (539.81) (1,100.60) (98,758.00)
265 254 (98,758.00) (548.93) (1,100.60) (100,407.53)
266 255 (100,407.53) (558.10) (1,100.60) (102,066.23)
267 256 (102,066.23) (567.32) (1,100.60) (103,734.15)
268 257 (103,734.15) (576.59) (1,100.60) (105,411.34)
269 258 (105,411.34) (585.91) (1,100.60) (107,097.85)
270 259 (107,097.85) (595.29) (1,100.60) (108,793.73)
271 260 (108,793.73) (604.71) (1,100.60) (110,499.04)
272 261 (110,499.04) (614.19) (1,100.60) (112,213.84)
273 262 (112,213.84) (623.72) (1,100.60) (113,938.16)
274 263 (113,938.16) (633.31) (1,100.60) (115,672.06)
275 264 (115,672.06) (642.94) (1,100.60) (117,415.61)
276 265 (117,415.61) (652.64) (1,100.60) (119,168.84)
277 266 (119,168.84) (662.38) (1,100.60) (120,931.82)
278 267 (120,931.82) (672.18) (1,100.60) (122,704.60)
279 268 (122,704.60) (682.03) (1,100.60) (124,487.24)
280 269 (124,487.24) (691.94) (1,100.60) (126,279.78)
281 270 (126,279.78) (701.91) (1,100.60) (128,082.28)
282 271 (128,082.28) (711.92) (1,100.60) (129,894.81)
283 272 (129,894.81) (722.00) (1,100.60) (131,717.41)
284 273 (131,717.41) (732.13) (1,100.60) (133,550.13)
285 274 (133,550.13) (742.32) (1,100.60) (135,393.05)
286 275 (135,393.05) (752.56) (1,100.60) (137,246.21)
287 276 (137,246.21) (762.86) (1,100.60) (139,109.67)
288 277 (139,109.67) (773.22) (1,100.60) (140,983.49)
289 278 (140,983.49) (783.63) (1,100.60) (142,867.72)
290 279 (142,867.72) (794.11) (1,100.60) (144,762.43)
291 280 (144,762.43) (804.64) (1,100.60) (146,667.67)
292 281 (146,667.67) (815.23) (1,100.60) (148,583.49)
293 282 (148,583.49) (825.88) (1,100.60) (150,509.97)
294 283 (150,509.97) (836.58) (1,100.60) (152,447.16)
295 284 (152,447.16) (847.35) (1,100.60) (154,395.11)
296 285 (154,395.11) (858.18) (1,100.60) (156,353.89)
297 286 (156,353.89) (869.07) (1,100.60) (158,323.55)
298 287 (158,323.55) (880.02) (1,100.60) (160,304.17)
299 288 (160,304.17) (891.02) (1,100.60) (162,295.79)
300 289 (162,295.79) (902.09) (1,100.60) (164,298.49)
301 290 (164,298.49) (913.23) (1,100.60) (166,312.31)
302 291 (166,312.31) (924.42) (1,100.60) (168,337.33)
303 292 (168,337.33) (935.68) (1,100.60) (170,373.61)
304 293 (170,373.61) (946.99) (1,100.60) (172,421.20)
305 294 (172,421.20) (958.37) (1,100.60) (174,480.18)
306 295 (174,480.18) (969.82) (1,100.60) (176,550.60)
307 296 (176,550.60) (981.33) (1,100.60) (178,632.52)
308 297 (178,632.52) (992.90) (1,100.60) (180,726.02)
309 298 (180,726.02) (1,004.54) (1,100.60) (182,831.16)
310 299 (182,831.16) (1,016.24) (1,100.60) (184,947.99)
311 300 (184,947.99) (1,028.00) (1,100.60) (187,076.60)
312 301 (187,076.60) (1,039.83) (1,100.60) (189,217.03)
313 302 (189,217.03) (1,051.73) (1,100.60) (191,369.36)
314 303 (191,369.36) (1,063.69) (1,100.60) (193,533.66)
315 304 (193,533.66) (1,075.72) (1,100.60) (195,709.98)
316 305 (195,709.98) (1,087.82) (1,100.60) (197,898.40)
317 306 (197,898.40) (1,099.99) (1,100.60) (200,098.99)
318 307 (200,098.99) (1,112.22) (1,100.60) (202,311.80)
