JUNE 2020 MAIN EXAMINATION

TAKE HOME ASSESSMENT QUESTION & ANSWER BOOKLET

MASTER OF BUSINESS ADMINISTRATION

PROGRAMME
NQF 9

MODULE ACCOUNTING AND FINANCE

STUDENT NUMBER

IDENTITY NUMBER

SURNAME

FIRST NAME

EMAIL

CELL

INSTRUCTIONS TO CANDIDATES:
1. This is an official assessment of REGENT Business School and only bona-fide students are entitled to write
the assessment for the modules they are registered for.
2. Students are required to type in the answers in the question & answer booklet below each question.
3. No hand written submissions will be processed.
4. The completed assessment must be submitted within the stipulated timeframe.
5. Students are reminded to submit their work as their own – no group work is permitted.
6. Students are reminded to convert their completed assessment to PDF before uploading onto the student
portal.
7. Candidates are required to answer ALL questions.
8. This is an open book examination.

DATE: 23 June 2020 TIME: 08h00 – 13h00

DURATION: 5 hours MARKS: 100

S Rehman T Bassa
EXAMINER: MODERATOR:

FOR OFFICIAL USE ONLY

QUESTIONS 1 2 3 4 5 6 7 8 9 10

EXAMINER

MODERATOR

QA

This question paper consists of Four (4) typed pages excluding the cover page
QUESTION ONE [20]
Deshi Industries plans to manufacture gas stoves and the following information is applicable:
Estimated sales for the year 3 000 units at R 450 each
Estimated costs for the year:
Variable costs R320 per unit
Factory overheads (all fixed) R80 000
Administrative expenses (all fixed) R30 000

1.1 Calculate the:

1.1.1 Total operating profit for the estimated figures. (4)
1.1.2 Break-even quantity (3)
1.1.3 Break-even value (3)
1.1.4 Margin of safety in units. (3)
1.1.5 Target sales volume to achieve a profit of R50 000. (3)
1.2 The sales manager is of the opinion that a greater profit will be made if the selling price is
decreased by 10% as sales volume will then increase by 10%. Calculate the total operating
profit at the new selling price and advice management whether to implement this suggestion.
(4)
QUESTION TWO [20]
Onta Enterprises is seeking to expand operations and is considering increasing production
capacity by purchasing the latest plant and equipment. The following two plants are being
considered for acquisition as they are technically superior to the current plant and will enable
higher production volumes with lower cost inputs. The finance department has projected the
cash flows for the life of the plant and has asked you as the investment manager to advise
the Board on which of these plants to acquire. Onta’s current cost of capital is 12%.
The following information relates to the two plants that are being considered:
Plant Alpha Plant Beta
Initial cost R550 000 R 400 000
Expected useful life 4 years 4 years
Depreciation R137 500 p.a. R100 000 p.a.
Net cash inflows Net cash inflows Net profit
Expected net cash inflows R R R
1st year 180 000 130 000 30 000
nd
2 year 190 000 130 000 30 000
3rd year 210 000 130 000 30 000
4th year 160 000 130 000 30 000

1
Calculate the:
2.1 Payback Period for both plants. (Answers must be expressed in years, months and days.)
(6)
2.2 Accounting Rate of Return for Plant Beta on initial investment. (4)
2.3 Net Present Value of each plant. (Round off amounts to the nearest Rand.) (9)
2.4 Based on your results in 2.1.3 which plant should be accepted? (1)

QUESTION THREE [20]

3.1 The standard cost of material for Product X for the first quarter of 2019 was:
• 4 kg material at R20 per kg
• 22 000 kg of material was purchased at R22 per kg
• The actual production of Product X for the third quarter of 2019 was 5 000
which used 22 000 kg
Calculate the following variances:
3.1.1 Raw material price variance (4)
3.1.2 Raw material usage variance (4)
3.2 Explain the most likely reasons for the material price and usage variances
calculated in 3.1 (3)
3.3 Discuss three (3) advantages of budgeting for businesses. (9)

QUESTION FOUR [20]

