TIME VALUE OF MONEY 123456789 10 11 12 13 14 15 16 17 18 19 A B C D E F G FUTURE AND PRESENT VALUE FACTORS Interest rate 10% Present value 1,000 First of End of % of Year Year Initial Year Balance Interest Balance Investment 1 1,000 100 1,100 110% 2 1,100 110 1,210 121% 3 1,210 121 1,331 133% 4 1,331 133 1,464 146% % of Initial Investment ( Future Value Factor ) = ( 1 + Interest Rate ) ^ # of Years Present Value Factor = 1 /( 1 + Interest Rate ) ^ # of Years Page 1TIME VALUE OF MONEY 123456789 10 11 12 13 14 15 16 17 18 19 A B C D E F G AMORTIZATON TABLE The following amortization table shows the link between the present value (amount borrowed), cash flow (payment) and discount rate (interest rate) on a five-year loan. Interest rate 10% Payment 1,000 Amount borrowed 3,791 Beginning Plus Less Ending Year Balance Interest Payment Balance 1 3,791 379 (1,000) 3,170 2 3,170 317 (1,000) 2,487 3 2,487 249 (1,000) 1,736 4 1,736 174 (1,000) 909 5 909 91 (1,000) 0 Page 2TIME VALUE OF MONEY 123456789 10 11 12 13 14 15 A B C D E F G H PRESENT VALUE CALCULATION The following shows how to calculate the present value as the sum of the present values of the cash flows. Interest rate 10% Payment 1,000 Year 0 1 2 3 4 5 Payment 1,000 1,000 1,000 1,000 1,000 Present value factor 100% 91% 83% 75% 68% 62% PV of payment 909 826 751 683 621 PV of all payments 3,791 Page 3TIME VALUE OF MONEY 123456789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 A B C D E F G H SPREADSHEET FUNCTIONS Given the number of periods (or number of payments), any two of the following determine the third: present value, cash flow, discount rate. Be careful about the signs! 1. The present value is computed as PV(interest rate, # of periods, cash flow). Discount rate 10% Number of periods 5 Cash flow 1,000 Present value (3,791) 2. The present value can also be computed as NPV(interest rate, series of cash flows). Year 0 1 2 3 4 5 Cash flow 1,000 1,000 1,000 1,000 1,000 PV of cash flows 3,791 3. The cash flow is computed as PMT(discount rate, # of periods, present value). Discount rate 10% Number of periods 5 Present value 3791 Cash flow (1,000) 4. The discount rate is computed as IRR(series of present value and cash flows). Year 0 1 2 3 4 5 Cash flow (3,791) 1,000 1,000 1,000 1,000 1,000 Internal rate of return 10% Page 4TIME VALUE OF MONEY 123456789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 A B C D E F MONTHLY COMPOUNDING Annual interest rate 10% Monthly interest rate 0.83% ( Annual rate /12 ) Future Beginning Ending Value Month Balance Interest Balance Factor 1 100.00 0.83 100.83 100.83% 2 100.83 0.84 101.67 101.67% 3 101.67 0.85 102.52 102.52% 4 102.52 0.85 103.38 103.38% 5 103.38 0.86 104.24 104.24% 6 104.24 0.87 105.11 105.11% 7 105.11 0.88 105.98 105.98% 8 105.98 0.88 106.86 106.86% 9 106.86 0.89 107.75 107.75% 10 107.75 0.90 108.65 108.65% 11 108.65 0.91 109.56 109.56% 12 109.56 0.91 110.47 110.47% Effective annual rate 10.47% Effective annual rate = FVF -100% = ( 1 + Monthly Rate )^12 -100% Page 5123456789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 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 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 A B C D E F Principal $15,000 Interest rate 8.00% Number of years 4 Monthly payment $366.19 If the principal or interest rate are changed, the monthly payment and the following amortization table will automatically recalculate. Beginning Plus Less Ending Month Balance Interest Payment Balance 1 15,000.00 100.00 (366.19) 14,733.81 2 14,733.81 98.23 (366.19) 14,465.84 3 14,465.84 96.44 (366.19) 14,196.08 4 14,196.08 94.64 (366.19) 13,924.53 5 13,924.53 92.83 (366.19) 13,651.17 6 13,651.17 91.01 (366.19) 13,375.98 7 13,375.98 89.17 (366.19) 13,098.96 8 13,098.96 87.33 (366.19) 12,820.09 9 12,820.09 85.47 (366.19) 12,539.37 10 12,539.37 83.60 (366.19) 12,256.77 11 12,256.77 