TABEL NPV (PRESENT VALUE)

Brealey−Myers−Allen:  Principles of Corporate  Finance, Eighth Edition Back Matter Appendix A: Present Value

Tables

© The McGraw−Hill  Companies, 2005

PRESENT VALUE TABLES APPENDIX A

APPENDIX TABLE 1

Discount factors: Present value of $1 to be received after t years1/(1r)t.

Number Interest  Rate per Year of  Years

    1%   2%     3%   4%      5%   6%    7%    8%   9%    10%   11%  12%  13%  14%  15%

1 .990  .980  .971  .962  .952  .943  .935  .926  .917  .909   .901   .893  .885    .877   .870

2 .980  .961  .943  .925   .907  .890  .873  .857  .842  .826   .812   .797  .783  .769  .756

3  .971  .942  .915  .889  .864  .840   .816   .794  .772  .751  .731   .712  .693   .675 .658

4  .961  .924  .888   .855  .823  .792  .763  .735   .708   .683   .659   .636  .613  .592 . 572

5  .951   .906  .863  .822  .784  .747  .713  .681   .650   .621   .593  .567   .543  .519  .497

6  .942   .888   .837   .790  .746   .705  .666  .630  .596  .564  .535  .507  .480  .456  .432

7  .933   .871  .813   .760   .711   .665   .623   .583  .547  .513  .482  .452  .425  .400  .376

8  .923   .853  .789   .731   .677   .627   .582   .540   .502   .467   .434   .404   .376  .351 .327

9  .914   .837   .766   .703   .645   .592   .544  .500  .460  .424    .391   .361  .333  .308  .284

10  .905  .820  .744  .676  .614  .558    .508   .463  .422   .386   .352   .322  .295.270  .247

11  .896   .804   .722   .650   .585   .527   .475   .429   .388   .350   .317  .287 .261 .237 .215

12  .887 .788    .701    .625   .557   .497   .444   .397   .356   .319  .286  .257   .231 .208 .187

13  .879  .773  .681   .601   .530   .469     .415  .368   .326    .290  .258   .229  .204 .182 .163

14  .870  .758  .661  .577  .505  .442     .388    .340    .299    .263 . 232  .205 .181 .160 .141

15  .861   .743  .642   .555  .481  .417   .362     .315   .275     .239  .209 .183 .160 .140 .123

16  .853   .728   .623  .534  .458  .394  .339     .292    .252   .218    .188   .163 .141 .123 .107

17 .844    .714  .605  .513   .436   .371   .317  .270   .231    .198    .170    .146 .125 .108 .093

18  .836   .700   .587   .494   .416  .350  .296  .250  .212   .180    .153      .130 .111 .095 .081

19  .828  .686  .570  .475     .396  .331  .277  .232   .194   .164   .138     .116   .098 .083 .070

20  .820  .673   .554  .456   .377   .312   .258  .215  .178  .149  .124       .104   .087 .073 .061

Note: For example, if the interest rate is 10 percent per year, the present value of $1 received at year 5 is $.621.

Number Interest  Rate per Year of  Years

    16%  17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30%

1  .862   .855  .847 .840 .833  .826  .820  .813 .806 .800 .794 .787   .78  .775  .769

2  .743   .731 .718 .706 .694 .683   .672   .661 .650 .640 .630 .620 .610  .601 .592

3  .641   .624 .609 .593 .579 .564   .551   .537  .524 .512 .500 .488 .477 .466 .455

4  .552  .534  .516 .499 .482 .467   .451   .437  .423 .410 .397 .384 .373 .361 .350

5  .476  .456   .437 .419 .402 .386 .370   .355   .341 .328 .315 .303 .291 .280 .269

6  .410  .390 .370   .352 .335 .319 .303   .289   .275 .262 .250 .238 .227 .217 .207

7  .354  .333 .314   .296 .279 .263 .249   .235   .222 .210 .198 .188 .178 .168 .159

8  .305  .285 .266  .249  .233  .218 .204  .191 .179 .168 .157 .148 .139 .130 .123

9  .263  .243 .225 .209 .194 .180 .167 .155 .144 .134 .125 .116 .108 .101 .094

10 .227 .208 .191 .176 .162 .149 .137 .126 .116 .107 .099 .092 .085 .078 .073

11 .195 .178 .162 .148 .135 .123 .112 .103 .094 .086 .079 .072 .066 .061 .056

12 .168 .152 .137 .124 .112 .102 .092 .083 .076 .069 .062 .057 .052 .047 .043

13 .145 .130 .116 .104 .093 .084 .075 .068 .061 .055 .050 .045 .040 .037 .033

14 .125 .111 .099 .088 .078 .069 .062 .055 .049 .044 .039 .035 .032 .028 .025

15 .108 .095 .084 .074 .065 .057 .051 .045 .040 .035 .031 .028 .025 .022 .020

16 .093 .081 .071 .062 .054 .047 .042 .036 .032 .028 .025 .022 .019 .017 .015

17 .080 .069 .060 .052 .045 .039 .034 .030 .026 .023 .020 .017 .015 .013 .012

18 .069 .059 .051 .044 .038 .032 .028 .024 .021 .018 .016 .014 .012 .010 .009

19 .060 .051 .043 .037 .031 .027 .023 .020 .017 .014 .012 .011 .009 .008 .007

20 .051 .043 .037 .031 .026 .022 .019 .016 .014 .012 .010 .008 .007 .006 .005