The following cash flow statement of Friedrich Limited is presented to you:
Friedrich Limited
Cash flow statement for the year ended 31 June 2019
R
Cash flow from operating activities (255 000)
Operating loss (280 000)
Adjustments
Depreciation 100 000
Profit before working capital changes ( 180 000)
Working capital changes 55 000
Increase in inventory (200 000)
Increase in receivables (175 000)
Increase/decrease in payables ?
Dividends paid (60 000)
Interest paid (70 000)

2
Cash flow from investing activities (300 000)
Acquisition of plant and equipment (300 000)

Cash flow from financing activities 450 000

Increase in long term loan (25%) 450 000
Net decrease/increase in cash ?
Cash balance (1 July 2018) ?
Cash balance (30 June 2019) (160 000)

Required:
4.1 Explain why depreciation was included in computing the cash flow from operating
activities. (2)
4.2 Calculate the following:
4.2.1 net increase/decrease in payables (2)
4.2.2 net increase/decrease in cash for the year (2)
4.2.3 cash balance on 1 July 2018 (2)
4.3 Based on the cash flow information provided above, discuss Friedrich Limited’s performance.
Refer to at least five (5) items appearing on the cash flow statement within your discussion.
(5)
4.4 The long term loan was increased during the financial year. Explain whether or not this was a
wise decision clearly stating your reasons. (3)
4.5 Comment on the dividend policy of the company. (2)
4.6 Suggest two ways in which the company can improve its liquidity. (2)

QUESTION FIVE [20]

The following extract appeared in the financial statements of Sihle Limited:
Sihle Limited
Extract from the Statement of Comprehensive Income for the year ended 31 December
2019:

R
Sales 4 140 000
Cost of sales (3 490 000)
Opening inventory 710 000

3
Purchases 3 630 000
Gross profit 650 000
Operating expenses (429 000)
Operating profit 221 000
Interest expense (35 000)
Profit before tax 186 000
Taxation (52 800)
Profit after tax 133 200

Additional information:
• Dividends paid during the year amounted to R65 000.
• The market price per share on 31 December 2019 was R55.
• The company has ordinary share capital of 20 000 shares issued at R1 each.

Use the information provided above to calculate the following ratios for 2018:
5.1.1 Net profit margin (2)
5.1.2 Earnings retention ratio (2)
5.1.3 Price earnings ratio (2)
5.1.4 Dividend per share (4)

5.2 Comment on each of the following ratios of Sihle Limited: (10)

Ratio Sihle Limited Industry average

5.2.1 Acid test ratio 0.8:1 1.2:1
5.2.2 Current ratio 2.30:1 2.80:1
5.2.3 Debtors collection 39.28 days 30 days
period
5.2.4 Inventory turnover 4.75 times 6.5 times
5.2.5 Return on equity 14.1% 19.2%

END OF QUESTION PAPER

4
Formula Sheet: Appendix 3

a. Current Ratio : Current Assets : Current Liabilities

b. Acid Test Ratio : Current Assets – Inventory : Current liabilities

c. Debt ratio = Total Debt x 100

Total Assets 1

d. Times Interest Earned (interest cover) = EBIT

Interest Expense

e. Debt/equity ratio = Total Debt x 100

Total Equity 1

f. Stock Turnover = Cost of Sales

Average Inventory

g. Days Sales in Inventory = Average inventory X 365

Cost of Sales 1

h. Debtors Collection Period = Average Debtors X 365

Credit Sales 1

i. Creditors Payment Period = Average Creditors X 365

Credit Purchases 1

j. Fixed Asset Turnover = Turnover

Fixed Assets (Net Book Value)