81.71 (366.19) 11,972.29 12 11,972.29 79.82 (366.19) 11,685.91 13 11,685.91 77.91 (366.19) 11,397.62 14 11,397.62 75.98 (366.19) 11,107.41 15 11,107.41 74.05 (366.19) 10,815.26 16 10,815.26 72.10 (366.19) 10,521.17 17 10,521.17 70.14 (366.19) 10,225.12 18 10,225.12 68.17 (366.19) 9,927.09 19 9,927.09 66.18 (366.19) 9,627.08 20 9,627.08 64.18 (366.19) 9,325.07 21 9,325.07 62.17 (366.19) 9,021.04 22 9,021.04 60.14 (366.19) 8,714.99 23 8,714.99 58.10 (366.19) 8,406.89 24 8,406.89 56.05 (366.19) 8,096.74 25 8,096.74 53.98 (366.19) 7,784.53 26 7,784.53 51.90 (366.19) 7,470.23 27 7,470.23 49.80 (366.19) 7,153.84 28 7,153.84 47.69 (366.19) 6,835.34 29 6,835.34 45.57 (366.19) 6,514.71 30 6,514.71 43.43 (366.19) 6,191.95 31 6,191.95 41.28 (366.19) 5,867.04 32 5,867.04 39.11 (366.19) 5,539.96 33 5,539.96 36.93 (366.19) 5,210.70 34 5,210.70 34.74 (366.19) 4,879.24 35 4,879.24 32.53 (366.19) 4,545.57 36 4,545.57 30.30 (366.19) 4,209.68 37 4,209.68 28.06 (366.19) 3,871.56 38 3,871.56 25.81 (366.19) 3,531.17 39 3,531.17 23.54 (366.19) 3,188.52 40 3,188.52 21.26 (366.19) 2,843.58 41 2,843.58 18.96 (366.19) 2,496.35 42 2,496.35 16.64 (366.19) 2,146.79 43 2,146.79 14.31 (366.19) 1,794.91 44 1,794.91 11.97 (366.19) 1,440.68 45 1,440.68 9.60 (366.19) 1,084.09 46 1,084.09 7.23 (366.19) 725.13 47 725.13 4.83 (366.19) 363.77 48 363.77 2.43 (366.19) (0.00) 151 0.00 0.00 (366.19) (366.19) 152 (366.19) (2.44) (366.19) (734.83) 153 (734.83) (4.90) (366.19) (1,105.92) 154 (1,105.92) (7.37) (366.19) (1,479.49) 155 (1,479.49) (9.86) (366.19) (1,855.55) 156 (1,855.55) (12.37) (366.19) (2,234.11) 157 (2,234.11) (14.89) (366.19) (2,615.20) 158 (2,615.20) (17.43) (366.19) (2,998.83) 159 (2,998.83) (19.99) (366.19) (3,385.01) 160 (3,385.01) (22.57) (366.19) (3,773.77) 161 (3,773.77) (25.16) (366.19) (4,165.12) 162 (4,165.12) (27.77) (366.19) (4,559.09) 163 (4,559.09) (30.39) (366.19) (4,955.67) 164 (4,955.67) (33.04) (366.19) (5,354.91) 165 (5,354.91) (35.70) (366.19) (5,756.80) 166 (5,756.80) (38.38) (366.19) (6,161.37) 167 (6,161.37) (41.08) (366.19) (6,568.64) 168 (6,568.64) (43.79) (366.19) (6,978.63) 169 (6,978.63) (46.52) (366.19) (7,391.34) 170 (7,391.34) (49.28) (366.19) (7,806.81) 171 (7,806.81) (52.05) (366.19) (8,225.05) 172 (8,225.05) (54.83) (366.19) (8,646.08) 173 (8,646.08) (57.64) (366.19) (9,069.91) 174 (9,069.91) (60.47) (366.19) (9,496.57) 175 (9,496.57) (63.31) (366.19) (9,926.08) 176 (9,926.08) (66.17) (366.19) (10,358.45) 177 (10,358.45) (69.06) (366.19) (10,793.70) 178 (10,793.70) (71.96) (366.19) (11,231.85) 179 (11,231.85) (74.88) (366.19) (11,672.92) 180 (11,672.92) (77.82) (366.19) (12,116.93) 181 (12,116.93) (80.78) (366.19) (12,563.91) 182 (12,563.91) (83.76) (366.19) (13,013.86) 183 (13,013.86) (86.76) (366.19) (13,466.81) 184 (13,466.81) (89.78) (366.19) (13,922.79) 185 (13,922.79) (92.82) (366.19) (14,381.80) 186 (14,381.80) (95.88) (366.19) (14,843.87) 187 (14,843.87) (98.96) (366.19) (15,309.02) 188 (15,309.02) (102.06) (366.19) (15,777.28) 189 (15,777.28) (105.18) (366.19) (16,248.65) 190 (16,248.65) (108.32) (366.19) (16,723.17) 191 (16,723.17) (111.49) (366.19) (17,200.85) 192 (17,200.85) (114.67) (366.19) (17,681.72) 193 (17,681.72) (117.88) (366.19) (18,165.79) 194 (18,165.79) (121.11) (366.19) (18,653.09) 195 (18,653.09) (124.35) (366.19) (19,143.64) 196 (19,143.64) (127.62) (366.19) (19,637.46) 197 (19,637.46) (130.92) (366.19) (20,134.57) 198 (20,134.57) (134.23) (366.19) (20,634.99) 199 (20,634.99) (137.57) (366.19) (21,138.75) 200 (21,138.75) (140.93) (366.19) (21,645.87) 201 (21,645.87) (144.31) (366.19) (22,156.37) 202 (22,156.37) (147.71) (366.19) (22,670.27) 203 (22,670.27) (151.14) (366.19) (23,187.60) 204 (23,187.60) (154.58) (366.19) (23,708.38) 205 (23,708.38) (158.06) (366.19) (24,232.63) 206 (24,232.63) (161.55) (366.19) (24,760.37) 207 (24,760.37) (165.07) (366.19) (25,291.64) 