THE UNIVERSITY OF MALTA

DEPARTMENT OF STATISTICS & OPERATIONS RESEARCH

STATISTICAL FORMULAE BOOKLET

for
Statistics & O.R. Students
 CONTENTS

ALGEBRA ............................................................................................................ 3
HYPERBOLIC FUNCTIONS .................................................................................... 4
CIRCULAR FUNCTIONS ........................................................................................ 4
CALCULUS .......................................................................................................... 5
1. INFINITE SERIES................................................................................................................................ 5
2. DERIVATIVES ................................................................................................................................... 6
3. INTEGRALS ...................................................................................................................................... 7
4. APPROXIMATIONS ............................................................................................................................ 7

SETS ................................................................................................................... 8
PROBABILITY ...................................................................................................... 9
DISTRIBUTIONS ................................................................................................ 11
1. DISCRETE DISTRIBUTIONS................................................................................................................. 11
2. CONTINUOUS DISTRIBUTIONS ........................................................................................................... 11

STATISTICS ....................................................................................................... 14
FINANCIAL MATHEMATICS ............................................................................... 17

Page | 2
 ALGEBRA

Factors

𝑎3 + 𝑏 3 = (𝑎 + 𝑏)(𝑎2 − 𝑎𝑏 + 𝑏 2 )
𝑎3 − 𝑏 3 = (𝑎 − 𝑏)(𝑎2 + 𝑎𝑏 + 𝑏 2 )

Eigenvalues 𝝀of a matrix A

𝑑𝑒𝑡(𝐴 − 𝝀𝐼𝑛 ) = 0

where n is the matrix dimension.

Finite Series

𝑛−1 𝑛−1
𝑛 𝑎(1 − 𝑟 𝑛 )
∑(𝑎 + 𝑞𝑑) = [2𝑎 + (𝑛 − 1)𝑑] ; ∑ 𝑎𝑟 𝑞 =
2 1−𝑟
𝑞=0 𝑞=0
𝑛 𝑛 𝑛
1 12
1
∑ 𝑟 = 𝑛(𝑛 + 1) ; ∑ 𝑟 = 𝑛(𝑛 + 1)(2𝑛 + 1) ; ∑ 𝑟 3 = 𝑛2 (𝑛 + 1)2
2 6 4
𝑟=1 𝑟=1 𝑟=1
(1 + 𝑥)𝑛 = 1 + 𝑛𝐶1 𝑥 + 𝑛𝐶2 𝑥 2 +. . . 𝑛𝐶𝑟 𝑥 𝑟 +. . . 𝑥 𝑛 where 𝑛 is a positive integer
𝑛
(𝑎 + 𝑥) = ∑ 𝑛𝐶𝑟 𝑎𝑛−𝑟 𝑥 𝑟 where 𝑛 is a positive integer
𝑛

𝑟=0

De Moivre’s Theorem

If n is an integer,(𝑐𝑜𝑠 𝜃 + 𝑖 𝑠𝑖𝑛 𝜃)𝑛 = 𝑐𝑜𝑠 𝑛 𝜃 + 𝑖 𝑠𝑖𝑛 𝑛 𝜃.

If n is a rational number, 𝑐𝑜𝑠 𝑛 𝜃 + 𝑖 𝑠𝑖𝑛 𝑛 𝜃 is one of the values of (𝑐𝑜𝑠 𝜃 + 𝑖 𝑠𝑖𝑛 𝜃)𝑛 .

Page | 3
 HYPERBOLIC FUNCTIONS

𝑒 𝑥 − 𝑒 −𝑥
𝑠𝑖𝑛ℎ 𝑥 =
2
𝑒 𝑥 + 𝑒 −𝑥
𝑐𝑜𝑠ℎ 𝑥 =
2
𝑠𝑖𝑛ℎ−1 𝑥 = 𝑙𝑛 [𝑥 + √(𝑥 2 + 1)]
Principle value of cos ℎ−1 𝑥 = 𝑙𝑛 [𝑥 + √(𝑥 2 − 1)] (𝑥 ≥ 1)
1 1+𝑥
𝑡𝑎𝑛ℎ−1 𝑥 = | | (|𝑥| < 1)
2 1−𝑥

CIRCULAR FUNCTIONS

𝑠𝑖𝑛(𝐴 ± 𝐵) = 𝑠𝑖𝑛 𝐴 𝑐𝑜𝑠 𝐵 ± 𝑐𝑜𝑠 𝐴 𝑠𝑖𝑛 𝐵

𝑐𝑜𝑠(𝐴 ± 𝐵) = 𝑐𝑜𝑠 𝐴 𝑐𝑜𝑠 𝐵 ∓ 𝑠𝑖𝑛 𝐴 𝑠𝑖𝑛 𝐵
𝑡𝑎𝑛 𝐴 ± 𝑡𝑎𝑛 𝐵
𝑡𝑎𝑛(𝐴 ± 𝐵) =
1 ∓ 𝑡𝑎𝑛 𝐴 𝑡𝑎𝑛 𝐵
𝑠𝑖𝑛 3 𝐴 = 3 𝑠𝑖𝑛 𝐴 − 4 𝑠𝑖𝑛3 𝐴 ; 𝑐𝑜𝑠 3 𝐴 = 4 𝑐𝑜𝑠 3 𝐴 − 3 𝑐𝑜𝑠 𝐴
1 1
𝑠𝑖𝑛 𝐴 + 𝑠𝑖𝑛 𝐵 = 2 𝑠𝑖𝑛 (𝐴 + 𝐵) 𝑐𝑜𝑠 (𝐴 − 𝐵)
2 2
1 1
𝑠𝑖𝑛 𝐴 − 𝑠𝑖𝑛 𝐵 = 2 𝑐𝑜𝑠 (𝐴 + 𝐵) 𝑠𝑖𝑛 (𝐴 − 𝐵)
2 2
1 1
𝑐𝑜𝑠 𝐴 + 𝑐𝑜𝑠 𝐵 = 2 𝑐𝑜𝑠 (𝐴 + 𝐵) 𝑐𝑜𝑠 (𝐴 − 𝐵)
2 2
1 1
𝑐𝑜𝑠 𝐴 − 𝑐𝑜𝑠 𝐵 = −2 𝑠𝑖𝑛 (𝐴 + 𝐵) 𝑠𝑖𝑛 (𝐴 − 𝐵)
2 2
2 2 2
1 1
𝑠𝑒𝑐 𝐴 = 1 + 𝑡𝑎𝑛 𝐴 ; 𝑐𝑜𝑠 𝐴 = (1 + 𝑐𝑜𝑠 2 𝐴) ; sin2 𝐴 = (1 − 𝑐𝑜𝑠 2 𝐴)
2 2
2𝑡 1 − 𝑡2
𝑠𝑖𝑛 𝐴 = ; 𝑐𝑜𝑠 𝐴 =
1 + 𝑡2 1 + 𝑡2

Page | 4
 CALCULUS

1. Infinite Series

Taylor’s Formula for functions of 1 variable:

𝑛−1
𝑓 (𝑘) (𝑐) 𝑓 (𝑛) (𝑧)
𝑓(𝑥) = 𝑓(𝑐) + ∑ (𝑥 − 𝑐)𝑘 + (𝑥 − 𝑐)𝑛
𝑘! 𝑛!
𝑘=1

Second order Taylor’s Formula for functions of n variables:

1
𝑓(𝒙) = 𝑓(𝒄) + 𝛻𝑓(𝒄)𝑇 (𝒙 − 𝒄) + (𝒙 − 𝒄)𝑇 𝐻(𝒄)(𝒙 − 𝒄) + ‖𝒙 − 𝒄‖2 𝛼(𝒄, 𝒙 − 𝒄)
2

for some constant vector c.

Other Expansions:
𝑥2 𝑥3 𝑥𝑟
𝑒𝑥 = 1 + 𝑥 + + +. . . +
2! 3! 𝑟!
𝑥2 𝑥3 𝑥𝑟
𝑙𝑛( 1 + 𝑥) = 𝑥 − + −. . . +(−1)𝑟−1 +. . . where − 1 < 𝑥 ≤ 1
2 3 𝑟
𝑥3 𝑥5 𝑟
𝑥 2𝑟+1
∗ 𝑠𝑖𝑛 𝑥 = 𝑥 − + −. . . +(−1) +. . .
3! 5! (2𝑟 + 1)!
𝑥2 𝑥4 𝑥 2𝑟
∗ 𝑐𝑜𝑠 𝑥 = 1 − + −. . . +(−1)𝑟 +. . .
2! 4! (2𝑟)!
1 𝑥 −𝑥
𝑥3 𝑥5 𝑥 2𝑟
∗ 𝑠𝑖𝑛ℎ 𝑥 = (𝑒 − 𝑒 ) = 𝑥 + + +. . . + +. . .
2 3! 5! (2𝑟 + 1)!
1 𝑥2 𝑥4 𝑥 2𝑟
∗ 𝑐𝑜𝑠ℎ 𝑥 = (𝑒 𝑥 + 𝑒 −𝑥 ) = 1 + + +. . . + +. ..
2 2! 4! (2𝑟)!

∗ 𝑇ℎ𝑒𝑠𝑒 𝑠𝑒𝑟𝑖𝑒𝑠 𝑎𝑟𝑒 𝑣𝑎𝑙𝑖𝑑 𝑓𝑜𝑟 𝑎𝑙𝑙 𝑓𝑖𝑛𝑖𝑡𝑒 𝑥.

Page | 5
2. Derivatives

𝑓(𝑥) 𝑓′(𝑥)
𝑥𝑛 𝑛𝑥 𝑛−1
𝑠𝑖𝑛 𝑥 𝑐𝑜𝑠 𝑥
𝑐𝑜𝑠 𝑥 − 𝑠𝑖𝑛 𝑥
𝑡𝑎𝑛 𝑥 𝑠𝑒𝑐 2 𝑥
𝑐𝑜𝑡 𝑥 −cosec2 𝑥
cosec2 𝑥 −cosec2 𝑥 𝑐𝑜𝑡 𝑥
𝑒𝑥 𝑒𝑥
1
𝑙𝑜𝑔𝑒 𝑥 ≡ 𝑙𝑛 𝑥
𝑥
1
𝑙𝑜𝑔𝑎 𝑥
(𝑙𝑛 𝑎)𝑥
𝑠𝑖𝑛ℎ 𝑥 𝑐𝑜𝑠ℎ 𝑥
𝑐𝑜𝑠ℎ 𝑥 𝑠𝑖𝑛ℎ 𝑥
𝑢𝑣 𝑢𝑣′ + 𝑢′𝑣
𝑢 (𝑣𝑢′ − 𝑢𝑣′)
𝑣 𝑣2

Jacobian Matrix

𝑑𝑓1 (𝑥) 𝑑𝑓1 (𝑥)

⋯
𝑑𝑥1 𝑑𝑥𝑛
𝐽(𝑥) = 𝐷𝑓(𝑥) = ⋮ ⋱ ⋮
𝑑𝑓𝑚 (𝑥) 𝑑𝑓𝑚 (𝑥)
⋯
( 𝑑𝑥1 𝑑𝑥𝑛 )

Directional Derivative
𝑛
𝑑𝑓(𝑥)
𝛻𝑑 𝑓(𝑥) = ∑ 𝑑𝑖
𝑑𝑥𝑖
𝑖=1

Hessian Matrix of Multivariate Functions

𝑑2 𝑓(𝑥) 𝑑2 𝑓(𝑥)
⋯
𝑑𝑥12 𝑑𝑥1 𝑑𝑥𝑛
𝐻(𝑥) = ⋮ ⋱ ⋮
𝑑2 𝑓(𝑥) 𝑑2 𝑓(𝑥)
⋯
(𝑑𝑥𝑛 𝑑𝑥1 𝑑𝑥𝑛2 )

Page | 6
3. Integrals (Constants of integration are omitted;𝒍𝒏 𝒂 ≡ 𝒍𝒐𝒈𝒆 𝒂)

𝑓(𝑥) ∫ 𝑓(𝑥)𝑑𝑥
1 𝑥
𝑠𝑖𝑛−1 ( )
√𝑎2 − 𝑥2 𝑎
1 𝑥
𝑙𝑛 (𝑥 + √(𝑥 2 + 𝑎2 ))or 𝑠𝑖𝑛ℎ−1 (𝑎)
√𝑎2 + 𝑥2
1 1 𝑥
𝑡𝑎𝑛−1 ( )
𝑎2 + 𝑥 2 𝑎 𝑎
1 𝑥
𝑙𝑛 (𝑥 + √(𝑥 2 − 𝑎2 ))or 𝑐𝑜𝑠ℎ−1 (𝑎)
√𝑥 2 − 𝑎2
𝑠𝑖𝑛 𝑥 −cos𝑥
cos𝑥 𝑠𝑖𝑛 𝑥
𝑡𝑎𝑛 𝑥 𝑙𝑛(𝑠𝑒𝑐 𝑥)
𝑐𝑜𝑡 𝑥 𝑙𝑛(𝑠𝑖𝑛 𝑥)
𝑥 𝜋
𝑠𝑒𝑐 𝑥 𝑙𝑛(𝑠𝑒𝑐 𝑥 + 𝑡𝑎𝑛 𝑥) or 𝑙𝑛 (𝑡𝑎𝑛 (2 + 4 ))
𝑥
cosec𝑥 𝑙𝑛 (𝑡𝑎𝑛 ( ))
2
𝑑𝑣 𝑑𝑢
𝑢 𝑢𝑣 − ∫ 𝑣 𝑑𝑥
𝑑𝑥 𝑑𝑥