k. Total Asset Turnover = Turnover

Average Operating Assets

l. Gross Profit Margin = Gross Profit

Sales

m. Net Profit Margin = Net profit after interest and taxes

Sales

n. Return on Assets /(RoI) = Net profit after interest and taxes

Average Total Assets

o. Return on Equity = Net profit after interest and taxes

Average Total Shareholders’ Funds

p. Dividend yield = Dividend per share

Price per share

q. Earnings Yield = Earnings per share

Price per share

5
r. Price Earnings Ratio (P/E) = Price per share
Earnings per share

s. Dividend Cover = Earnings per share

Dividend per share

t. Market to book Ratio = Market value per share

Book value per share

u. Dividends per share = Total Dividends

No of shares issued

v. Earnings per share = Net income after tax

No of shares issued

w. Equity Multiplier = Total Assets

Total Equity

6
Time Value of Money

F = P (1 + i )
n
1. Future value of an annuity

F
P = F (1 + i )
−n
2. Present value of a lump sum P=
(1 + i )
n
or

(1 + i )
n
−1
3. Future value of an annuity FVA = P
i

(1 + i )
n
−1
4. Future value of an annuity due FVA = P  (1 + i )
i

1 − (1 + i )
−n

5. Present value of an Annuity PVA = P 

i

1 − (1 + i )
−n

6. Present value of an annuity due PVA = P   (1 + i )

i
i
7. Sinking Fund PMT = FV 
(1 + i )
n
−1

i
8. Amortization PMT = PV 
1 − (1 + i )
−n

r = (1 + i ) − 1
m
9. Effective interest rate

Share Valuation
R = D/P0
Po = Do (1 + g)/R – g
CAPM Re = Rf + B(Rm –Rf)
DG Re = D1/Po + g
WACC = E/V (Re) + P/V (Rp) + D/V (Rd)(1- Tc)

7
8
Future value interest factor of $1 per period at i% for n periods, FVIF(i,n).
Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090 1.100 1.110 1.120 1.130 1.140 1.150 1.160 1.170 1.180 1.190 1.200
2 1.020 1.040 1.061 1.082 1.103 1.124 1.145 1.166 1.188 1.210 1.232 1.254 1.277 1.300 1.323 1.346 1.369 1.392 1.416 1.440
3 1.030 1.061 1.093 1.125 1.158 1.191 1.225 1.260 1.295 1.331 1.368 1.405 1.443 1.482 1.521 1.561 1.602 1.643 1.685 1.728
4 1.041 1.082 1.126 1.170 1.216 1.262 1.311 1.360 1.412 1.464 1.518 1.574 1.630 1.689 1.749 1.811 1.874 1.939 2.005 2.074
5 1.051 1.104 1.159 1.217 1.276 1.338 1.403 1.469 1.539 1.611 1.685 1.762 1.842 1.925 2.011 2.100 2.192 2.288 2.386 2.488
6 1.062 1.126 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.870 1.974 2.082 2.195 2.313 2.436 2.565 2.700 2.840 2.986
7 1.072 1.149 1.230 1.316 1.407 1.504 1.606 1.714 1.828 1.949 2.076 2.211 2.353 2.502 2.660 2.826 3.001 3.185 3.379 3.583
8 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 2.144 2.305 2.476 2.658 2.853 3.059 3.278 3.511 3.759 4.021 4.300
9 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2.172 2.358 2.558 2.773 3.004 3.252 3.518 3.803 4.108 4.435 4.785 5.160
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 3.707 4.046 4.411 4.807 5.234 5.695 6.192
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 4.226 4.652 5.117 5.624 6.176 6.777 7.430
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 4.818 5.350 5.936 6.580 7.288 8.064 8.916
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 5.492 6.153 6.886 7.699 8.599 9.596 10.699
14 1.149 1.319 1.513 1.732 1.980 2.261 2.579 2.937 3.342 3.797 4.310 4.887 5.535 6.261 7.076 7.988 9.01 10.15 11.42 12.839
15 1.161 1.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642 4.177 4.785 5.474 6.254 7.138 8.137 9.266 10.54 11.97 13.59 15.407
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 8.137 9.358 10.748 12.33 14.13 16.17 18.488
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 9.276 10.76 12.468 14.43 16.67 19.24 22.186
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 10.58 12.38 14.463 16.88 19.67 22.90 26.623
19 1.208 1.457 1.754 2.107 2.527 3.026 3.617 4.316 5.142 6.116 7.263 8.613 10.197 12.06 14.23 16.777 19.75 23.21 27.25 31.948
20 1.220 1.486 1.806 2.191 2.653 3.207 3.870 4.661 5.604 6.727 8.062 9.646 11.523 13.74 16.37 19.461 23.11 27.39 32.43 38.338
25 1.282 1.641 2.094 2.666 3.386 4.292 5.427 6.848 8.623 10.835 13.585 17.000 21.231 26.46 32.92 40.874 50.66 62.67 77.39 95.396
30 1.348 1.811 2.427 3.243 4.322 5.743 7.612 10.06 13.268 17.449 22.892 29.960 39.116 50.95 66.21 85.85 111.06 143.4 184.68 237.4
35 1.417 2.000 2.814 3.946 5.516 7.686 10.68 14.79 20.414 28.102 38.575 52.800 72.069 98.10 133.2 180.3 243.50 328.0 440.70 590.7
40 1.489 2.208 3.262 4.801 7.040 10.29 14.97 21.72 31.409 45.259 65.001 93.051 132.8 188.9 267.9 378.7 533.9 750 1052 1470
50 1.645 2.692 4.384 7.107 11.47 18.42 29.46 46.90 74.358 117.39 184.56 289.00 450.7 700.2 1083.7 1670.7 2566.2 3927 5989 9100
1
 Present Value of a lump sum
Present value interest factor of R1 per period at i% for n periods, PVIF(i,n).
Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833
2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 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 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579
4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482
5 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402
6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335
7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279
8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233
9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194
10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162
11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135
12 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112
13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093
14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078
15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065
16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 0.292 0.252 0.218 0.188 0.163 0.141 0.123 0.107 0.093 0.081 0.071 0.062 0.054
17 0.844 0.714 0.605 0.513 0.436 0.371 0.317 0.270 0.231 0.198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0.045
18 0.836 0.700 0.587 0.494 0.416 0.350 0.296 0.250 0.212 0.180 0.153 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.044 0.038
19 0.828 0.686 0.570 0.475 0.396 0.331 0.277 0.232 0.194 0.164 0.138 0.116 0.098 0.083 0.070 0.060 0.051 0.043 0.037 0.031
20 0.820 0.673 0.554 0.456 0.377 0.312 0.258 0.215 0.178 0.149 0.124 0.104 0.087 0.073 0.061 0.051 0.043 0.037 0.031 0.026
25 0.780 0.610 0.478 0.375 0.295 0.233 0.184 0.146 0.116 0.092 0.074 0.059 0.047 0.038 0.030 0.024 0.020 0.016 0.013 0.010
30 0.742 0.552 0.412 0.308 0.231 0.174 0.131 0.099 0.075 0.057 0.044 0.033 0.026 0.020 0.015 0.012 0.009 0.007 0.005 0.004
35 0.706 0.500 0.355 0.253 0.181 0.130 0.094 0.068 0.049 0.036 0.026 0.019 0.014 0.010 0.008 0.006 0.004 0.003 0.002 0.002
40 0.672 0.453 0.307 0.208 0.142 0.097 0.067 0.046 0.032 0.022 0.015 0.011 0.008 0.005 0.004 0.003 0.002 0.001 0.001 0.001
50 0.608 0.372 0.228 0.141 0.087 0.054 0.034 0.021 0.013 0.009 0.005 0.003 0.002 0.001 0.001 0.001 0.000 0.000 0.000 0.000