208 (25,291.64) (168.61) (366.19) (25,826.44) 209 (25,826.44) (172.18) (366.19) (26,364.81) 210 (26,364.81) (175.77) (366.19) (26,906.77) 211 (26,906.77) (179.38) (366.19) (27,452.34) 212 (27,452.34) (183.02) (366.19) (28,001.55) 213 (28,001.55) (186.68) (366.19) (28,554.42) 214 (28,554.42) (190.36) (366.19) (29,110.98) 215 (29,110.98) (194.07) (366.19) (29,671.25) 216 (29,671.25) (197.81) (366.19) (30,235.25) 217 (30,235.25) (201.57) (366.19) (30,803.01) 218 (30,803.01) (205.35) (366.19) (31,374.56) 219 (31,374.56) (209.16) (366.19) (31,949.92) 220 (31,949.92) (213.00) (366.19) (32,529.11) 221 (32,529.11) (216.86) (366.19) (33,112.17) 222 (33,112.17) (220.75) (366.19) (33,699.11) 223 (33,699.11) (224.66) (366.19) (34,289.96) 224 (34,289.96) (228.60) (366.19) (34,884.75) 225 (34,884.75) (232.57) (366.19) (35,483.51) 226 (35,483.51) (236.56) (366.19) (36,086.26) 227 (36,086.26) (240.58) (366.19) (36,693.03) 228 (36,693.03) (244.62) (366.19) (37,303.85) 229 (37,303.85) (248.69) (366.19) (37,918.73) 230 (37,918.73) (252.79) (366.19) (38,537.72) 231 (38,537.72) (256.92) (366.19) (39,160.83) 232 (39,160.83) (261.07) (366.19) (39,788.10) 233 (39,788.10) (265.25) (366.19) (40,419.54) 234 (40,419.54) (269.46) (366.19) (41,055.20) 235 (41,055.20) (273.70) (366.19) (41,695.10) 236 (41,695.10) (277.97) (366.19) (42,339.26) 237 (42,339.26) (282.26) (366.19) (42,987.71) 238 (42,987.71) (286.58) (366.19) (43,640.49) 239 (43,640.49) (290.94) (366.19) (44,297.62) 240 (44,297.62) (295.32) (366.19) (44,959.13) 241 (44,959.13) (299.73) (366.19) (45,625.06) 242 (45,625.06) (304.17) (366.19) (46,295.42) 243 (46,295.42) (308.64) (366.19) (46,970.25) 244 (46,970.25) (313.13) (366.19) (47,649.58) 245 (47,649.58) (317.66) (366.19) (48,333.43) 246 (48,333.43) (322.22) (366.19) (49,021.85) 247 (49,021.85) (326.81) (366.19) (49,714.86) 248 (49,714.86) (331.43) (366.19) (50,412.48) 249 (50,412.48) (336.08) (366.19) (51,114.76) 250 (51,114.76) (340.77) (366.19) (51,821.72) 251 (51,821.72) (345.48) (366.19) (52,533.39) 252 (52,533.39) (350.22) (366.19) (53,249.81) 253 (53,249.81) (355.00) (366.19) (53,971.00) 254 (53,971.00) (359.81) (366.19) (54,697.00) 255 (54,697.00) (364.65) (366.19) (55,427.84) 256 (55,427.84) (369.52) (366.19) (56,163.55) 257 (56,163.55) (374.42) (366.19) (56,904.17) 258 (56,904.17) (379.36) (366.19) (57,649.73) 259 (57,649.73) (384.33) (366.19) (58,400.25) 260 (58,400.25) (389.34) (366.19) (59,155.78) 261 (59,155.78) (394.37) (366.19) (59,916.35) 262 (59,916.35) (399.44) (366.19) (60,681.98) 263 (60,681.98) (404.55) (366.19) (61,452.72) 264 (61,452.72) (409.68) (366.19) (62,228.60) 265 (62,228.60) (414.86) (366.19) (63,009.65) 266 (63,009.65) (420.06) (366.19) (63,795.91) 267 (63,795.91) (425.31) (366.19) (64,587.41) 268 (64,587.41) (430.58) (366.19) (65,384.19) 269 (65,384.19) (435.89) (366.19) (66,186.27) 270 (66,186.27) (441.24) (366.19) (66,993.71) 271 (66,993.71) (446.62) (366.19) (67,806.53) 272 (67,806.53) (452.04) (366.19) (68,624.77) 273 (68,624.77) (457.50) (366.19) (69,448.46) 274 (69,448.46) (462.99) (366.19) (70,277.64) 275 (70,277.64) (468.52) (366.19) (71,112.35) 276 (71,112.35) (474.08) (366.19) (71,952.63) 277 (71,952.63) (479.68) (366.19) (72,798.51) 278 (72,798.51) (485.32) (366.19) (73,650.02) 279 (73,650.02) (491.00) (366.19) (74,507.22) 280 (74,507.22) (496.71) (366.19) (75,370.13) 281 (75,370.13) (502.47) (366.19) (76,238.79) 282 (76,238.79) (508.26) (366.19) (77,113.24) 283 (77,113.24) (514.09) (366.19) (77,993.52) 284 (77,993.52) (519.96) (366.19) (78,879.67) 285 (78,879.67) (525.86) (366.19) (79,771.73) 286 (79,771.73) (531.81) (366.19) (80,669.74) 287 (80,669.74) (537.80) (366.19) (81,573.73) 288 (81,573.73) (543.82) (366.19) (82,483.75) 289 (82,483.75) (549.89) (366.19) (83,399.83) 290 (83,399.83) (556.00) (366.19) (84,322.03) 291 (84,322.03) (562.15) (366.19) (85,250.37) 292 (85,250.37) (568.34) (366.19) (86,184.90) 293 (86,184.90) (574.57) (366.19) (87,125.66) 294 (87,125.66) (580.84) (366.19) (88,072.69) 295 (88,072.69) (587.15) (366.19) (89,026.03) 296 (89,026.03) (593.51) (366.19) (89,985.73) 297 (89,985.73) (599.90) (366.19) (90,951.83) 298 (90,951.83) (606.35) (366.19) (91,924.37) 299 (91,924.37) (612.83) (366.19) (92,903.40) 300 (92,903.40) (619.36) (366.19) (93,888.95) 301 (93,888.95) (625.93) (366.19) (94,881.07) 302 (94,881.07) (632.54) (366.19) (95,879.80) 303 (95,879.80) (639.20) (366.19) (96,885.19) 304 (96,885.19) (645.90) (366.19) (97,897.29) 305 (97,897.29) (652.65) (366.19) (98,916.13) 306 (98,916.13) (659.44) (366.19) (99,941.76) 307 (99,941.76) (666.28) (366.19) (100,974.24) 308 (100,974.24) (673.16) (366.19) (102,013.59) 309 (102,013.59) (680.09) (366.19) (103,059.88) 310 (103,059.88) (687.07) (366.19) (104,113.14) 311 (104,113.14) (694.09) (366.19) (105,173.42) 312 (105,173.42) (701.16) (366.19) (106,240.77) 313 (106,240.77) (708.27) (366.19) (107,315.23) 314 (107,315.23) (715.43) (366.19) (108,396.86) 315 (108,396.86) (722.65) (366.19) (109,485.70) 316 (109,485.70) (729.90) (366.19) (110,581.80) 317 (110,581.80) (737.21) (366.19) (111,685.21) 318 (111,685.21) (744.57) (366.19) (112,795.97) 319 (112,795.97) (751.97) (366.19) (113,914.13) 320 (113,914.13) (759.43) (366.19) (115,039.76) 321 (115,039.76) (766.93) (366.19) (116,172.88) 322 (116,172.88) (774.49) (366.19) (117,313.56) 323 (117,313.56) (782.09) (366.19) (118,461.85) 324 (118,461.85) (789.75) (366.19) (119,617.78) 325 (119,617.78) (797.45) (366.19) (120,781.43) 326 (120,781.43) (805.21) (366.19) (121,952.83) 327 (121,952.83) (813.02) (366.19) (123,132.05) 328 (123,132.05) (820.88) (366.19) (124,319.12) 329 (124,319.12) (828.79) (366.19) (125,514.11) 330 (125,514.11) (836.76) (366.19) (126,717.06) 331 (126,717.06) (844.78) (366.19) (127,928.04) 332 (127,928.04) (852.85) (366.19) (129,147.09) 333 (129,147.09) (860.98) (366.19) (130,374.26) 334 (130,374.26) (869.16) (366.19) (131,609.62) 335 (131,609.62) (877.40) (366.19) (132,853.21) 336 (132,853.21) (885.69) (366.19) (134,105.09) 337 (134,105.09) (894.03) (366.19) (135,365.32) 338 (135,365.32) (902.44) (366.19) (136,633.95) 339 (136,633.95) (910.89) (366.19) (137,911.03) 340 (137,911.03) (919.41) (366.19) (139,196.63) 341 (139,196.63) (927.98) (366.19) (140,490.80) 342 (140,490.80) (936.61) (366.19) (141,793.60) 343 (141,793.60) (945.29) (366.19) (143,105.09) 344 (143,105.09) (954.03) (366.19) (144,425.32) 345 (144,425.32) (962.84) (366.19) (145,754.34) 346 (145,754.34) (971.70) (366.19) (147,092.23) 347 (147,092.23) (980.61) (366.19) (148,439.04) 348 (148,439.04) (989.59) (366.19) (149,794.83) 349 (149,794.83) (998.63) (366.19) (151,159.66) 350 (151,159.66) (1,007.73) (366.19) (152,533.58) 351 (152,533.58) (1,016.89) (366.19) (153,916.67) 352 (153,916.67) (1,026.11) (366.19) (155,308.97) 353 (155,308.97) (1,035.39) (366.19) (156,710.56) 354 (156,710.56) (1,044.74) (366.19) (158,121.49) 355 (158,121.49) (1,054.14) (366.19) (159,541.83) 356 (159,541.83) (1,063.61) (366.19) (160,971.63) 357 (160,971.63) (1,073.14) (366.19) (162,410.97) 358 (162,410.97) (1,082.74) (366.19) (163,859.90) 359 (163,859.90) (1,092.40) (366.19) (165,318.50) 360 (165,318.50) (1,102.12) (366.19) (166,786.81) Page 6123456789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 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 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 A B C D E F Principal $150,000 Interest rate 8.50% Number of years 30 Monthly payment $1,153.37 If the principal or interest rate are changed, the monthly payment and the following amortization table will automatically recalculate. Beginning Plus Less Ending Month Principal Interest Payment Principal 1 150,000.00 1,062.50 (1,153.37) 149,909.13 2 149,909.13 1,061.86 (1,153.37) 149,817.62 3 149,817.62 