4. Approximations

Trapezoidal Rule:

𝑏
1
∫ 𝑦𝑑𝑥 ≈ ℎ[(𝑦0 + 𝑦𝑛 ) + 2(𝑦1 + 𝑦2 +. . . +𝑦𝑛−1 )]
𝑎 2

Simpson’s rule (n even)

𝑏
1
∫ 𝑦𝑑𝑥 ≈ ℎ[(𝑦0 + 𝑦𝑛 ) + 4(𝑦1 + 𝑦3 +. . . +𝑦𝑛−1 ) + 2(𝑦2 + 𝑦4 +. . . +𝑦𝑛−2 )]
𝑎 3

Newton’s Approximation to a root of f(x) = 0:

𝑓(𝑥𝑛 )
𝑥𝑛+1 = 𝑥𝑛 −
𝑓′(𝑥𝑛 )

Page | 7
 SETS

𝑋\𝑌 = 𝑋 ∩ 𝑌 𝑐

𝑋 ∩ (𝑌 ∩ 𝑍) = (𝑋 ∩ 𝑌) ∩ 𝑍 = 𝑋 ∩ 𝑌 ∩ 𝑍
} Associative laws
𝑋 ∪ (𝑌 ∪ 𝑍) = (𝑋 ∪ 𝑌) ∪ 𝑍 = 𝑋 ∪ 𝑌 ∪ 𝑍

𝑋 ∩ (𝑌 ∪ 𝑍) = (𝑋 ∩ 𝑌) ∪ (𝑋 ∩ 𝑍)
} Distributive laws
𝑋 ∪ (𝑌 ∩ 𝑍) = (𝑋 ∪ 𝑌) ∩ (𝑋 ∪ 𝑍)

(𝑋 ∪ 𝑌)𝑐 = 𝑋 𝑐 ∩ 𝑌 𝑐
} De Morgan’s laws
(𝑋 ∩ 𝑌)𝑐 = 𝑋 𝑐 ∪ 𝑌 𝑐

Page | 8
 PROBABILITY

Probability Laws

For two events A and B

𝑃(𝐴 ∪ 𝐵) = 𝑃(𝐴) + 𝑃(𝐵) − 𝑃(𝐴 ∩ 𝐵)

If two events A and B are mutually exclusive then the probability that A or B occur is

𝑃(𝐴 ∪ 𝐵) = 𝑃(𝐴) + 𝑃(𝐵)

If two events A and B are independent then the probability that A and B occur is

𝑃(𝐴 ∩ 𝐵) = 𝑃(𝐴). 𝑃(𝐵)

If 𝑃(𝐵) ≠ 0then the probability that event A occurs given that event B occurs is

𝑃(𝐴 ∩ 𝐵)
𝑃(𝐴|𝐵) =
𝑃(𝐵)

Permutations and Combinations

The number of permutations in which r objects can be selected from a set on n distinct objects
is

𝑛 𝑛!
𝑃𝑟 =
(𝑛 − 𝑟) !

The number of combinations in which r objects can be selected from a set of n distinct objects
is

𝑛 𝑛!
𝐶𝑟 =
𝑟 ! (𝑛 − 𝑟) !

Page | 9
 Discrete variable X with probability Continuous variable X with
distribution function probability density function
𝑃(𝑋 = 𝑥) 𝑓(𝑥)
Cumulative distribution function 𝐹(𝑥)

𝐹(𝑥0 ) = 𝑃(𝑋 ≤ 𝑥0 ) = ∑ 𝑃(𝑋 = 𝑥) 𝐹(𝑥0 ) = 𝑃(𝑋 ≤ 𝑥0 )

𝑥0
𝑥≤𝑥0 = ∫ 𝑓(𝑥) 𝑑𝑥
−∞
Expectation of X, 𝐸(𝑋)

𝐸(𝑋) = 𝜇 = ∑ 𝑥𝑃(𝑋 = 𝑥) 𝐸(𝑋) = 𝜇 = ∫ 𝑥𝑓(𝑥) 𝑑𝑥

Expectation of 𝑔(𝑋), 𝐸[𝑔(𝑋)]
𝐸[𝑔(𝑋)] = ∫ 𝑔(𝑥)𝑓(𝑥) 𝑑𝑥
𝐸[𝑔(𝑋)] = ∑ 𝑔(𝑥)𝑃(𝑋 = 𝑥)
Variance of X, 𝑉𝑎𝑟(𝑋)
𝑉𝑎𝑟(𝑋) = ∫(𝑥 − 𝜇)2 𝑓(𝑥) 𝑑𝑥
2
𝑉𝑎𝑟(𝑋) = ∑(𝑥 − 𝜇) 𝑃(𝑋 = 𝑥)

Alternatively, Variance of X, 𝑉𝑎𝑟(𝑋)

𝑉𝑎𝑟(𝑋) = 𝐸([𝑋 − 𝐸(𝑋)]2 ) = 𝐸(𝑋 2 ) − [𝐸(𝑋)]2

Covariance of X and Y, 𝐶𝑜𝑣(𝑋, 𝑌)

𝐶𝑜𝑣(𝑋, 𝑌) = 𝐸([𝑋 − 𝐸(𝑋)][𝑌 − 𝐸(𝑌)])

= 𝐸(𝑋𝑌) − 𝐸(𝑋)𝐸(𝑌)

Correlation coefficient of X and Y, 𝐶𝑜𝑟𝑟(𝑋, 𝑌) = 𝜌𝑋𝑌

𝐶𝑜𝑣(𝑋, 𝑌)
𝜌𝑋𝑌 =
√𝑉𝑎𝑟(𝑋)𝑉𝑎𝑟(𝑌)

Page | 10
 DISTRIBUTIONS

1. Discrete Distributions

If X has a Poisson distribution with probability distribution function 𝑃(𝑋 = 𝑥) then for 𝑥 =
0,1,2, . ..

𝜆𝑥 𝑒 −𝜆
𝑃(𝑋 = 𝑥) = 𝑥!
𝐸(𝑋) = 𝜆 𝑉𝑎𝑟(𝑋) = 𝜆

If X has a Binomial distribution with probability distribution function 𝑃(𝑋 = 𝑥) then for 𝑥 =
0,1,2, . . . , 𝑛
𝑛
𝑃(𝑋 = 𝑥) = 𝐶𝑥 𝑝 𝑥 (1 − 𝑝)𝑛−𝑥 𝐸(𝑋) = 𝑛𝑝 𝑉𝑎𝑟(𝑋) = 𝑛𝑝(1 − 𝑝)

If X has a Bernoulli distribution with probability distribution function 𝑃(𝑋 = 𝑥) then for 𝑥 =
0,1,

𝑃(𝑋 = 𝑥) = 𝑝 𝑥 (1 − 𝑝)1−𝑥 𝐸(𝑋) = 𝑝 𝑉𝑎𝑟(𝑋) = 𝑝(1 − 𝑝)

If X has a Geometric distribution with probability distribution function 𝑃(𝑋 = 𝑥) then for 𝑥 =
1,2, . ..

1 1−𝑝
𝑃(𝑋 = 𝑥) = 𝑝(1 − 𝑝)𝑥−1 𝐸(𝑋) = 𝑉𝑎𝑟(𝑋) =
𝑝 𝑝2

If X has a Hypergeometric distribution with probability distribution function 𝑃(𝑋 = 𝑥) then for
𝑥 = 0,1,2, . . . , 𝑛
𝑘
𝐶𝑥 𝑁−𝑘𝐶𝑛−𝑥 𝑛𝑘 𝑛𝑘(𝑁−𝑘)(𝑁−𝑛)
𝑃(𝑋 = 𝑥) = 𝑁𝐶 𝐸(𝑋) = 𝑁
𝑉𝑎𝑟(𝑋) = 𝑁 2 (𝑁−1)
𝑛

2. Continuous Distributions

If X has a continuous Uniform distribution with probability density function 𝑓(𝑥) then for 𝛼 <
𝑥<𝛽

1 𝛼+𝛽 (𝛽−𝛼)2
𝑓(𝑥) = 𝛽−𝛼 𝐸(𝑋) = 2
𝑉𝑎𝑟(𝑋) = 12

If X has an Exponential distribution with probability density function 𝑓(𝑥) then for 𝑥 > 0

1 1
𝑓(𝑥) = 𝜆𝑒 −𝜆𝑥 𝐸(𝑋) = 𝜆 𝑉𝑎𝑟(𝑋) = 𝜆2

Page | 11
If X has a Standard normal distribution with probability density function 𝑓(𝑥) then for −∞ <
𝑥<∞
1
1 − 𝑥2
𝑓(𝑥) = 𝑒 2 𝐸(𝑋) = 0 𝑉𝑎𝑟(𝑋) = 1
√2𝜋

If X has a Normal distribution with probability density function 𝑓(𝑥) then for −∞ < 𝑥 < ∞

1 −1 𝑥−𝜇 2
𝑓(𝑥) = 𝑒𝑥𝑝 [ 2 ( ) ] 𝐸(𝑋) = 𝜇 𝑉𝑎𝑟(𝑋) = 𝜎 2
√2𝜋𝜎 2 𝜎

𝑋−𝜇
If X is normally distributed with mean 𝜇 and standard deviation 𝜎, then 𝑍 = 𝜎
is normally
distributed with mean 0 and standard deviation 1.

If X has a Gamma distribution with probability density function 𝑓(𝑥) then for 𝑥 > 0
−𝑥
1
𝑓(𝑥) = 𝛽𝛼 𝛤(𝛼) 𝑥 𝛼−1 𝑒 𝛽 𝐸(𝑋) = 𝛼𝛽 𝑉𝑎𝑟(𝑋) = 𝛼𝛽 2

If X has a Chi-Square distribution with probability density function 𝑓(𝑥) then for 𝑥 > 0

(𝑣−2) −𝑥
1
𝑓(𝑥) = 𝑣
𝑣
𝑥 2 𝑒2 𝐸(𝑋) = 𝑣 𝑉𝑎𝑟(𝑋) = 2𝑣
22 𝛤( )
2

If X has a Beta distribution with probability density function 𝑓(𝑥) then for 0 < 𝑥 < 1

𝛤(𝛼+𝛽) 𝛼 𝛼𝛽
𝑓(𝑥) = 𝛤(𝛼)𝛤(𝛽) 𝑥 𝛼−1 (1 − 𝑥)𝛽−1 𝐸(𝑋) = 𝛼+𝛽 𝑉𝑎𝑟(𝑋) = (𝛼+𝛽)2 (𝛼+𝛽+1)

If X has a log-normal distribution [𝑙𝑜𝑔 𝑋 ~ 𝑁 (𝜇, 𝜎 2 )] with probability density function 𝑓(𝑥)
then for 𝑥 > 0

1 1 𝑙𝑜𝑔 𝑥−𝜇 2 1 2 1 2
𝐸(𝑋) = 𝑒 𝜇+2𝜎 𝑉𝑎𝑟(𝑋) = 𝑒 𝜇+2𝜎 √𝑒 𝜎 − 1
2
𝑓(𝑥) = 𝑒𝑥𝑝 [− ( ) ]
𝑥√2𝜋𝜎 2 2 𝜎

If X has a Pareto distribution with probability density function 𝑓(𝑥) then for 𝑥 > 0, 𝛼 > 0 and
𝜆>0

𝛼𝜆𝛼 𝜆 𝜆2
𝑓(𝑥) = (𝜆+𝑥)𝛼+1 𝐸(𝑋) = 𝛼−1 𝑉𝑎𝑟(𝑋) = (𝛼−1)2 (𝛼−2)

If X has a generalized Pareto distribution with probability density function 𝑓(𝑥) then for 𝑥 > 0

𝛤(𝛼+𝑘)𝜆𝛼 𝑥 𝑘−1 𝜆𝑘 𝜆2 𝑘(𝑘+𝛼−1)

𝑓(𝑥) = 𝛤(𝛼)𝛤(𝑘)(𝜆+𝑥)𝛼+𝑘 𝐸(𝑋) = 𝛼−1 𝑉𝑎𝑟(𝑋) = (𝛼−1)2 (𝛼−2)

Page | 12
If X has a Weibull distribution with probability density function 𝑓(𝑥) then for 𝑥 > 0