2
3
 Future value interest factor of an ordinary annuity of R1 per period at i% for n periods, FVIFA(i,n).
Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%

1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000

2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.110 2.120 2.130 2.140 2.150 2.160 2.170 2.180 2.190 2.200

3 3.030 3.060 3.091 3.122 3.153 3.184 3.215 3.246 3.278 3.310 3.342 3.374 3.407 3.440 3.473 3.506 3.539 3.572 3.606 3.640

4 4.060 4.122 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.710 4.779 4.850 4.921 4.993 5.066 5.141 5.215 5.291 5.368

5 5.101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.228 6.353 6.480 6.610 6.742 6.877 7.014 7.154 7.297 7.442

6 6.152 6.308 6.468 6.633 6.802 6.975 7.153 7.336 7.523 7.716 7.913 8.115 8.323 8.536 8.754 8.977 9.207 9.442 9.683 9.930

7 7.214 7.434 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 10.089 10.405 10.730 11.067 11.414 11.772 12.142 12.523 12.916

8 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 12.300 12.757 13.233 13.727 14.240 14.773 15.327 15.902 16.499

9 9.369 9.755 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.164 14.776 15.416 16.085 16.786 17.519 18.285 19.086 19.923 20.799

10 10.462 10.950 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 16.722 17.549 18.420 19.337 20.304 21.321 22.393 23.521 24.709 25.959

11 11.567 12.169 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 19.561 20.655 21.814 23.045 24.349 25.733 27.200 28.755 30.404 32.150