1,061.21 (1,153.37) 149,725.45 4 149,725.45 1,060.56 (1,153.37) 149,632.64 5 149,632.64 1,059.90 (1,153.37) 149,539.17 6 149,539.17 1,059.24 (1,153.37) 149,445.03 7 149,445.03 1,058.57 (1,153.37) 149,350.23 8 149,350.23 1,057.90 (1,153.37) 149,254.76 9 149,254.76 1,057.22 (1,153.37) 149,158.61 10 149,158.61 1,056.54 (1,153.37) 149,061.78 11 149,061.78 1,055.85 (1,153.37) 148,964.26 12 148,964.26 1,055.16 (1,153.37) 148,866.06 13 148,866.06 1,054.47 (1,153.37) 148,767.15 14 148,767.15 1,053.77 (1,153.37) 148,667.55 15 148,667.55 1,053.06 (1,153.37) 148,567.24 16 148,567.24 1,052.35 (1,153.37) 148,466.22 17 148,466.22 1,051.64 (1,153.37) 148,364.49 18 148,364.49 1,050.92 (1,153.37) 148,262.03 19 148,262.03 1,050.19 (1,153.37) 148,158.85 20 148,158.85 1,049.46 (1,153.37) 148,054.94 21 148,054.94 1,048.72 (1,153.37) 147,950.29 22 147,950.29 1,047.98 (1,153.37) 147,844.90 23 147,844.90 1,047.23 (1,153.37) 147,738.77 24 147,738.77 1,046.48 (1,153.37) 147,631.88 25 147,631.88 1,045.73 (1,153.37) 147,524.24 26 147,524.24 1,044.96 (1,153.37) 147,415.83 27 147,415.83 1,044.20 (1,153.37) 147,306.66 28 147,306.66 1,043.42 (1,153.37) 147,196.71 29 147,196.71 1,042.64 (1,153.37) 147,085.98 30 147,085.98 1,041.86 (1,153.37) 146,974.47 31 146,974.47 1,041.07 (1,153.37) 146,862.17 32 146,862.17 1,040.27 (1,153.37) 146,749.07 33 146,749.07 1,039.47 (1,153.37) 146,635.17 34 146,635.17 1,038.67 (1,153.37) 146,520.47 35 146,520.47 1,037.85 (1,153.37) 146,404.95 36 146,404.95 1,037.04 (1,153.37) 146,288.62 37 146,288.62 1,036.21 (1,153.37) 146,171.46 38 146,171.46 1,035.38 (1,153.37) 146,053.47 39 146,053.47 1,034.55 (1,153.37) 145,934.65 40 145,934.65 1,033.70 (1,153.37) 145,814.98 41 145,814.98 1,032.86 (1,153.37) 145,694.46 42 145,694.46 1,032.00 (1,153.37) 145,573.10 43 145,573.10 1,031.14 (1,153.37) 145,450.87 44 145,450.87 1,030.28 (1,153.37) 145,327.78 45 145,327.78 1,029.41 (1,153.37) 145,203.81 46 145,203.81 1,028.53 (1,153.37) 145,078.97 47 145,078.97 1,027.64 (1,153.37) 144,953.24 48 144,953.24 1,026.75 (1,153.37) 144,826.62 49 144,826.62 1,025.86 (1,153.37) 144,699.11 50 144,699.11 1,024.95 (1,153.37) 144,570.69 51 144,570.69 1,024.04 (1,153.37) 144,441.36 52 144,441.36 1,023.13 (1,153.37) 144,311.12 53 144,311.12 1,022.20 (1,153.37) 144,179.95 54 144,179.95 1,021.27 (1,153.37) 144,047.86 55 144,047.86 1,020.34 (1,153.37) 143,914.82 56 143,914.82 1,019.40 (1,153.37) 143,780.85 57 143,780.85 1,018.45 (1,153.37) 143,645.93 58 143,645.93 1,017.49 (1,153.37) 143,510.05 59 143,510.05 1,016.53 (1,153.37) 143,373.21 60 143,373.21 1,015.56 (1,153.37) 143,235.40 61 143,235.40 1,014.58 (1,153.37) 143,096.61 62 143,096.61 1,013.60 (1,153.37) 142,956.84 63 142,956.84 1,012.61 (1,153.37) 142,816.08 64 142,816.08 1,011.61 (1,153.37) 142,674.33 65 142,674.33 1,010.61 (1,153.37) 142,531.57 66 142,531.57 1,009.60 (1,153.37) 142,387.80 67 142,387.80 1,008.58 (1,153.37) 142,243.01 68 142,243.01 1,007.55 (1,153.37) 142,097.19 69 142,097.19 1,006.52 (1,153.37) 141,950.34 70 141,950.34 1,005.48 (1,153.37) 141,802.45 71 141,802.45 1,004.43 (1,153.37) 141,653.52 72 141,653.52 1,003.38 (1,153.37) 141,503.53 73 141,503.53 1,002.32 (1,153.37) 141,352.47 74 141,352.47 1,001.25 (1,153.37) 141,200.35 75 141,200.35 1,000.17 (1,153.37) 141,047.15 76 141,047.15 999.08 (1,153.37) 140,892.86 77 140,892.86 997.99 (1,153.37) 140,737.48 78 140,737.48 996.89 (1,153.37) 140,581.00 79 140,581.00 995.78 (1,153.37) 140,423.41 80 140,423.41 994.67 (1,153.37) 140,264.71 81 140,264.71 993.54 (1,153.37) 140,104.88 82 140,104.88 992.41 (1,153.37) 139,943.92 83 139,943.92 991.27 (1,153.37) 139,781.82 84 139,781.82 990.12 (1,153.37) 139,618.57 85 139,618.57 988.96 (1,153.37) 139,454.17 86 139,454.17 987.80 (1,153.37) 139,288.60 87 139,288.60 986.63 (1,153.37) 139,121.85 88 139,121.85 985.45 (1,153.37) 138,953.93 89 138,953.93 984.26 (1,153.37) 138,784.82 90 