1 2 1 2
𝛤(1+ ) 𝛤(1+ ) 𝛤(1+ )
𝛾−1 𝛾) 𝛾 𝛾 𝛾
𝑓(𝑥) = 𝑘𝛾𝑥 𝑒𝑥𝑝(−𝑘𝑥 𝐸(𝑋) = 1 𝑉𝑎𝑟(𝑋) = 2 −[ 1 ]
𝑐𝛾 𝑐𝛾 𝑐𝛾

If X has a Student’s t distribution with probability density function 𝑓(𝑥) then for −∞ < 𝑥 < ∞

𝐾
𝑓(𝑥) = (𝑣+1)
𝑥2 2
(1 + 𝑣 )
𝑣+1
𝛤( )
2
where the number of degrees of freedom is 𝑣 = 𝑛 − 1 and the constant 𝐾 = 𝑣 .
√𝜋𝑣𝛤(2)

If X has a Fisher’s F distribution with probability density function 𝑓(𝑥) then for 𝑥 > 0
𝑣1
( )−1
𝐶𝑥 2
𝑓(𝑥) = (𝑣1 +𝑣2 )
𝑣 2
( 1 𝑥+1)
𝑣2

𝑣 +𝑣 𝑣1
𝛤( 1 2 ) 𝑣1 2
2
where 𝑣1 = 𝑛1 − 1, 𝑣2 = 𝑛2 − 1 and the constant 𝐶 = 𝑣1 𝑣2 ( ) .
𝛤( ).𝛤( ) 𝑣2
2 2

Page | 13
 STATISTICS

For a sample of size n:

1 1
Mean 𝑥̄ = ∑𝑛1 𝑥𝑖 Variance 𝑠 2 = ∑𝑛(𝑥 − 𝑥̄ )2
𝑛 𝑛−1 1 𝑖

Standard deviation 𝑠 = √𝑉𝑎𝑟𝑖𝑎𝑛𝑐𝑒

𝑛 𝑥𝑖 −𝑥̄ 3
Skewness= (𝑛−1)(𝑛−2) ∑𝑛𝑖=1 ( 𝑠
)

𝑛(𝑛+1) 𝑥𝑖 −𝑥̄ 4 3(𝑛−1)2

Kurtosis= (𝑛−1)(𝑛−2)(𝑛−3) ∑𝑛𝑖=1 ( 𝑠
) − (𝑛−2)(𝑛−3)

Sampling Theory

𝑥̄ −𝜇𝑥̄
1. The random variable 𝑧 = 𝜎𝑥̄
has an approximate standard normal distribution, where:

for an infinite population:

𝜎
𝜎𝑥̄ =
√𝑛
for a finite population:
𝜎 𝑁−𝑛
𝜎𝑥̄ = √
√𝑛 𝑁 − 1

𝑝̄ −𝜇𝑝̄
2. The random variable 𝑧 = 𝜎𝑝̄
has an approximate standard normal distribution, where:

𝑝(1 − 𝑝)
𝜎𝑝̄ = √
𝑛

(𝑥̄ 1 −𝑥̄ 2 )−𝜇𝑥̄ 1−𝑥̄ 2

3. The random variable 𝑧 = 𝜎𝑥̄ 1−𝑥̄ 2
has an approximate standard normal distribution,
where:
𝜎1 2 𝜎2 2
𝜎𝑥̄ 1 −𝑥̄ 2 = √ +
𝑛1 𝑛2

(𝑝̄ 1 −𝑝̄ 2 )−𝜇𝑝̄1−𝑝̄2

4. The random variable 𝑧 = has an approximate standard normal distribution,
𝜎𝑝̄1 −𝑝̄2
𝑋1 𝑋2
where 𝑝̄1 = , 𝑝̄1 = and
𝑛1 𝑛2

𝑝1 (1 − 𝑝1 ) 𝑝2 (1 − 𝑝2 )
𝜎𝑝̄ 1 −𝑝̄ 2 = √ +
𝑛1 𝑛2

If under 𝐻0 , 𝑝1 − 𝑝2 = 0, then

Page | 14
 1 1
𝜎𝑝̄ 1 −𝑝̄ 2 ≈ √𝑝̂ (1 − 𝑝̂ ) ( + )
𝑛1 𝑛2

𝑋1 +𝑋2
where 𝑝̂ = .
𝑛1 +𝑛2

𝑥̄ −𝜇𝑥̄
5. The random variable 𝑡 = 𝑠𝑥̄
has a t –distribution with 𝑣 = 𝑛 − 1 degrees of freedom,
where:
𝑠 1
𝑠𝑥 = 𝑠 2 = 𝑛−1 ∑𝑛𝑖=1(𝑥𝑖 − 𝑥̄ )2
√𝑛

where 𝑠 2 is the sample variance.

(𝑥̄ 1 −𝑥̄ 2 )−𝜇𝑥̄ 1−𝑥̄ 2

6. The random variable 𝑡 = 𝑠𝑥̄ 1−𝑥̄ 2
has a t –distribution with 𝑣 = 𝑛1 + 𝑛2 − 2 degrees
of freedom, where:

1 1 (𝑛1 −1)𝑠12 +(𝑛2 −1)𝑠22

𝑠𝑥̄ 1 −𝑥̄ 2 = 𝑠𝑝 √( + ) and 𝑠𝑝 2 =
𝑛1 𝑛2 𝑛1 +𝑛2 −2

where 𝑠𝑝 2 is the pooled variance and 𝑠1 2 and 𝑠2 2 are the two sample variances.

(𝑛−1)𝑠2
7. 𝜒2 = has a chi-square distribution with 𝑣 = 𝑛 − 1 degrees of freedom.
𝜎2

(𝑂𝑖 −𝐸𝑖 )2
8. 𝜒 2 = ∑𝑘𝑖=1 has an approximate chi-square distribution with 𝑣 = 𝑘 − 𝑞 − 1
𝐸𝑖
degrees of freedom where q denotes the number of parameters estimated from the data.

2
(𝑂𝑖𝑗 −𝐸𝑖𝑗 )
9. 𝜒 2 = ∑𝑟𝑖=1 ∑𝑐𝑗=1 has an approximate chi-square distribution with 𝑣 = (𝑟 −
𝐸𝑖𝑗
1)(𝑐 − 1) degrees of freedom.

𝑠12
𝜎12
10. 𝐹 = ⁄𝑠2 has an approximate F-distribution with 𝑣1 = 𝑛1 − 1 and 𝑣2 = 𝑛2 − 1 degrees of
2
𝜎22
freedom.

11. Analysis of Variance: Having observations of a independent groups with 𝑚1 , 𝑚2 , … , 𝑚𝑎

𝑚𝑗
replications, where 𝑚 = ∑𝑎𝑗=1 𝑚𝑗 is the total number of observations, 𝑇𝑗⋅ = ∑𝑘=1 𝑋𝑗𝑘 is the
𝑎
jth row total and 𝑇 = ∑𝑗=1 𝑇𝑗⋅ is the grand total, then:

𝑇2
𝑆𝑆𝑇 = ∑ 𝑋𝑗𝑘 2 −
𝑚
𝑗𝑘

1 2 𝑇2
𝑆𝑆𝐵 = ∑ (𝑇𝑗⋅ ) −
𝑚𝑗 𝑚
𝑗

Page | 15
 𝑆𝑆𝑊 = 𝑆𝑆𝑇 − 𝑆𝑆𝐵

𝑆𝑆𝐵 𝑆𝑆𝑊
𝑀𝑆𝐵 = , 𝑀𝑆𝑊 =
𝑎−1 𝑚−𝑎

𝑀𝑆𝐵
Then the statistic 𝐹 = 𝑀𝑆𝑊 has an F-distribution with degrees of freedom 𝑣1 = 𝑎 − 1 and
𝑣2 = 𝑚 − 𝑎.

12. The equation of the least-squares line is 𝑦 = 𝑚𝑥 + 𝑐 where:

𝑛 ∑𝑛1 𝑥𝑖 𝑦𝑖 − (∑𝑛1 𝑥𝑖 )(∑𝑛1 𝑦𝑖 )

𝑚=
𝑛 ∑𝑛1 𝑥𝑖 2 − (∑𝑛1 𝑥𝑖 )2

13. The sample correlation coefficient r may be calculated using either:

𝑛 ∑𝑛1 𝑥𝑖 𝑦𝑖 − (∑𝑛1 𝑥𝑖 )(∑𝑛1 𝑦𝑖 )

𝑟=
√[𝑛 ∑𝑛1 𝑥𝑖 2 − (∑𝑛1 𝑥𝑖 )2 ][𝑛 ∑𝑛1 𝑦𝑖 2 − (∑𝑛1 𝑦𝑖 )2 ]

or
∑𝑛1 (𝑥𝑖 −𝑥̄ )(𝑦𝑖 −𝑦̄ )
𝑟= 𝑛(𝑥 −𝑥̄ )2 ∑𝑛(𝑦 −𝑦̄ )2 where 𝑥̄ and 𝑦̄ are the sample means.
√∑1 𝑖 1 𝑖

The test statistic used in conjunction with the Pearson correlation coefficient is:

√𝑛 − 2
𝑡=𝑟 .
√1 − 𝑟 2

Adjustment to Sample Size Calculation for Finite Populations

𝑛
𝑛𝑓𝑝𝑐 =
𝑛−1
1+( 𝑁 )

Page | 16
 FINANCIAL MATHEMATICS

Simple amount when interest is payable per time unit is 𝑆𝑛 = 𝑃(1 + 𝑛𝑖)

Compound amount when interest is payable per time unit is 𝑆𝑛 = 𝑃(1 + 𝑖)𝑛

1
Nominal rate of interest per unit time payable pthly is 𝑖 (𝑝) = 𝑝 [(1 + 𝑖)𝑝 − 1]

𝑛𝑝
𝑖 (𝑝)
Compound amount when interest is payable pthly is 𝑆𝑛 = 𝑃 (1 + 𝑝
)

1
Nominal rate of discount per unit time payable pthly is 𝑑(𝑝) = 𝑝 [1 − (1 − 𝑑)𝑝 ]

𝐴(𝑡,𝑡+ℎ)−1
The force of interest 𝛿(𝑡) = 𝑙𝑖𝑚 [ ] where 𝐴(𝑡, 𝑡 + ℎ) is the accumulated amount for
ℎ→0 ℎ

term h

𝑡
The accumulated amount 𝐴(𝑡1 , 𝑡2 ) = 𝑒𝑥𝑝 [∫𝑡 2 𝛿(𝑡)𝑑𝑡 ]
1

1 𝑡
The present value 𝑣(𝑡) = 𝐴(0,𝑡) = 𝑒𝑥𝑝 [− ∫0 𝛿(𝑠)𝑑𝑠]

The present value for discrete cash flows is ∑𝑛𝑖=1 𝑐𝑖 𝑣(𝑡𝑖 )

𝑇
The present value for continuous cash flows is ∫0 𝜌(𝑡) 𝑣(𝑡)𝑑𝑡

For a constant force of interest 𝛿 = 𝑙𝑛(1 + 𝑖) = − 𝑙𝑛(𝑣) = − 𝑙𝑛(1 − 𝑑)

The present value of an immediate annuity-certain is:

1−𝑣 𝑛
𝑎𝑛 = ∑𝑛𝑘=1 𝑣 𝑘 = 𝑖
if annuities are payable per time unit
𝑘
(𝑝) 𝑛𝑝 1 𝑖𝑎𝑛
𝑎𝑛 = ∑𝑘=1 𝑣𝑝 = if annuities are payable pthly
𝑝 𝑖 (𝑝)

The present value of an annuity-due is:

1−𝑣 𝑛
𝑎̈ 𝑛 = ∑𝑛𝑘=1 𝑣 𝑘−1 = if annuities are payable per time unit
𝑑

Page | 17
 (𝑝) 𝑛𝑝 1 𝑖𝑎
𝑎̈ 𝑛 = ∑𝑘=1 𝑝 𝑣 (𝑘−1)/𝑝 = 𝑑(𝑝)
𝑛
if annuities are payable pthly

The accumulation of an immediate annuity-certain is:

(1+𝑖)𝑛 −1
𝑠𝑛 = ∑𝑛𝑘=1(1 + 𝑖)𝑘−1 = 𝑖
if payments are payable per time unit
(𝑝) 𝑛𝑝 1 𝑖𝑠
𝑠𝑛 = ∑𝑘=1 𝑝 (1 + 𝑖)(𝑘−1)/𝑝 = 𝑖 (𝑝)𝑛 if payments are payable pthly

The accumulation of an annuity-due is:

(1+𝑖)𝑛 −1
𝑠̈𝑛 = ∑𝑛𝑘=1(1 + 𝑖)𝑘 = 𝑑
𝑘
(𝑝) 𝑛𝑝 1 𝑛 𝑖𝑠
𝑠̈𝑛 = ∑𝑘=1 𝑝 (1 + 𝑖) = 𝑑(𝑝)
𝑝 if payments are payable pthly