319 308 (202,311.80) (1,124.52) (1,100.60) (204,536.92)
320 309 (204,536.92) (1,136.88) (1,100.60) (206,774.41)
321 310 (206,774.41) (1,149.32) (1,100.60) (209,024.33)
322 311 (209,024.33) (1,161.83) (1,100.60) (211,286.75)
323 312 (211,286.75) (1,174.40) (1,100.60) (213,561.76)
324 313 (213,561.76) (1,187.05) (1,100.60) (215,849.40)
325 314 (215,849.40) (1,199.76) (1,100.60) (218,149.77)
326 315 (218,149.77) (1,212.55) (1,100.60) (220,462.92)
327 316 (220,462.92) (1,225.41) (1,100.60) (222,788.92)
328 317 (222,788.92) (1,238.34) (1,100.60) (225,127.86)
329 318 (225,127.86) (1,251.34) (1,100.60) (227,479.79)
330 319 (227,479.79) (1,264.41) (1,100.60) (229,844.80)
331 320 (229,844.80) (1,277.55) (1,100.60) (232,222.96)
332 321 (232,222.96) (1,290.77) (1,100.60) (234,614.33)
333 322 (234,614.33) (1,304.06) (1,100.60) (237,018.99)
334 323 (237,018.99) (1,317.43) (1,100.60) (239,437.02)
335 324 (239,437.02) (1,330.87) (1,100.60) (241,868.49)
336 325 (241,868.49) (1,344.39) (1,100.60) (244,313.48)
337 326 (244,313.48) (1,357.98) (1,100.60) (246,772.06)
338 327 (246,772.06) (1,371.64) (1,100.60) (249,244.30)
339 328 (249,244.30) (1,385.38) (1,100.60) (251,730.28)
340 329 (251,730.28) (1,399.20) (1,100.60) (254,230.08)
341 330 (254,230.08) (1,413.10) (1,100.60) (256,743.78)
342 331 (256,743.78) (1,427.07) (1,100.60) (259,271.44)
343 332 (259,271.44) (1,441.12) (1,100.60) (261,813.16)
344 333 (261,813.16) (1,455.24) (1,100.60) (264,369.01)
345 334 (264,369.01) (1,469.45) (1,100.60) (266,939.06)
346 335 (266,939.06) (1,483.74) (1,100.60) (269,523.39)
347 336 (269,523.39) (1,498.10) (1,100.60) (272,122.09)
348 337 (272,122.09) (1,512.55) (1,100.60) (274,735.24)
349 338 (274,735.24) (1,527.07) (1,100.60) (277,362.91)
350 339 (277,362.91) (1,541.68) (1,100.60) (280,005.19)
351 340 (280,005.19) (1,556.36) (1,100.60) (282,662.15)
352 341 (282,662.15) (1,571.13) (1,100.60) (285,333.88)
353 342 (285,333.88) (1,585.98) (1,100.60) (288,020.46)
354 343 (288,020.46) (1,600.91) (1,100.60) (290,721.97)
355 344 (290,721.97) (1,615.93) (1,100.60) (293,438.50)
356 345 (293,438.50) (1,631.03) (1,100.60) (296,170.13)
357 346 (296,170.13) (1,646.21) (1,100.60) (298,916.94)
358 347 (298,916.94) (1,661.48) (1,100.60) (301,679.02)
359 348 (301,679.02) (1,676.83) (1,100.60) (304,456.46)
360 349 (304,456.46) (1,692.27) (1,100.60) (307,249.33)
361 350 (307,249.33) (1,707.79) (1,100.60) (310,057.72)
362 351 (310,057.72) (1,723.40) (1,100.60) (312,881.73)
363 352 (312,881.73) (1,739.10) (1,100.60) (315,721.43)
364 353 (315,721.43) (1,754.88) (1,100.60) (318,576.91)
365 354 (318,576.91) (1,770.76) (1,100.60) (321,448.27)
366 355 (321,448.27) (1,786.72) (1,100.60) (324,335.59)
367 356 (324,335.59) (1,802.77) (1,100.60) (327,238.95)
368 357 (327,238.95) (1,818.90) (1,100.60) (330,158.45)
369 358 (330,158.45) (1,835.13) (1,100.60) (333,094.19)
370 359 (333,094.19) (1,851.45) (1,100.60) (336,046.23)
371 360 (336,046.23) (1,867.86) (1,100.60) (339,014.69)

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