138,784.82 983.06 (1,153.37) 138,614.51 91 138,614.51 981.85 (1,153.37) 138,442.99 92 138,442.99 980.64 (1,153.37) 138,270.26 93 138,270.26 979.41 (1,153.37) 138,096.30 94 138,096.30 978.18 (1,153.37) 137,921.11 95 137,921.11 976.94 (1,153.37) 137,744.68 96 137,744.68 975.69 (1,153.37) 137,567.00 97 137,567.00 974.43 (1,153.37) 137,388.07 98 137,388.07 973.17 (1,153.37) 137,207.86 99 137,207.86 971.89 (1,153.37) 137,026.38 100 137,026.38 970.60 (1,153.37) 136,843.61 101 136,843.61 969.31 (1,153.37) 136,659.55 102 136,659.55 968.01 (1,153.37) 136,474.19 103 136,474.19 966.69 (1,153.37) 136,287.51 104 136,287.51 965.37 (1,153.37) 136,099.51 105 136,099.51 964.04 (1,153.37) 135,910.18 106 135,910.18 962.70 (1,153.37) 135,719.50 107 135,719.50 961.35 (1,153.37) 135,527.48 108 135,527.48 959.99 (1,153.37) 135,334.10 109 135,334.10 958.62 (1,153.37) 135,139.34 110 135,139.34 957.24 (1,153.37) 134,943.21 111 134,943.21 955.85 (1,153.37) 134,745.69 112 134,745.69 954.45 (1,153.37) 134,546.76 113 134,546.76 953.04 (1,153.37) 134,346.43 114 134,346.43 951.62 (1,153.37) 134,144.68 115 134,144.68 950.19 (1,153.37) 133,941.51 116 133,941.51 948.75 (1,153.37) 133,736.89 117 133,736.89 947.30 (1,153.37) 133,530.82 118 133,530.82 945.84 (1,153.37) 133,323.29 119 133,323.29 944.37 (1,153.37) 133,114.30 120 133,114.30 942.89 (1,153.37) 132,903.82 121 132,903.82 941.40 (1,153.37) 132,691.85 122 132,691.85 939.90 (1,153.37) 132,478.38 123 132,478.38 938.39 (1,153.37) 132,263.40 124 132,263.40 936.87 (1,153.37) 132,046.90 125 132,046.90 935.33 (1,153.37) 131,828.86 126 131,828.86 933.79 (1,153.37) 131,609.28 127 131,609.28 932.23 (1,153.37) 131,388.14 128 131,388.14 930.67 (1,153.37) 131,165.43 129 131,165.43 929.09 (1,153.37) 130,941.15 130 130,941.15 927.50 (1,153.37) 130,715.28 131 130,715.28 925.90 (1,153.37) 130,487.81 132 130,487.81 924.29 (1,153.37) 130,258.73 133 130,258.73 922.67 (1,153.37) 130,028.02 134 130,028.02 921.03 (1,153.37) 129,795.69 135 129,795.69 919.39 (1,153.37) 129,561.70 136 129,561.70 917.73 (1,153.37) 129,326.06 137 129,326.06 916.06 (1,153.37) 129,088.75 138 129,088.75 914.38 (1,153.37) 128,849.76 139 128,849.76 912.69 (1,153.37) 128,609.07 140 128,609.07 910.98 (1,153.37) 128,366.68 141 128,366.68 909.26 (1,153.37) 128,122.58 142 128,122.58 907.53 (1,153.37) 127,876.74 143 127,876.74 905.79 (1,153.37) 127,629.17 144 127,629.17 904.04 (1,153.37) 127,379.84 145 127,379.84 902.27 (1,153.37) 127,128.74 146 127,128.74 900.50 (1,153.37) 126,875.87 147 126,875.87 898.70 (1,153.37) 126,621.20 148 126,621.20 896.90 (1,153.37) 126,364.73 149 126,364.73 895.08 (1,153.37) 126,106.44 150 126,106.44 893.25 (1,153.37) 125,846.33 151 125,846.33 891.41 (1,153.37) 125,584.37 152 125,584.37 889.56 (1,153.37) 125,320.55 153 125,320.55 887.69 (1,153.37) 125,054.87 154 125,054.87 885.81 (1,153.37) 124,787.31 155 124,787.31 883.91 (1,153.37) 124,517.84 156 124,517.84 882.00 (1,153.37) 124,246.48 157 124,246.48 880.08 (1,153.37) 123,973.19 158 123,973.19 878.14 (1,153.37) 123,697.96 159 123,697.96 876.19 (1,153.37) 123,420.78 160 123,420.78 874.23 (1,153.37) 123,141.64 161 123,141.64 872.25 (1,153.37) 122,860.53 162 122,860.53 870.26 (1,153.37) 122,577.42 163 122,577.42 868.26 (1,153.37) 122,292.30 164 122,292.30 866.24 (1,153.37) 122,005.17 165 122,005.17 864.20 (1,153.37) 121,716.00 166 121,716.00 862.16 (1,153.37) 121,424.79 167 121,424.79 860.09 (1,153.37) 121,131.51 168 121,131.51 858.01 (1,153.37) 120,836.15 169 120,836.15 855.92 (1,153.37) 120,538.71 170 120,538.71 853.82 (1,153.37) 120,239.15 171 120,239.15 851.69 (1,153.37) 119,937.48 172 119,937.48 849.56 (1,153.37) 119,633.66 173 119,633.66 847.41 (1,153.37) 119,327.70 174 119,327.70 845.24 (1,153.37) 119,019.57 175 119,019.57 843.06 (1,153.37) 118,709.25 176 118,709.25 840.86 (1,153.37) 118,396.74 177 118,396.74 838.64 (1,153.37) 118,082.01 178 118,082.01 