𝑎̈ 𝑛 −𝑛𝑣 𝑛
The present value of an increasing annuity-certain is (𝐼𝑎)𝑛 = ∑𝑛𝑘=1 𝑘𝑣 𝑘 = 𝑖

The present value of an increasing annuity-due is (𝐼𝑎̈ )𝑛 = ∑𝑛𝑘=1 𝑘𝑣 𝑘−1 = (1 + 𝑖)(𝐼𝑎)𝑛

The accumulation of an increasing annuity-certain is (𝐼𝑠)𝑛 = ∑𝑛𝑘=1 𝑘(1 + 𝑖)𝑛−𝑘 =

(1 + 𝑖)𝑛 (𝐼𝑎)𝑛

The accumulation of an increasing annuity-due is (𝐼 𝑠̈ )𝑛 = ∑𝑛𝑘=1 𝑘(1 + 𝑖)𝑛−𝑘+1 =

(1 + 𝑖)𝑛+1 (𝐼𝑎)𝑛

A loan L is repaid over n time units by a level annuity of 𝐿/𝑎𝑛 in arrears. At the 𝑡𝑡ℎ payment:
Interest content of payment = 1 − 𝑣 𝑛−𝑡+1
Capital repaid = 𝑣 𝑛−𝑡+1
Remaining loan = 𝑎𝑛−𝑡

Page | 18
 Compound Interest Tables
1 PER CENT

Constants 𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

Function Value 1 1.01000 0.99010 1.0000 0.9901 0.9901 1

2 1.02010 0.98030 2.0100 1.9704 2.9507 2
𝑖 0.010000 3 1.03030 0.97059 3.0301 2.9410 5.8625 3
𝑖 (2) 0.009975 4 1.04060 0.96098 4.0604 3.9020 9.7064 4
𝑖 (4) 0.009963 5 1.05101 0.95147 5.1010 4.8534 14.4637 5
𝑖 (12) 0.009954 6 1.06152 0.94205 6.1520 5.7955 20.1160 6
𝛿 0.009950 7 1.07214 0.93272 7.2135 6.7282 26.6450 7
8 1.08286 0.92348 8.2857 7.6517 34.0329 8
(1 + 𝑖) 1.010000
1 9 1.09369 0.91434 9.3685 8.5660 42.2619 9
(1 + 𝑖) 2 1.004988 10 1.10462 0.90529 10.4622 9.4713 51.3148 10
1
(1 + 𝑖) 4 1.002491 11 1.11567 0.89632 11.5668 10.3676 61.1744 11
1
(1 + 𝑖) 12 1.000830 12 1.12683 0.88745 12.6825 11.2551 71.8238 12
13 1.13809 0.87866 13.8093 12.1337 83.2464 13
𝑣 0.990099
1 14 1.14947 0.86996 14.9474 13.0037 95.4258 14
𝑣 2 0.995037 15 1.16097 0.86135 16.0969 13.8651 108.3461 15
1
𝑣 4 0.997516 16 1.17258 0.85282 17.2579 14.7179 121.9912 16
1
𝑣 12 0.999171 17 1.18430 0.84438 18.4304 15.5623 136.3456 17
18 1.19615 0.83602 19.6147 16.3983 151.3940 18
𝑑 0.009901
19 1.20811 0.82774 20.8109 17.2260 167.1210 19
𝑑 (2) 0.009926 20 1.22019 0.81954 22.0190 18.0456 183.5119 20
𝑑 (4) 0.009938
21 1.23239 0.81143 23.2392 18.8570 200.5519 21
𝑑 (12) 0.009946
22 1.24472 0.80340 24.4716 19.6604 218.2267 22
𝑖
1.002494 23 1.25716 0.79544 25.7163 20.4558 236.5218 23
𝑖 (2)
𝑖
1.003742 24 1.26973 0.78757 26.9735 21.2434 255.4234 24
𝑖 (4) 25 1.28243 0.77977 28.2432 22.0232 274.9176 25
𝑖
1.004575
𝑖 (12) 26 1.29526 0.77205 29.5256 22.7952 294.9909 26
𝑖 27 1.30821 0.76440 30.8209 23.5596 315.6298 27
1.004992
𝛿
28 1.32129 0.75684 32.1291 24.3164 336.8212 28
𝑖
1.007494 29 1.33450 0.74934 33.4504 25.0658 358.5521 29
𝑑 (2)
𝑖
1.006242 30 1.34785 0.74192 34.7849 25.8077 380.8098 30
𝑑 (4)
𝑖 31 1.36133 0.73458 36.1327 26.5423 403.5817 31
1.005408
𝑑 (12) 32 1.37494 0.72730 37.4941 27.2696 426.8554 32
33 1.38869 0.72010 38.8690 27.9897 450.6188 33
34 1.40258 0.71297 40.2577 28.7027 474.8599 34
35 1.41660 0.70591 41.6603 29.4086 499.5669 35
36 1.43077 0.69892 43.0769 30.1075 524.7282 36
37 1.44508 0.69200 44.5076 30.7995 550.3324 37
38 1.45953 0.68515 45.9527 31.4847 576.3682 38
39 1.47412 0.67837 47.4123 32.1630 602.8246 39
40 1.48886 0.67165 48.8864 32.8347 629.6907 40
41 1.50375 0.66500 50.3752 33.4997 656.9559 41
42 1.51879 0.65842 51.8790 34.1581 684.6095 42
43 1.53398 0.65190 53.3978 34.8100 712.6412 43
44 1.54932 0.64545 54.9318 35.4555 741.0408 44
45 1.56481 0.63905 56.4811 36.0945 769.7982 45
46 1.58046 0.63273 58.0459 36.7272 798.9037 46
47 1.59626 0.62646 59.6263 37.3537 828.3475 47
48 1.61223 0.62026 61.2226 37.9740 858.1200 48
49 1.62835 0.61412 62.8348 38.5881 888.2118 49
50 1.64463 0.60804 64.4632 39.1961 918.6137 50

Page | 19
 2 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

Constants 1 1.02000 0.98039 1.0000 0.9804 0.9804 1

2 1.04040 0.96117 2.0200 1.9416 2.9027 2
Function Value 3 1.06121 0.94232 3.0604 2.8839 5.7297 3
4 1.08243 0.92385 4.1216 3.8077 9.4251 4
𝑖 0.020000 5 1.10408 0.90573 5.2040 4.7135 13.9537 5
𝑖 (2) 0.019901 6 1.12616 0.88797 6.3081 5.6014 19.2816 6
𝑖 (4) 0.019852 7 1.14869 0.87056 7.4343 6.4720 25.3755 7
𝑖 (12) 0.019819 8 1.17166 0.85349 8.5830 7.3255 32.2034 8
𝛿 0.019803 9 1.19509 0.83676 9.7546 8.1622 39.7342 9
(1 + 𝑖) 10 1.21899 0.82035 10.9497 8.9826 47.9377 10
1.020000
1 11 1.24337 0.80426 12.1687 9.7868 56.7846 11
(1 + 𝑖) 2 1.009950
1 12 1.26824 0.78849 13.4121 10.5753 66.2465 12
(1 + 𝑖) 4 1.004963 13 1.29361 0.77303 14.6803 11.3484 76.2959 13
1
(1 + 𝑖) 12 1.001652 14 1.31948 0.75788 15.9739 12.1062 86.9062 14
15 1.34587 0.74301 17.2934 12.8493 98.0514 15
𝑣 0.980392
1
0.990148 16 1.37279 0.72845 18.6393 13.5777 109.7065 16
𝑣 2
1 17 1.40024 0.71416 20.0121 14.2919 121.8473 17
𝑣 4 0.995062 18 1.42825 0.70016 21.4123 14.9920 134.4502 18
1
𝑣 12 0.998351 19 1.45681 0.68643 22.8406 15.6785 147.4923 19
20 1.48595 0.67297 24.2974 16.3514 160.9518 20
𝑑 0.019608
𝑑 (2) 0.019705 21 1.51567 0.65978 25.7833 17.0112 174.8071 21
𝑑 (4) 0.019754 22 1.54598 0.64684 27.2990 17.6580 189.0375 22
23 1.57690 0.63416 28.8450 18.2922 203.6231 23
𝑑 (12) 0.019786
24 1.60844 0.62172 30.4219 18.9139 218.5444 24
𝑖
1.004975 25 1.64061 0.60953 32.0303 19.5235 233.7827 25
𝑖 (2)
𝑖
1.007469 26 1.67342 0.59758 33.6709 20.1210 249.3198 26
𝑖 (4)
𝑖 27 1.70689 0.58586 35.3443 20.7069 265.1380 27
1.009134
𝑖 (12) 28 1.74102 0.57437 37.0512 21.2813 281.2205 28
𝑖 29 1.77584 0.56311 38.7922 21.8444 297.5508 29
1.009967
𝛿
30 1.81136 0.55207 40.5681 22.3965 314.1129 30
𝑖
1.014975 31 1.84759 0.54125 42.3794 22.9377 330.8915 31
𝑑 (2)
𝑖
1.012469 32 1.88454 0.53063 44.2270 23.4683 347.8718 32
𝑑 (4)
𝑖 33 1.92223 0.52023 46.1116 23.9886 365.0393 33
1.010801
𝑑 (12) 34 1.96068 0.51003 48.0338 24.4986 382.3803 34
𝑖 35 1.99989 0.50003 49.9945 24.9986 399.8813 35
36 2.03989 0.49022 51.9944 25.4888 417.5293 36
37 2.08069 0.48061 54.0343 25.9695 435.3119 37
38 2.12230 0.47119 56.1149 26.4406 453.2170 38
39 2.16474 0.46195 58.2372 26.9026 471.2330 39
40 2.20804 0.45289 60.4020 27.3555 489.3486 40
41 2.25220 0.44401 62.6100 27.7995 507.5530 41
42 2.29724 0.43530 64.8622 28.2348 525.8358 42
43 2.34319 0.42677 67.1595 28.6616 544.1869 43
44 2.39005 0.41840 69.5027 29.0800 562.5965 44
45 2.43785 0.41020 71.8927 29.4902 581.0553 45
46 2.48661 0.40215 74.3306 29.8923 599.5544 46
47 2.53634 0.39427 76.8172 30.2866 618.0850 47
48 2.58707 0.38654 79.3535 30.6731 636.6388 48
49 2.63881 0.37896 81.9406 31.0521 655.2078 49
50 2.69159 0.37153 84.5794 31.4236 673.7842 50