12 12.683 13.412 14.192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 24.133 25.650 27.271 29.002 30.850 32.824 34.931 37.180 39.581

13 13.809 14.680 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 28.029 29.985 32.089 34.352 36.786 39.404 42.219 45.244 48.497

14 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 32.393 34.883 37.581 40.505 43.672 47.103 50.818 54.841 59.196

15 16.097 17.293 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 34.405 37.280 40.417 43.842 47.580 51.660 56.110 60.965 66.261 72.035

16 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 42.753 46.672 50.980 55.717 60.925 66.649 72.939 79.850 87.442

17 18.430 20.012 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 53.739 59.118 65.075 71.673 78.979 87.068 96.022 105.93

18 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 55.750 61.725 68.394 75.836 84.141 93.406 103.74 115.27 128.12

19 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 63.440 70.749 78.969 88.212 98.603 110.28 123.41 138.17 154.74

20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052 80.947 91.025 102.44 115.38 130.03 146.63 165.42 186.69

25 28.243 32.030 36.459 41.646 47.727 54.865 63.249 73.106 84.701 98.347 114.41 133.33 155.62 181.87 212.79 249.21 292.10 342.60 402.04 471.98

30 34.785 40.568 47.575 56.085 66.439 79.058 94.461 113.28 136.31 164.49 199.02 241.33 293.20 356.79 434.75 530.31 647.44 790.95 966.71 1 181.9

35 41.660 49.994 60.462 73.652 90.320 111.43 138.24 172.32 215.71 271.02 341.59 431.66 546.68 693.57 881.17 1 120.7 1 426.5 1 816.7 2 314.2 2 948.3

40 48.886 60.402 75.401 95.026 120.80 154.76 199.64 259.06 337.88 442.59 581.83 767.09 1 013.7 1 342.0 1 779.1 2 360.8 3 134.5 4 163.2 5 529.8 7 343.9

50 64.463 84.579 112.80 152.67 209.35 290.34 406.53 573.77 815.08 1 163.9 1 668.8 2 400.0 3 459.5 4 994.5 7 217.7 10 436 15 090 21 813 31 515 45 497

4
5
Present value interest factor of an annuity of R1 per period at i% for n periods, PVIFA(i,n).

Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%

1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833

2 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.566 1.547 1.528

3 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106

4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589

5 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991

6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326

7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605

8 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 5.146 4.968 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837

9 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031

10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192

11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.327

12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 4.611 4.439

13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533

14 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.367 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.611

15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675

16 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 8.313 7.824 7.379 6.974 6.604 6.265 5.954 5.668 5.405 5.162 4.938 4.730

17 15.562 14.292 13.166 12.166 11.274 10.477 9.763 9.122 8.544 8.022 7.549 7.120 6.729 6.373 6.047 5.749 5.475 5.222 4.990 4.775

18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.201 7.702 7.250 6.840 6.467 6.128 5.818 5.534 5.273 5.033 4.812

19 17.226 15.678 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8.365 7.839 7.366 6.938 6.550 6.198 5.877 5.584 5.316 5.070 4.843

20 18.046 16.351 14.877 13.590 12.462 11.470 10.594 9.818 9.129 8.514 7.963 7.469 7.025 6.623 6.259 5.929 5.628 5.353 5.101 4.870

25 22.023 19.523 17.413 15.622 14.094 12.783 11.654 10.675 9.823 9.077 8.422 7.843 7.330 6.873 6.464 6.097 5.766 5.467 5.195 4.948

30 25.808 22.396 19.600 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8.694 8.055 7.496 7.003 6.566 6.177 5.829 5.517 5.235 4.979

35 29.409 24.999 21.487 18.665 16.374 14.498 12.948 11.655 10.567 9.644 8.855 8.176 7.586 7.070 6.617 6.215 5.858 5.539 5.251 4.992

40 32.835 27.355 23.115 19.793 17.159 15.046 13.332 11.925 10.757 9.779 8.951 8.244 7.634 7.105 6.642 6.233 5.871 5.548 5.258 4.997

50 39.196 31.424 25.730 21.482 18.256 15.762 13.801 12.233 10.962 9.915 9.042 8.304 7.675 7.133 6.661 6.246 5.880 5.554 5.262 4.999

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