836.41 (1,153.37) 117,765.06 179 117,765.06 834.17 (1,153.37) 117,445.85 180 117,445.85 831.91 (1,153.37) 117,124.39 181 117,124.39 829.63 (1,153.37) 116,800.65 182 116,800.65 827.34 (1,153.37) 116,474.62 183 116,474.62 825.03 (1,153.37) 116,146.28 184 116,146.28 822.70 (1,153.37) 115,815.61 185 115,815.61 820.36 (1,153.37) 115,482.60 186 115,482.60 818.00 (1,153.37) 115,147.23 187 115,147.23 815.63 (1,153.37) 114,809.49 188 114,809.49 813.23 (1,153.37) 114,469.35 189 114,469.35 810.82 (1,153.37) 114,126.81 190 114,126.81 808.40 (1,153.37) 113,781.84 191 113,781.84 805.95 (1,153.37) 113,434.42 192 113,434.42 803.49 (1,153.37) 113,084.54 193 113,084.54 801.02 (1,153.37) 112,732.19 194 112,732.19 798.52 (1,153.37) 112,377.34 195 112,377.34 796.01 (1,153.37) 112,019.97 196 112,019.97 793.47 (1,153.37) 111,660.08 197 111,660.08 790.93 (1,153.37) 111,297.63 198 111,297.63 788.36 (1,153.37) 110,932.62 199 110,932.62 785.77 (1,153.37) 110,565.03 200 110,565.03 783.17 (1,153.37) 110,194.82 201 110,194.82 780.55 (1,153.37) 109,822.00 202 109,822.00 777.91 (1,153.37) 109,446.54 203 109,446.54 775.25 (1,153.37) 109,068.41 204 109,068.41 772.57 (1,153.37) 108,687.61 205 108,687.61 769.87 (1,153.37) 108,304.11 206 108,304.11 767.15 (1,153.37) 107,917.89 207 107,917.89 764.42 (1,153.37) 107,528.94 208 107,528.94 761.66 (1,153.37) 107,137.24 209 107,137.24 758.89 (1,153.37) 106,742.75 210 106,742.75 756.09 (1,153.37) 106,345.48 211 106,345.48 753.28 (1,153.37) 105,945.39 212 105,945.39 750.45 (1,153.37) 105,542.46 213 105,542.46 747.59 (1,153.37) 105,136.69 214 105,136.69 744.72 (1,153.37) 104,728.03 215 104,728.03 741.82 (1,153.37) 104,316.49 216 104,316.49 738.91 (1,153.37) 103,902.03 217 103,902.03 735.97 (1,153.37) 103,484.63 218 103,484.63 733.02 (1,153.37) 103,064.27 219 103,064.27 730.04 (1,153.37) 102,640.94 220 102,640.94 727.04 (1,153.37) 102,214.61 221 102,214.61 724.02 (1,153.37) 101,785.26 222 101,785.26 720.98 (1,153.37) 101,352.87 223 101,352.87 717.92 (1,153.37) 100,917.42 224 100,917.42 714.83 (1,153.37) 100,478.88 225 100,478.88 711.73 (1,153.37) 100,037.23 226 100,037.23 708.60 (1,153.37) 99,592.46 227 99,592.46 705.45 (1,153.37) 99,144.54 228 99,144.54 702.27 (1,153.37) 98,693.44 229 98,693.44 699.08 (1,153.37) 98,239.15 230 98,239.15 695.86 (1,153.37) 97,781.64 231 97,781.64 692.62 (1,153.37) 97,320.89 232 97,320.89 689.36 (1,153.37) 96,856.88 233 96,856.88 686.07 (1,153.37) 96,389.57 234 96,389.57 682.76 (1,153.37) 95,918.96 235 95,918.96 679.43 (1,153.37) 95,445.02 236 95,445.02 676.07 (1,153.37) 94,967.72 237 94,967.72 672.69 (1,153.37) 94,487.04 238 94,487.04 669.28 (1,153.37) 94,002.95 239 94,002.95 665.85 (1,153.37) 93,515.43 240 93,515.43 662.40 (1,153.37) 93,024.46 241 93,024.46 658.92 (1,153.37) 92,530.02 242 92,530.02 655.42 (1,153.37) 92,032.07 243 92,032.07 651.89 (1,153.37) 91,530.59 244 91,530.59 648.34 (1,153.37) 91,025.56 245 91,025.56 644.76 (1,153.37) 90,516.96 246 90,516.96 641.16 (1,153.37) 90,004.75 247 90,004.75 637.53 (1,153.37) 89,488.91 248 89,488.91 633.88 (1,153.37) 88,969.42 249 88,969.42 630.20 (1,153.37) 88,446.25 250 88,446.25 626.49 (1,153.37) 87,919.38 251 87,919.38 622.76 (1,153.37) 87,388.77 252 87,388.77 619.00 (1,153.37) 86,854.40 253 86,854.40 615.22 (1,153.37) 86,316.25 254 86,316.25 611.41 (1,153.37) 85,774.29 255 85,774.29 607.57 (1,153.37) 85,228.48 256 85,228.48 603.70 (1,153.37) 84,678.82 257 84,678.82 599.81 (1,153.37) 84,125.25 258 84,125.25 595.89 (1,153.37) 83,567.77 259 83,567.77 591.94 (1,153.37) 83,006.34 260 83,006.34 587.96 (1,153.37) 82,440.93 261 82,440.93 583.96 (1,153.37) 81,871.52 262 81,871.52 579.92 (1,153.37) 81,298.07 263 81,298.07 575.86 (1,153.37) 80,720.56 264 80,720.56 571.77 (1,153.37) 80,138.96 265 80,138.96 567.65 (1,153.37) 79,553.24 266 79,553.24 563.50 (1,153.37) 78,963.37 267 78,963.37 559.32 (1,153.37) 78,369.33 268 