Page | 20
 3 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

Constants 1 1.03000 0.97087 1.0000 0.9709 0.9709 1

2 1.06090 0.94260 2.0300 1.9135 2.8561 2
Function Value 3 1.09273 0.91514 3.0909 2.8286 5.6015 3
4 1.12551 0.88849 4.1836 3.7171 9.1554 4
𝑖 0.030000 5 1.15927 0.86261 5.3091 4.5797 13.4685 5
𝑖 (2) 0.029778 6 1.19405 0.83748 6.4684 5.4172 18.4934 6
𝑖 (4) 0.029668 7 1.22987 0.81309 7.6625 6.2303 24.1850 7
𝑖 (12) 0.029595 8 1.26677 0.78941 8.8923 7.0197 30.5003 8
𝛿 0.029559 9 1.30477 0.76642 10.1591 7.7861 37.3981 9
10 1.34392 0.74409 11.4639 8.5302 44.8390 10
(1 + 𝑖) 1.030000
1
1.014889 11 1.38423 0.72242 12.8078 9.2526 52.7856 11
(1 + 𝑖) 2
1 12 1.42576 0.70138 14.1920 9.9540 61.2022 12
(1 + 𝑖) 4 1.007417 13 1.46853 0.68095 15.6178 10.6350 70.0546 13
1
(1 + 𝑖) 12 1.002466 14 1.51259 0.66112 17.0863 11.2961 79.3102 14
15 1.55797 0.64186 18.5989 11.9379 88.9381 15
𝑣 0.970874
1
0.985329 16 1.60471 0.62317 20.1569 12.5611 98.9088 16
𝑣 2
1 17 1.65285 0.60502 21.7616 13.1661 109.1941 17
𝑣 4 0.992638 18 1.70243 0.58739 23.4144 13.7535 119.7672 18
1
𝑣 12 0.997540 19 1.75351 0.57029 25.1169 14.3238 130.6026 19
20 1.80611 0.55368 26.8704 14.8775 141.6761 20
𝑑 0.029126
𝑑 (2) 0.029341 21 1.86029 0.53755 28.6765 15.4150 152.9647 21
22 1.91610 0.52189 30.5368 15.9369 164.4463 22
𝑑 (4) 0.029450
23 1.97359 0.50669 32.4529 16.4436 176.1002 23
𝑑 (12) 0.029522
24 2.03279 0.49193 34.4265 16.9355 187.9066 24
𝑖
1.007445 25 2.09378 0.47761 36.4593 17.4131 199.8468 25
𝑖 (2)
𝑖
1.011181 26 2.15659 0.46369 38.5530 17.8768 211.9028 26
𝑖 (4)
𝑖 27 2.22129 0.45019 40.7096 18.3270 224.0579 27
1.013677
𝑖 (12) 28 2.28793 0.43708 42.9309 18.7641 236.2961 28
𝑖 29 2.35657 0.42435 45.2189 19.1885 248.6021 29
1.014926
𝛿
30 2.42726 0.41199 47.5754 19.6004 260.9617 30
𝑖
1.022445 31 2.50008 0.39999 50.0027 20.0004 273.3613 31
𝑑 (2)
𝑖
1.018681 32 2.57508 0.38834 52.5028 20.3888 285.7881 32
𝑑 (4)
𝑖 33 2.65234 0.37703 55.0778 20.7658 298.2300 33
1.016177
𝑑 (12) 34 2.73191 0.36604 57.7302 21.1318 310.6755 34
35 2.81386 0.35538 60.4621 21.4872 323.1139 35
36 2.89828 0.34503 63.2759 21.8323 335.5351 36
37 2.98523 0.33498 66.1742 22.1672 347.9295 37
38 3.07478 0.32523 69.1594 22.4925 360.2881 38
39 3.16703 0.31575 72.2342 22.8082 372.6024 39
40 3.26204 0.30656 75.4013 23.1148 384.8647 40
41 3.35990 0.29763 78.6633 23.4124 397.0675 41
42 3.46070 0.28896 82.0232 23.7014 409.2038 42
43 3.56452 0.28054 85.4839 23.9819 421.2671 43
44 3.67145 0.27237 89.0484 24.2543 433.2515 44
45 3.78160 0.26444 92.7199 24.5187 445.1512 45
46 3.89504 0.25674 96.5015 24.7754 456.9611 46
47 4.01190 0.24926 100.3965 25.0247 468.6762 47
48 4.13225 0.24200 104.4084 25.2667 480.2922 48
49 4.25622 0.23495 108.5406 25.5017 491.8047 49
50 4.38391 0.22811 112.7969 25.7298 503.2101 50

Page | 21
 4 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛
𝑛
1 (1 + 𝑖)𝑛
1.04000 𝑣𝑛
0.96154 𝑆𝑛
1.0000 𝑎𝑛
0.9615 (𝐼𝑎)𝑛
0.9615 𝑛
1
Constants
2 1.08160 0.92456 2.0400 1.8861 2.8107 2
Function Value 3 1.12486 0.88900 3.1216 2.7751 5.4776 3
4 1.16986 0.85480 4.2465 3.6299 8.8969 4
𝑖 0.040000 5 1.21665 0.82193 5.4163 4.4518 13.0065 5
𝑖 (2) 0.039608 6 1.26532 0.79031 6.6330 5.2421 17.7484 6
𝑖 (4) 0.039414 7 1.31593 0.75992 7.8983 6.0021 23.0678 7
𝑖 (12) 0.039285 8 1.36857 0.73069 9.2142 6.7327 28.9133 8
𝛿 0.039221 9 1.42331 0.70259 10.5828 7.4353 35.2366 9
10 1.48024 0.67556 12.0061 8.1109 41.9922 10
(1 + 𝑖) 1.040000
1
1.019804 11 1.53945 0.64958 13.4864 8.7605 49.1376 11
(1 + 𝑖) 2
1 12 1.60103 0.62460 15.0258 9.3851 56.6328 12
(1 + 𝑖) 4 1.009853 13 1.66507 0.60057 16.6268 9.9856 64.4403 13
1
(1 + 𝑖) 12 1.003274 14 1.73168 0.57748 18.2919 10.5631 72.5249 14
15 1.80094 0.55526 20.0236 11.1184 80.8539 15
𝑣 0.961538
1
0.980581 16 1.87298 0.53391 21.8245 11.6523 89.3964 16
𝑣 2
1 17 1.94790 0.51337 23.6975 12.1657 98.1238 17
𝑣 4 0.990243 18 2.02582 0.49363 25.6454 12.6593 107.0091 18
1
𝑣 12 0.996737 19 2.10685 0.47464 27.6712 13.1339 116.0273 19
20 2.19112 0.45639 29.7781 13.5903 125.1550 20
𝑑 0.038462
𝑑 (2) 0.038839 21 2.27877 0.43883 31.9692 14.0292 134.3705 21
22 2.36992 0.42196 34.2480 14.4511 143.6535 22
𝑑 (4) 0.039029
23 2.46472 0.40573 36.6179 14.8568 152.9852 23
𝑑 (12) 0.039157
24 2.56330 0.39012 39.0826 15.2470 162.3482 24
𝑖
1.009902 25 2.66584 0.37512 41.6459 15.6221 171.7261 25
𝑖 (2)
𝑖
1.014877 26 2.77247 0.36069 44.3117 15.9828 181.1040 26
𝑖 (4)
𝑖 27 2.88337 0.34682 47.0842 16.3296 190.4680 27
1.018204
𝑖 (12) 28 2.99870 0.33348 49.9676 16.6631 199.8054 28
𝑖 29 3.11865 0.32065 52.9663 16.9837 209.1043 29
1.019869
𝛿
30 3.24340 0.30832 56.0849 17.2920 218.3539 30
𝑖
1.029902 31 3.37313 0.29646 59.3283 17.5885 227.5441 31
𝑑 (2)
𝑖
1.024877 32 3.50806 0.28506 62.7015 17.8736 236.6660 32
𝑑 (4)
𝑖 33 3.64838 0.27409 66.2095 18.1476 245.7111 33
1.021537
𝑑 (12) 34 3.79432 0.26355 69.8579 18.4112 254.6719 34
𝑖 35 3.94609 0.25342 73.6522 18.6646 263.5414 35
36 4.10393 0.24367 77.5983 18.9083 272.3135 36
37 4.26809 0.23430 81.7022 19.1426 280.9825 37
38 4.43881 0.22529 85.9703 19.3679 289.5433 38
39 4.61637 0.21662 90.4091 19.5845 297.9915 39
40 4.80102 0.20829 95.0255 19.7928 306.3231 40
41 4.99306 0.20028 99.8265 19.9931 314.5345 41
42 5.19278 0.19257 104.8196 20.1856 322.6226 42
43 5.40050 0.18517 110.0124 20.3708 330.5849 43
44 5.61652 0.17805 115.4129 20.5488 338.4189 44
45 5.84118 0.17120 121.0294 20.7200 346.1228 45
46 6.07482 0.16461 126.8706 20.8847 353.6951 46
47 6.31782 0.15828 132.9454 21.0429 361.1343 47
48 6.57053 0.15219 139.2632 21.1951 368.4397 48
49 6.83335 0.14634 145.8337 21.3415 375.6104 49
50 7.10668 0.14071 152.6671 21.4822 382.6460 50

Page | 22
 5 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.05000 0.95238 1.0000 0.9524 0.9524 1

Constants 2 1.10250 0.90703 2.0500 1.8594 2.7664 2
3 1.15763 0.86384 3.1525 2.7232 5.3580 3
Function Value 4 1.21551 0.82270 4.3101 3.5460 8.6488 4
5 1.27628 0.78353 5.5256 4.3295 12.5664 5
𝑖 0.050000 6 1.34010 0.74622 6.8019 5.0757 17.0437 6
𝑖 (2) 0.049390 7 1.40710 0.71068 8.1420 5.7864 22.0185 7
𝑖 (4) 0.049089 8 1.47746 0.67684 9.5491 6.4632 27.4332 8
𝑖 (12) 0.048889 9 1.55133 0.64461 11.0266 7.1078 33.2347 9
𝛿 0.048790 10 1.62889 0.61391 12.5779 7.7217 39.3738 10
(1 + 𝑖) 1.050000 11 1.71034 0.58468 14.2068 8.3064 45.8053 11
1
1.024695 12 1.79586 0.55684 15.9171 8.8633 52.4873 12
(1 + 𝑖) 2
1 13 1.88565 0.53032 17.7130 9.3936 59.3815 13
(1 + 𝑖) 4 1.012272 14 1.97993 0.50507 19.5986 9.8986 66.4524 14
1
(1 + 𝑖) 12 1.004074 15 2.07893 0.48102 21.5786 10.3797 73.6677 15
𝑣 0.952381 16 2.18287 0.45811 23.6575 10.8378 80.9975 16
1
0.975900 17 2.29202 0.43630 25.8404 11.2741 88.4145 17
𝑣 2
1 18 2.40662 0.41552 28.1324 11.6896 95.8939 18
𝑣 4 0.987877 19 2.52695 0.39573 30.5390 12.0853 103.4128 19
1
𝑣 12 0.995942 20 2.65330 0.37689 33.0660 12.4622 110.9506 20
𝑑 0.047619 21 2.78596 0.35894 35.7193 12.8212 118.4884 21
𝑑 (2) 0.048200 22 2.92526 0.34185 38.5052 13.1630 126.0091 22
23 3.07152 0.32557 41.4305 13.4886 133.4973 23
𝑑 (4) 0.048494
24 3.22510 0.31007 44.5020 13.7986 140.9389 24
𝑑 (12) 0.048691
25 3.38635 0.29530 47.7271 14.0939 148.3215 25
𝑖
1.012348 26 3.55567 0.28124 51.1135 14.3752 155.6337 26
𝑖 (2)
𝑖
1.018559 27 3.73346 0.26785 54.6691 14.6430 162.8656 27
𝑖 (4)
𝑖 28 3.92013 0.25509 58.4026 14.8981 170.0082 28
1.022715
𝑖 (12) 29 4.11614 0.24295 62.3227 15.1411 177.0537 29
𝑖 30 4.32194 0.23138 66.4388 15.3725 183.9950 30
1.024797
𝛿
𝑖 31 4.53804 0.22036 70.7608 15.5928 190.8261 31
1.037348 32 4.76494 0.20987 75.2988 15.8027 197.5419 32
𝑑 (2)
𝑖
1.031059 33 5.00319 0.19987 80.0638 16.0025 204.1377 33
𝑑 (4)
𝑖 34 5.25335 0.19035 85.0670 16.1929 210.6097 34
1.026881
𝑑 (12) 35 5.51602 0.18129 90.3203 16.3742 216.9549 35
𝑖
36 5.79182 0.17266 95.8363 16.5469 223.1705 36
37 6.08141 0.16444 101.6281 16.7113 229.2547 37
38 6.38548 0.15661 107.7095 16.8679 235.2057 38
39 6.70475 0.14915 114.0950 17.0170 241.0224 39
40 7.03999 0.14205 120.7998 17.1591 246.7043 40
41 7.39199 0.13528 127.8398 17.2944 252.2508 41
42 7.76159 0.12884 135.2318 17.4232 257.6621 42
43 8.14967 0.12270 142.9933 17.5459 262.9384 43
44 8.55715 0.11686 151.1430 17.6628 268.0803 44
45 8.98501 0.11130 159.7002 17.7741 273.0886 45
46 9.43426 0.10600 168.6852 17.8801 277.9645 46
47 9.90597 0.10095 178.1194 17.9810 282.7091 47
48 10.40127 0.09614 188.0254 18.0772 287.3239 48
49 10.92133 0.09156 198.4267 18.1687 291.8105 49
50 11.46740 0.08720 209.3480 18.2559 296.1707 50

Page | 23
 6 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.06000 0.94340 1.0000 0.9434 0.9434 1