78,369.33 555.12 (1,153.37) 77,771.07 269 77,771.07 550.88 (1,153.37) 77,168.58 270 77,168.58 546.61 (1,153.37) 76,561.82 271 76,561.82 542.31 (1,153.37) 75,950.76 272 75,950.76 537.98 (1,153.37) 75,335.38 273 75,335.38 533.63 (1,153.37) 74,715.63 274 74,715.63 529.24 (1,153.37) 74,091.50 275 74,091.50 524.81 (1,153.37) 73,462.94 276 73,462.94 520.36 (1,153.37) 72,829.94 277 72,829.94 515.88 (1,153.37) 72,192.44 278 72,192.44 511.36 (1,153.37) 71,550.44 279 71,550.44 506.82 (1,153.37) 70,903.88 280 70,903.88 502.24 (1,153.37) 70,252.75 281 70,252.75 497.62 (1,153.37) 69,597.00 282 69,597.00 492.98 (1,153.37) 68,936.61 283 68,936.61 488.30 (1,153.37) 68,271.54 284 68,271.54 483.59 (1,153.37) 67,601.76 285 67,601.76 478.85 (1,153.37) 66,927.24 286 66,927.24 474.07 (1,153.37) 66,247.93 287 66,247.93 469.26 (1,153.37) 65,563.82 288 65,563.82 464.41 (1,153.37) 64,874.86 289 64,874.86 459.53 (1,153.37) 64,181.02 290 64,181.02 454.62 (1,153.37) 63,482.27 291 63,482.27 449.67 (1,153.37) 62,778.56 292 62,778.56 444.68 (1,153.37) 62,069.87 293 62,069.87 439.66 (1,153.37) 61,356.16 294 61,356.16 434.61 (1,153.37) 60,637.40 295 60,637.40 429.51 (1,153.37) 59,913.55 296 59,913.55 424.39 (1,153.37) 59,184.56 297 59,184.56 419.22 (1,153.37) 58,450.42 298 58,450.42 414.02 (1,153.37) 57,711.07 299 57,711.07 408.79 (1,153.37) 56,966.49 300 56,966.49 403.51 (1,153.37) 56,216.63 301 56,216.63 398.20 (1,153.37) 55,461.46 302 55,461.46 392.85 (1,153.37) 54,700.94 303 54,700.94 387.47 (1,153.37) 53,935.04 304 53,935.04 382.04 (1,153.37) 53,163.71 305 53,163.71 376.58 (1,153.37) 52,386.91 306 52,386.91 371.07 (1,153.37) 51,604.62 307 51,604.62 365.53 (1,153.37) 50,816.78 308 50,816.78 359.95 (1,153.37) 50,023.36 309 50,023.36 354.33 (1,153.37) 49,224.32 310 49,224.32 348.67 (1,153.37) 48,419.62 311 48,419.62 342.97 (1,153.37) 47,609.23 312 47,609.23 337.23 (1,153.37) 46,793.09 313 46,793.09 331.45 (1,153.37) 45,971.17 314 45,971.17 325.63 (1,153.37) 45,143.43 315 45,143.43 319.77 (1,153.37) 44,309.82 316 44,309.82 313.86 (1,153.37) 43,470.31 317 43,470.31 307.91 (1,153.37) 42,624.86 318 42,624.86 301.93 (1,153.37) 41,773.41 319 41,773.41 295.90 (1,153.37) 40,915.94 320 40,915.94 289.82 (1,153.37) 40,052.39 321 40,052.39 283.70 (1,153.37) 39,182.72 322 39,182.72 277.54 (1,153.37) 38,306.90 323 38,306.90 271.34 (1,153.37) 37,424.87 324 37,424.87 265.09 (1,153.37) 36,536.59 325 36,536.59 258.80 (1,153.37) 35,642.02 326 35,642.02 252.46 (1,153.37) 34,741.12 327 34,741.12 246.08 (1,153.37) 33,833.83 328 33,833.83 239.66 (1,153.37) 32,920.12 329 32,920.12 233.18 (1,153.37) 31,999.93 330 31,999.93 226.67 (1,153.37) 31,073.23 331 31,073.23 220.10 (1,153.37) 30,139.96 332 30,139.96 213.49 (1,153.37) 29,200.08 333 29,200.08 206.83 (1,153.37) 28,253.54 334 28,253.54 200.13 (1,153.37) 27,300.30 335 27,300.30 193.38 (1,153.37) 26,340.31 336 26,340.31 186.58 (1,153.37) 25,373.51 337 25,373.51 179.73 (1,153.37) 24,399.87 338 24,399.87 172.83 (1,153.37) 23,419.34 339 23,419.34 165.89 (1,153.37) 22,431.85 340 22,431.85 158.89 (1,153.37) 21,437.37 341 21,437.37 151.85 (1,153.37) 20,435.85 342 20,435.85 144.75 (1,153.37) 19,427.24 343 19,427.24 137.61 (1,153.37) 18,411.48 344 18,411.48 130.41 (1,153.37) 17,388.52 345 17,388.52 123.17 (1,153.37) 16,358.32 346 16,358.32 115.87 (1,153.37) 15,320.82 347 15,320.82 108.52 (1,153.37) 14,275.97 348 14,275.97 101.12 (1,153.37) 13,223.72 349 13,223.72 93.67 (1,153.37) 12,164.02 350 12,164.02 86.16 (1,153.37) 11,096.81 351 11,096.81 78.60 (1,153.37) 10,022.04 352 10,022.04 70.99 (1,153.37) 8,939.66 353 8,939.66 63.32 (1,153.37) 7,849.62 354 7,849.62 55.60 (1,153.37) 6,751.85 355 6,751.85 47.83 (1,153.37) 5,646.30 356 5,646.30 39.99 (1,153.37) 4,532.93 357 4,532.93 32.11 (1,153.37) 3,411.67 358 3,411.67 24.17 (1,153.37) 2,282.46 359 2,282.46 16.17 (1,153.37) 1,145.26 360 1,145.26 8.11 (1,153.37) (0.00) Page 7