Constants 2 1.12360 0.89000 2.0600 1.8334 2.7234 2
3 1.19102 0.83962 3.1836 2.6730 5.2422 3
Function Value 4 1.26248 0.79209 4.3746 3.4651 8.4106 4
5 1.33823 0.74726 5.6371 4.2124 12.1469 5
𝑖 0.060000 6 1.41852 0.70496 6.9753 4.9173 16.3767 6
𝑖 (2) 0.059126 7 1.50363 0.66506 8.3938 5.5824 21.0321 7
𝑖 (4) 0.058695 8 1.59385 0.62741 9.8975 6.2098 26.0514 8
𝑖 (12) 0.058411 9 1.68948 0.59190 11.4913 6.8017 31.3785 9
𝛿 0.058269 10 1.79085 0.55839 13.1808 7.3601 36.9624 10
(1 + 𝑖) 1.060000 11 1.89830 0.52679 14.9716 7.8869 42.7571 11
1
1.029563 12 2.01220 0.49697 16.8699 8.3838 48.7207 12
(1 + 𝑖) 2
1 13 2.13293 0.46884 18.8821 8.8527 54.8156 13
(1 + 𝑖) 4 1.014674 14 2.26090 0.44230 21.0151 9.2950 61.0078 14
1
(1 + 𝑖) 12 1.004868 15 2.39656 0.41727 23.2760 9.7122 67.2668 15
𝑣 0.943396 16 2.54035 0.39365 25.6725 10.1059 73.5651 16
1
0.971286 17 2.69277 0.37136 28.2129 10.4773 79.8783 17
𝑣 2
1 18 2.85434 0.35034 30.9057 10.8276 86.1845 18
𝑣 4 0.985538 19 3.02560 0.33051 33.7600 11.1581 92.4643 19
1
𝑣 12 0.995156 20 3.20714 0.31180 36.7856 11.4699 98.7004 20
𝑑 0.056604 21 3.39956 0.29416 39.9927 11.7641 104.8776 21
𝑑 (2) 0.057428 22 3.60354 0.27751 43.3923 12.0416 110.9827 22
23 3.81975 0.26180 46.9958 12.3034 117.0041 23
𝑑 (4) 0.057847
24 4.04893 0.24698 50.8156 12.5504 122.9316 24
𝑑 (12) 0.058128
25 4.29187 0.23300 54.8645 12.7834 128.7565 25
𝑖
1.014782 26 4.54938 0.21981 59.1564 13.0032 134.4716 26
𝑖 (2)
𝑖
1.022227 27 4.82235 0.20737 63.7058 13.2105 140.0705 27
𝑖 (4)
𝑖 28 5.11169 0.19563 68.5281 13.4062 145.5482 28
1.027211
𝑖 (12) 29 5.41839 0.18456 73.6398 13.5907 150.9003 29
𝑖 30 5.74349 0.17411 79.0582 13.7648 156.1236 30
1.029709
𝛿
𝑖 31 6.08810 0.16425 84.8017 13.9291 161.2155 31
1.044782 32 6.45339 0.15496 90.8898 14.0840 166.1742 32
𝑑 (2)
𝑖
1.037227 33 6.84059 0.14619 97.3432 14.2302 170.9983 33
𝑑 (4)
𝑖 34 7.25103 0.13791 104.1838 14.3681 175.6873 34
1.032211
𝑑 (12) 35 7.68609 0.13011 111.4348 14.4982 180.2410 35
36 8.14725 0.12274 119.1209 14.6210 184.6596 36
37 8.63609 0.11579 127.2681 14.7368 188.9440 37
38 9.15425 0.10924 135.9042 14.8460 193.0951 38
39 9.70351 0.10306 145.0585 14.9491 197.1142 39
40 10.28572 0.09722 154.7620 15.0463 201.0031 40
41 10.90286 0.09172 165.0477 15.1380 204.7636 41
42 11.55703 0.08653 175.9505 15.2245 208.3978 42
43 12.25045 0.08163 187.5076 15.3062 211.9078 43
44 12.98548 0.07701 199.7580 15.3832 215.2962 44
45 13.76461 0.07265 212.7435 15.4558 218.5655 45
46 14.59049 0.06854 226.5081 15.5244 221.7182 46
47 15.46592 0.06466 241.0986 15.5890 224.7572 47
48 16.39387 0.06100 256.5645 15.6500 227.6851 48
49 17.37750 0.05755 272.9584 15.7076 230.5048 49
50 18.42015 0.05429 290.3359 15.7619 233.2192 50

Page | 24
 7 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.07000 0.93458 1.0000 0.9346 0.9346 1

Constants 2 1.14490 0.87344 2.0700 1.8080 2.6815 2
3 1.22504 0.81630 3.2149 2.6243 5.1304 3
Function Value 4 1.31080 0.76290 4.4399 3.3872 8.1819 4
5 1.40255 0.71299 5.7507 4.1002 11.7469 5
𝑖𝑖 (2) 0.070000 6 1.50073 0.66634 7.1533 4.7665 15.7449 6
𝑖 (4) 0.068816 7 1.60578 0.62275 8.6540 5.3893 20.1042 7
𝑖 (12) 0.068234 8 1.71819 0.58201 10.2598 5.9713 24.7602 8
𝛿 0.067850 9 1.83846 0.54393 11.9780 6.5152 29.6556 9
0.067659 10 1.96715 0.50835 13.8164 7.0236 34.7391 10
(1 + 𝑖)1 11 2.10485 0.47509 15.7836 7.4987 39.9652 11
(1 + 𝑖)2 1.070000
1 12 2.25219 0.44401 17.8885 7.9427 45.2933 12
(1 + 𝑖) 4 1.034408 13 2.40985 0.41496 20.1406 8.3577 50.6878 13
1
(1 + 𝑖) 12 1.017059 14 2.57853 0.38782 22.5505 8.7455 56.1173 14
1.005654 15 2.75903 0.36245 25.1290 9.1079 61.5540 15
𝑣1 16 2.95216 0.33873 27.8881 9.4466 66.9737 16
𝑣2 0.934579
1 17 3.15882 0.31657 30.8402 9.7632 72.3555 17
𝑣4 0.966736 18 3.37993 0.29586 33.9990 10.0591 77.6810 18
1
𝑣 12 0.983228 19 3.61653 0.27651 37.3790 10.3356 82.9347 19
0.994378 20 3.86968 0.25842 40.9955 10.5940 88.1031 20
𝑑
𝑑 (2) 0.065421 21 4.14056 0.24151 44.8652 10.8355 93.1748 21
22 4.43040 0.22571 49.0057 11.0612 98.1405 22
𝑑 (4) 0.066527
23 4.74053 0.21095 53.4361 11.2722 102.9923 23
𝑑 (12) 0.067090
24 5.07237 0.19715 58.1767 11.4693 107.7238 24
0.067468
𝑖 25 5.42743 0.18425 63.2490 11.6536 112.3301 25
𝑖
𝑖 (2)
(4) 1.017204 26 5.80735 0.17220 68.6765 11.8258 116.8071 26
𝑖
𝑖
1.025880 27 6.21387 0.16093 74.4838 11.9867 121.1523 27
𝑖 (12)
1.031691 28 6.64884 0.15040 80.6977 12.1371 125.3635 28
𝑖 29 7.11426 0.14056 87.3465 12.2777 129.4399 29
𝛿
1.034605 30 7.61226 0.13137 94.4608 12.4090 133.3809 30
𝑖
𝑖
𝑑 (2) 1.052204 31 8.14511 0.12277 102.0730 12.5318 137.1868 31
𝑑 (4)
𝑖 32 8.71527 0.11474 110.2182 12.6466 140.8585 32
1.043380
𝑑 (12)
33 9.32534 0.10723 118.9334 12.7538 144.3973 33
𝑖 1.037525
34 9.97811 0.10022 128.2588 12.8540 147.8047 34
35 10.67658 0.09366 138.2369 12.9477 151.0829 35
36 11.42394 0.08754 148.9135 13.0352 154.2342 36
37 12.22362 0.08181 160.3374 13.1170 157.2612 37
38 13.07927 0.07646 172.5610 13.1935 160.1665 38
39 13.99482 0.07146 185.6403 13.2649 162.9533 39
40 14.97446 0.06678 199.6351 13.3317 165.6245 40
41 16.02267 0.06241 214.6096 13.3941 168.1833 41
42 17.14426 0.05833 230.6322 13.4524 170.6331 42
43 18.34435 0.05451 247.7765 13.5070 172.9772 43
44 19.62846 0.05095 266.1209 13.5579 175.2188 44
45 21.00245 0.04761 285.7493 13.6055 177.3614 45
46 22.47262 0.04450 306.7518 13.6500 179.4084 46
47 24.04571 0.04159 329.2244 13.6916 181.3630 47
48 25.72891 0.03887 353.2701 13.7305 183.2286 48
49 27.52993 0.03632 378.9990 13.7668 185.0085 49
50 29.45703 0.03395 406.5289 13.8007 186.7059 50

Page | 25
 8 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

Constants 1 1.08000 0.92593 1.0000 0.9259 0.9259 1

2 1.16640 0.85734 2.0800 1.7833 2.6406 2
Function Value 3 1.25971 0.79383 3.2464 2.5771 5.0221 3
4 1.36049 0.73503 4.5061 3.3121 7.9622 4
𝑖 0.080000 5 1.46933 0.68058 5.8666 3.9927 11.3651 5
𝑖 (2) 0.078461 6 1.58687 0.63017 7.3359 4.6229 15.1462 6
𝑖 (4) 0.077706 7 1.71382 0.58349 8.9228 5.2064 19.2306 7
𝑖 (12) 0.077208 8 1.85093 0.54027 10.6366 5.7466 23.5527 8
𝛿 0.076961 9 1.99900 0.50025 12.4876 6.2469 28.0550 9
10 2.15892 0.46319 14.4866 6.7101 32.6869 10
(1 + 𝑖) 1.080000
1
1.039230 11 2.33164 0.42888 16.6455 7.1390 37.4046 11
(1 + 𝑖) 2
1 12 2.51817 0.39711 18.9771 7.5361 42.1700 12
(1 + 𝑖) 4 1.019427 13 2.71962 0.36770 21.4953 7.9038 46.9501 13
1
(1 + 𝑖) 12 1.006434 14 2.93719 0.34046 24.2149 8.2442 51.7165 14
15 3.17217 0.31524 27.1521 8.5595 56.4451 15
𝑣 0.925926
1
0.962250 16 3.42594 0.29189 30.3243 8.8514 61.1154 16
𝑣 2
1 17 3.70002 0.27027 33.7502 9.1216 65.7100 17
𝑣 4 0.980944 18 3.99602 0.25025 37.4502 9.3719 70.2144 18
1
𝑣 12 0.993607 19 4.31570 0.23171 41.4463 9.6036 74.6170 19
20 4.66096 0.21455 45.7620 9.8181 78.9079 20
𝑑 0.074074
𝑑 (2) 0.075499 21 5.03383 0.19866 50.4229 10.0168 83.0797 21
22 5.43654 0.18394 55.4568 10.2007 87.1264 22
𝑑 (4) 0.076225
23 5.87146 0.17032 60.8933 10.3711 91.0437 23
𝑑 (12) 0.076715
24 6.34118 0.15770 66.7648 10.5288 94.8284 24
𝑖
1.019615 25 6.84848 0.14602 73.1059 10.6748 98.4789 25
𝑖 (2)
𝑖
1.029519 26 7.39635 0.13520 79.9544 10.8100 101.9941 26
𝑖 (4)
𝑖 27 7.98806 0.12519 87.3508 10.9352 105.3742 27
1.036157
𝑖 (12) 28 8.62711 0.11591 95.3388 11.0511 108.6198 28
𝑖 29 9.31727 0.10733 103.9659 11.1584 111.7323 29
1.039487
𝛿
30 10.06266 0.09938 113.2832 11.2578 114.7136 30
𝑖
1.059615 31 10.86767 0.09202 123.3459 11.3498 117.5661 31
𝑑 (2)
𝑖
1.049519 32 11.73708 0.08520 134.2135 11.4350 120.2925 32
𝑑 (4)
𝑖 33 12.67605 0.07889 145.9506 11.5139 122.8958 33
1.042824
𝑑 (12) 34 13.69013 0.07305 158.6267 11.5869 125.3793 34
𝑖 35 14.78534 0.06763 172.3168 11.6546 127.7466 35
36 15.96817 0.06262 187.1021 11.7172 130.0010 36
37 17.24563 0.05799 203.0703 11.7752 132.1465 37
38 18.62528 0.05369 220.3159 11.8289 134.1868 38
39 20.11530 0.04971 238.9412 11.8786 136.1256 39
40 21.72452 0.04603 259.0565 11.9246 137.9668 40
41 23.46248 0.04262 280.7810 11.9672 139.7143 41
42 25.33948 0.03946 304.2435 12.0067 141.3718 42
43 27.36664 0.03654 329.5830 12.0432 142.9430 43
44 29.55597 0.03383 356.9496 12.0771 144.4317 44
45 31.92045 0.03133 386.5056 12.1084 145.8415 45
46 34.47409 0.02901 418.4261 12.1374 147.1758 46
47 37.23201 0.02686 452.9002 12.1643 148.4382 47
48 40.21057 0.02487 490.1322 12.1891 149.6319 48
49 43.42742 0.02303 530.3427 12.2122 150.7602 49
50 46.90161 0.02132 573.7702 12.2335 151.8263 50

Page | 26
 9 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.09000 0.91743 1.0000 0.9174 0.9174 1

Constants 2 1.18810 0.84168 2.0900 1.7591 2.6008 2
3 1.29503 0.77218 3.2781 2.5313 4.9173 3
Function Value 4 1.41158 0.70843 4.5731 3.2397 7.7510 4
5 1.53862 0.64993 5.9847 3.8897 11.0007 5
𝑖 0.090000 6 1.67710 0.59627 7.5233 4.4859 14.5783 6
𝑖 (2) 0.088061 7 1.82804 0.54703 9.2004 5.0330 18.4075 7
𝑖 (4) 0.087113 8 1.99256 0.50187 11.0285 5.5348 22.4225 8
𝑖 (12) 0.086488 9 2.17189 0.46043 13.0210 5.9952 26.5663 9
𝛿 0.086178 10 2.36736 0.42241 15.1929 6.4177 30.7904 10
(1 + 𝑖) 1.090000 11 2.58043 0.38753 17.5603 6.8052 35.0533 11
1
1.044031 12 2.81266 0.35553 20.1407 7.1607 39.3197 12
(1 + 𝑖) 2
1 13 3.06580 0.32618 22.9534 7.4869 43.5600 13
(1 + 𝑖) 4 1.021778 14 3.34173 0.29925 26.0192 7.7862 47.7495 14
1
(1 + 𝑖) 12 1.007207 15 3.64248 0.27454 29.3609 8.0607 51.8676 15
𝑣 0.917431 16 3.97031 0.25187 33.0034 8.3126 55.8975 16
1
0.957826 17 4.32763 0.23107 36.9737 8.5436 59.8257 17
𝑣 2
1 18 4.71712 0.21199 41.3013 8.7556 63.6416 18
𝑣 4 0.978686 19 5.14166 0.19449 46.0185 8.9501 67.3369 19
1
𝑣 12 0.992844 20 5.60441 0.17843 51.1601 9.1285 70.9055 20
𝑑 0.082569 21 6.10881 0.16370 56.7645 9.2922 74.3432 21
𝑑 (2) 0.084347 22 6.65860 0.15018 62.8733 9.4424 77.6472 22
23 7.25787 0.13778 69.5319 9.5802 80.8162 23
𝑑 (4) 0.085256
24 7.91108 0.12640 76.7898 9.7066 83.8499 24
𝑑 (12) 0.085869
25 8.62308 0.11597 84.7009 9.8226 86.7491 25
𝑖
1.022015 26 9.39916 0.10639 93.3240 9.9290 89.5153 26
𝑖 (2)
𝑖
1.033144 27 10.24508 0.09761 102.7231 10.0266 92.1507 27
𝑖 (4)
𝑖 28 11.16714 0.08955 112.9682 10.1161 94.6580 28
1.040608
𝑖 (12) 29 12.17218 0.08215 124.1354 10.1983 97.0405 29
𝑖 30 13.26768 0.07537 136.3075 10.2737 99.3017 30
1.044354
𝛿
𝑖 31 14.46177 0.06915 149.5752 10.3428 101.4452 31
1.067015 32 15.76333 0.06344 164.0370 10.4062 103.4753 32
𝑑 (2)
𝑖
1.055644 33 17.18203 0.05820 179.8003 10.4644 105.3959 33
𝑑 (4)
𝑖 34 18.72841 0.05339 196.9823 10.5178 107.2113 34
1.048108
𝑑 (12) 35 20.41397 0.04899 215.7108 10.5668 108.9258 35
𝑖
36 22.25123 0.04494 236.1247 10.6118 110.5437 36
37 24.25384 0.04123 258.3759 10.6530 112.0692 37
38 26.43668 0.03783 282.6298 10.6908 113.5066 38
39 28.81598 0.03470 309.0665 10.7255 114.8600 39
40 31.40942 0.03184 337.8824 10.7574 116.1335 40
41 34.23627 0.02921 369.2919 10.7866 117.3311 41
42 37.31753 0.02680 403.5281 10.8134 118.4566 42
43 40.67611 0.02458 440.8457 10.8380 119.5137 43
44 44.33696 0.02255 481.5218 10.8605 120.5061 44
45 48.32729 0.02069 525.8587 10.8812 121.4373 45
46 52.67674 0.01898 574.1860 10.9002 122.3105 46
47 57.41765 0.01742 626.8628 10.9176 123.1291 47
48 62.58524 0.01598 684.2804 10.9336 123.8960 48
49 68.21791 0.01466 746.8656 10.9482 124.6143 49
50 74.35752 0.01345 815.0836 10.9617 125.2867 50

Page | 27
 10 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.10000 0.90909 1.0000 0.9091 0.9091 1

Constants 2 1.21000 0.82645 2.1000 1.7355 2.5620 2
3 1.33100 0.75131 3.3100 2.4869 4.8159 3
Function Value 4 1.46410 0.68301 4.6410 3.1699 7.5480 4
5 1.61051 0.62092 6.1051 3.7908 10.6526 5
𝑖 0.100000 6 1.77156 0.56447 7.7156 4.3553 14.0394 6
𝑖 (2) 0.097618 7 1.94872 0.51316 9.4872 4.8684 17.6315 7
𝑖 (4) 0.096455 8 2.14359 0.46651 11.4359 5.3349 21.3636 8
𝑖 (12) 0.095690 9 2.35795 0.42410 13.5795 5.7590 25.1805 9
𝛿 0.095310 10 2.59374 0.38554 15.9374 6.1446 29.0359 10
(1 + 𝑖) 1.100000 11 2.85312 0.35049 18.5312 6.4951 32.8913 11
1
1.048809 12 3.13843 0.31863 21.3843 6.8137 36.7149 12
(1 + 𝑖) 2
1 13 3.45227 0.28966 24.5227 7.1034 40.4805 13
(1 + 𝑖) 4 1.024114 14 3.79750 0.26333 27.9750 7.3667 44.1672 14
1
(1 + 𝑖) 12 1.007974 15 4.17725 0.23939 31.7725 7.6061 47.7581 15
𝑣 0.909091 16 4.59497 0.21763 35.9497 7.8237 51.2401 16
1
0.953463 17 5.05447 0.19784 40.5447 8.0216 54.6035 17
𝑣 2
1 18 5.55992 0.17986 45.5992 8.2014 57.8410 18
𝑣 4 0.976454 19 6.11591 0.16351 51.1591 8.3649 60.9476 19
1
𝑣 12 0.992089 20 6.72750 0.14864 57.2750 8.5136 63.9205 20
𝑑 0.090909 21 7.40025 0.13513 64.0025 8.6487 66.7582 21
𝑑 (2) 0.093075 22 8.14027 0.12285 71.4027 8.7715 69.4608 22
23 8.95430 0.11168 79.5430 8.8832 72.0294 23
𝑑 (4) 0.094184
24 9.84973 0.10153 88.4973 8.9847 74.4660 24
𝑑 (12) 0.094933
25 10.83471 0.09230 98.3471 9.0770 76.7734 25
𝑖
1.024404 26 11.91818 0.08391 109.1818 9.1609 78.9550 26
𝑖 (2)
𝑖
1.036756 27 13.10999 0.07628 121.0999 9.2372 81.0145 27
𝑖 (4)
𝑖 28 14.42099 0.06934 134.2099 9.3066 82.9561 28
1.045045
𝑖 (12) 29 15.86309 0.06304 148.6309 9.3696 84.7842 29
𝑖 30 17.44940 0.05731 164.4940 9.4269 86.5035 30
1.049206
𝛿
𝑖 31 19.19434 0.05210 181.9434 9.4790 88.1186 31
1.074404 32 21.11378 0.04736 201.1378 9.5264 89.6342 32
𝑑 (2)
𝑖
1.061756 33 23.22515 0.04306 222.2515 9.5694 91.0550 33
𝑑 (4)
𝑖 34 25.54767 0.03914 245.4767 9.6086 92.3859 34
1.053378
𝑑 (12) 35 28.10244 0.03558 271.0244 9.6442 93.6313 35
36 30.91268 0.03235 299.1268 9.6765 94.7959 36
37 34.00395 0.02941 330.0395 9.7059 95.8840 37
38 37.40434 0.02673 364.0434 9.7327 96.8999 38
39 41.14478 0.02430 401.4478 9.7570 97.8478 39
40 45.25926 0.02209 442.5926 9.7791 98.7316 40
41 49.78518 0.02009 487.8518 9.7991 99.5551 41
42 54.76370 0.01826 537.6370 9.8174 100.3221 42
43 60.24007 0.01660 592.4007 9.8340 101.0359 43
44 66.26408 0.01509 652.6408 9.8491 101.6999 44
45 72.89048 0.01372 718.9048 9.8628 102.3172 45
46 80.17953 0.01247 791.7953 9.8753 102.8910 46
47 88.19749 0.01134 871.9749 9.8866 103.4238 47
48 97.01723 0.01031 960.1723 9.8969 103.9186 48
49 106.71896 0.00937 1057.1896 9.9063 104.3778 49
50 117.39085 0.00852 1163.9085 9.9148 104.8037 50

Page | 28
 11 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.11000 0.90090 1.0000 0.9009 0.9009 1

Constants 2 1.23210 0.81162 2.1100 1.7125 2.5241 2
3 1.36763 0.73119 3.3421 2.4437 4.7177 3
Function Value 4 1.51807 0.65873 4.7097 3.1024 7.3526 4
5 1.68506 0.59345 6.2278 3.6959 10.3199 5
𝑖 0.110000 6 1.87041 0.53464 7.9129 4.2305 13.5277 6
𝑖 (2) 0.107131 7 2.07616 0.48166 9.7833 4.7122 16.8994 7
𝑖 (4) 0.105733 8 2.30454 0.43393 11.8594 5.1461 20.3708 8
𝑖 (12) 0.104815 9 2.55804 0.39092 14.1640 5.5370 23.8891 9
𝛿 0.104360 10 2.83942 0.35218 16.7220 5.8892 27.4109 10
(1 + 𝑖) 1.110000 11 3.15176 0.31728 19.5614 6.2065 30.9011 11
1
1.053565 12 3.49845 0.28584 22.7132 6.4924 34.3311 12
(1 + 𝑖) 2
1 13 3.88328 0.25751 26.2116 6.7499 37.6788 13
(1 + 𝑖) 4 1.026433 14 4.31044 0.23199 30.0949 6.9819 40.9268 14
1
(1 + 𝑖) 12 1.008735 15 4.78459 0.20900 34.4054 7.1909 44.0618 15
𝑣 0.900901 16 5.31089 0.18829 39.1899 7.3792 47.0745 16
1
0.949158 17 5.89509 0.16963 44.5008 7.5488 49.9582 17
𝑣 2
1 18 6.54355 0.15282 50.3959 7.7016 52.7090 18
𝑣 4 0.974247 19 7.26334 0.13768 56.9395 7.8393 55.3249 19
1
𝑣 12 0.991341 20 8.06231 0.12403 64.2028 7.9633 57.8056 20
𝑑 0.099099 21 8.94917 0.11174 72.2651 8.0751 60.1522 21
𝑑 (2) 0.101684 22 9.93357 0.10067 81.2143 8.1757 62.3669 22
23 11.02627 0.09069 91.1479 8.2664 64.4528 23
𝑑 (4) 0.103010
24 12.23916 0.08170 102.1742 8.3481 66.4137 24
𝑑 (12) 0.103908
25 13.58546 0.07361 114.4133 8.4217 68.2539 25
𝑖
1.026783 26 15.07986 0.06631 127.9988 8.4881 69.9781 26
𝑖 (2)
𝑖
1.040353 27 16.73865 0.05974 143.0786 8.5478 71.5911 27
𝑖 (4)
𝑖 28 18.57990 0.05382 159.8173 8.6016 73.0981 28
1.049467
𝑖 (12) 29 20.62369 0.04849 178.3972 8.6501 74.5043 29
𝑖 30 22.89230 0.04368 199.0209 8.6938 75.8148 30
1.054044
𝛿
𝑖 31 25.41045 0.03935 221.9132 8.7331 77.0347 31
1.081783 32 28.20560 0.03545 247.3236 8.7686 78.1693 32
𝑑 (2)
𝑖
1.067853 33 31.30821 0.03194 275.5292 8.8005 79.2233 33
𝑑 (4)
𝑖 34 34.75212 0.02878 306.8374 8.8293 80.2017 34
1.058634
𝑑 (12) 35 38.57485 0.02592 341.5896 8.8552 81.1090 35
36 42.81808 0.02335 380.1644 8.8786 81.9498 36
37 47.52807 0.02104 422.9825 8.8996 82.7282 37
38 52.75616 0.01896 470.5106 8.9186 83.4485 38
39 58.55934 0.01708 523.2667 8.9357 84.1145 39
40 65.00087 0.01538 581.8261 8.9511 84.7299 40
41 72.15096 0.01386 646.8269 8.9649 85.2982 41
42 80.08757 0.01249 718.9779 8.9774 85.8226 42
43 88.89720 0.01125 799.0655 8.9886 86.3063 43
44 98.67589 0.01013 887.9627 8.9988 86.7522 44
45 109.53024 0.00913 986.6386 9.0079 87.1630 45
46 121.57857 0.00823 1096.1688 9.0161 87.5414 46
47 134.95221 0.00741 1217.7474 9.0235 87.8897 47
48 149.79695 0.00668 1352.6996 9.0302 88.2101 48
49 166.27462 0.00601 1502.4965 9.0362 88.5048 49
50 184.56483 0.00542 1668.7712 9.0417 88.7757 50

Page | 29
 12 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.12000 0.89286 1.0000 0.8929 0.8929 1

Constants 2 1.25440 0.79719 2.1200 1.6901 2.4872 2
3 1.40493 0.71178 3.3744 2.4018 4.6226 3
Function Value 4 1.57352 0.63552 4.7793 3.0373 7.1647 4
5 1.76234 0.56743 6.3528 3.6048 10.0018 5
𝑖 0.120000 6 1.97382 0.50663 8.1152 4.1114 13.0416 6
𝑖 (2) 0.116601 7 2.21068 0.45235 10.0890 4.5638 16.2080 7
𝑖 (4) 0.114949 8 2.47596 0.40388 12.2997 4.9676 19.4391 8
𝑖 (12) 0.113866 9 2.77308 0.36061 14.7757 5.3282 22.6846 9
𝛿 0.113329 10 3.10585 0.32197 17.5487 5.6502 25.9043 10
(1 + 𝑖) 1.120000 11 3.47855 0.28748 20.6546 5.9377 29.0665 11
1
1.058301 12 3.89598 0.25668 24.1331 6.1944 32.1467 12
(1 + 𝑖) 2
1 13 4.36349 0.22917 28.0291 6.4235 35.1259 13
(1 + 𝑖) 4 1.028737 14 4.88711 0.20462 32.3926 6.6282 37.9906 14
1
(1 + 𝑖) 12 1.009489 15 5.47357 0.18270 37.2797 6.8109 40.7310 15
𝑣 0.892857 16 6.13039 0.16312 42.7533 6.9740 43.3410 16
1
0.944911 17 6.86604 0.14564 48.8837 7.1196 45.8169 17
𝑣 2
1 18 7.68997 0.13004 55.7497 7.2497 48.1576 18
𝑣 4 0.972065 19 8.61276 0.11611 63.4397 7.3658 50.3637 19
1
𝑣 12 0.990600 20 9.64629 0.10367 72.0524 7.4694 52.4370 20
𝑑 0.107143 21 10.80385 0.09256 81.6987 7.5620 54.3808 21
𝑑 (2) 0.110178 22 12.10031 0.08264 92.5026 7.6446 56.1989 22
23 13.55235 0.07379 104.6029 7.7184 57.8960 23
𝑑 (4) 0.111738
24 15.17863 0.06588 118.1552 7.7843 59.4772 24
𝑑 (12) 0.112795
25 17.00006 0.05882 133.3339 7.8431 60.9478 25
𝑖
1.029150 26 19.04007 0.05252 150.3339 7.8957 62.3133 26
𝑖 (2)
𝑖
1.043938 27 21.32488 0.04689 169.3740 7.9426 63.5794 27
𝑖 (4)
𝑖 28 23.88387 0.04187 190.6989 7.9844 64.7518 28
1.053875
𝑖 (12) 29 26.74993 0.03738 214.5828 8.0218 65.8359 29
𝑖 30 29.95992 0.03338 241.3327 8.0552 66.8372 30
1.058867
𝛿
𝑖 31 33.55511 0.02980 271.2926 8.0850 67.7611 31
1.089150 32 37.58173 0.02661 304.8477 8.1116 68.6126 32
𝑑 (2)
𝑖
1.073938 33 42.09153 0.02376 342.4294 8.1354 69.3966 33
𝑑 (4)
𝑖 34 47.14252 0.02121 384.5210 8.1566 70.1178 34
1.063875
𝑑 (12) 35 52.79962 0.01894 431.6635 8.1755 70.7807 35
36 59.13557 0.01691 484.4631 8.1924 71.3894 36
37 66.23184 0.01510 543.5987 8.2075 71.9481 37
38 74.17966 0.01348 609.8305 8.2210 72.4604 38
39 83.08122 0.01204 684.0102 8.2330 72.9298 39
40 93.05097 0.01075 767.0914 8.2438 73.3596 40
41 104.21709 0.00960 860.1424 8.2534 73.7531 41
42 116.72314 0.00857 964.3595 8.2619 74.1129 42
43 130.72991 0.00765 1081.0826 8.2696 74.4418 43
44 146.41750 0.00683 1211.8125 8.2764 74.7423 44
45 163.98760 0.00610 1358.2300 8.2825 75.0167 45
46 183.66612 0.00544 1522.2176 8.2880 75.2672 46
47 205.70605 0.00486 1705.8838 8.2928 75.4957 47
48 230.39078 0.00434 1911.5898 8.2972 75.7040 48
49 258.03767 0.00388 2141.9806 8.3010 75.8939 49
50 289.00219 0.00346 2400.0182 8.3045 76.0669 50

Page | 30
 13 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.13000 0.88496 1.0000 0.8850 0.8850 1

Constants 2 1.27690 0.78315 2.1300 1.6681 2.4512 2
3 1.44290 0.69305 3.4069 2.3612 4.5304 3
Function Value 4 1.63047 0.61332 4.8498 2.9745 6.9837 4
5 1.84244 0.54276 6.4803 3.5172 9.6975 5
𝑖 0.130000 6 2.08195 0.48032 8.3227 3.9975 12.5794 6
𝑖 (2) 0.126029 7 2.35261 0.42506 10.4047 4.4226 15.5548 7
𝑖 (4) 0.124104 8 2.65844 0.37616 12.7573 4.7988 18.5641 8
𝑖 (12) 0.122842 9 3.00404 0.33288 15.4157 5.1317 21.5601 9
𝛿 0.122218 10 3.39457 0.29459 18.4197 5.4262 24.5059 10
(1 + 𝑖) 1.130000 11 3.83586 0.26070 21.8143 5.6869 27.3736 11
1
1.063015 12 4.33452 0.23071 25.6502 5.9176 30.1421 12
(1 + 𝑖) 2
1 13 4.89801 0.20416 29.9847 6.1218 32.7962 13
(1 + 𝑖) 4 1.031026 14 5.53475 0.18068 34.8827 6.3025 35.3257 14
1
(1 + 𝑖) 12 1.010237 15 6.25427 0.15989 40.4175 6.4624 37.7241 15
𝑣 0.884956 16 7.06733 0.14150 46.6717 6.6039 39.9880 16
1
0.940721 17 7.98608 0.12522 53.7391 6.7291 42.1167 17
𝑣 2
1 18 9.02427 0.11081 61.7251 6.8399 44.1113 18
𝑣 4 0.969908 19 10.19742 0.09806 70.7494 6.9380 45.9745 19
1
𝑣 12 0.989867 20 11.52309 0.08678 80.9468 7.0248 47.7102 20
𝑑 0.115044 21 13.02109 0.07680 92.4699 7.1016 49.3229 21
𝑑 (2) 0.118558 22 14.71383 0.06796 105.4910 7.1695 50.8181 22
23 16.62663 0.06014 120.2048 7.2297 52.2015 23
𝑑 (4) 0.120369
24 18.78809 0.05323 136.8315 7.2829 53.4789 24
𝑑 (12) 0.121597
25 21.23054 0.04710 155.6196 7.3300 54.6564 25
𝑖
1.031507 26 23.99051 0.04168 176.8501 7.3717 55.7402 26
𝑖 (2)
𝑖
1.047509 27 27.10928 0.03689 200.8406 7.4086 56.7361 27
𝑖 (4)
𝑖 28 30.63349 0.03264 227.9499 7.4412 57.6502 28
1.058269
𝑖 (12) 29 34.61584 0.02889 258.5834 7.4701 58.4879 29
𝑖 30 39.11590 0.02557 293.1992 7.4957 59.2549 30
1.063676
𝛿
𝑖 31 44.20096 0.02262 332.3151 7.5183 59.9562 31
1.096507 32 49.94709 0.02002 376.5161 7.5383 60.5969 32
𝑑 (2)
𝑖
1.080009 33 56.44021 0.01772 426.4632 7.5560 61.1816 33
𝑑 (4)
𝑖 34 63.77744 0.01568 482.9034 7.5717 61.7147 34
1.069102
𝑑 (12) 35 72.06851 0.01388 546.6808 7.5856 62.2004 35
36 81.43741 0.01228 618.7493 7.5979 62.6424 36
37 92.02428 0.01087 700.1867 7.6087 63.0445 37
38 103.98743 0.00962 792.2110 7.6183 63.4099 38
39 117.50580 0.00851 896.1984 7.6268 63.7418 39
40 132.78155 0.00753 1013.7042 7.6344 64.0431 40
41 150.04315 0.00666 1146.4858 7.6410 64.3163 41
42 169.54876 0.00590 1296.5289 7.6469 64.5640 42
43 191.59010 0.00522 1466.0777 7.6522 64.7885 43
44 216.49682 0.00462 1657.6678 7.6568 64.9917 44
45 244.64140 0.00409 1874.1646 7.6609 65.1756 45
46 276.44478 0.00362 2118.8060 7.6645 65.3420 46
47 312.38261 0.00320 2395.2508 7.6677 65.4925 47
48 352.99234 0.00283 2707.6334 7.6705 65.6285 48
49 398.88135 0.00251 3060.6258 7.6730 65.7513 49
50 450.73593 0.00222 3459.5071 7.6752 65.8623 50

Page | 31
 14 PER CENT

𝑛 (1 + 𝑖)𝑛 𝑣𝑛 𝑆𝑛 𝑎𝑛 (𝐼𝑎)𝑛 𝑛

1 1.14000 0.87719 1.0000 0.8772 0.8772 1

Constants 2 1.29960 0.76947 2.1400 1.6467 2.4161 2
3 1.48154 0.67497 3.4396 2.3216 4.4410 3
Function Value 4 1.68896 0.59208 4.9211 2.9137 6.8094 4
5 1.92541 0.51937 6.6101 3.4331 9.4062 5
𝑖 0.140000 6 2.19497 0.45559 8.5355 3.8887 12.1397 6
𝑖 (2) 0.135416 7 2.50227 0.39964 10.7305 4.2883 14.9372 7
𝑖 (4) 0.133198 8 2.85259 0.35056 13.2328 4.6389 17.7417 8
𝑖 (12) 0.131746 9 3.25195 0.30751 16.0853 4.9464 20.5092 9
𝛿 0.131028 10 3.70722 0.26974 19.3373 5.2161 23.2067 10
(1 + 𝑖) 1.140000 11 4.22623 0.23662 23.0445 5.4527 25.8095 11
1
1.067708 12 4.81790 0.20756 27.2707 5.6603 28.3002 12
(1 + 𝑖) 2
1 13 5.49241 0.18207 32.0887 5.8424 30.6671 13
(1 + 𝑖) 4 1.033299 14 6.26135 0.15971 37.5811 6.0021 32.9030 14
1
(1 + 𝑖) 12 1.010979 15 7.13794 0.14010 43.8424 6.1422 35.0045 15
𝑣 0.877193 16 8.13725 0.12289 50.9804 6.2651 36.9707 16
1
0.936586 17 9.27646 0.10780 59.1176 6.3729 38.8033 17
𝑣 2
1 18 10.57517 0.09456 68.3941 6.4674 40.5054 18
𝑣 4 0.967774 19 12.05569 0.08295 78.9692 6.5504 42.0814 19
1
𝑣 12 0.989140 20 13.74349 0.07276 91.0249 6.6231 43.5367 20
𝑑 0.122807 21 15.66758 0.06383 104.7684 6.6870 44.8770 21
𝑑 (2) 0.126828 22 17.86104 0.05599 120.4360 6.7429 46.1088 22
23 20.36158 0.04911 138.2970 6.7921 47.2383 23
𝑑 (4) 0.128905
24 23.21221 0.04308 158.6586 6.8351 48.2723 24
𝑑 (12) 0.130316
25 26.46192 0.03779 181.8708 6.8729 49.2170 25
𝑖
1.033854 26 30.16658 0.03315 208.3327 6.9061 50.0789 26
𝑖 (2)
𝑖
1.051067 27 34.38991 0.02908 238.4993 6.9352 50.8640 27
𝑖 (4)
𝑖 28 39.20449 0.02551 272.8892 6.9607 51.5782 28
1.062649
𝑖 (12) 29 44.69312 0.02237 312.0937 6.9830 52.2271 29
𝑖 30 50.95016 0.01963 356.7868 7.0027 52.8159 30
1.068472
𝛿
𝑖 31 58.08318 0.01722 407.7370 7.0199 53.3496 31
1.103854 32 66.21483 0.01510 465.8202 7.0350 53.8329 32
𝑑 (2)
𝑖
1.086067 33 75.48490 0.01325 532.0350 7.0482 54.2701 33
𝑑 (4)
𝑖 34 86.05279 0.01162 607.5199 7.0599 54.6652 34
1.074316
𝑑 (12) 35 98.10018 0.01019 693.5727 7.0700 55.0220 35
36 111.83420 0.00894 791.6729 7.0790 55.3439 36
37 127.49099 0.00784 903.5071 7.0868 55.6341 37
38 145.33973 0.00688 1030.9981 7.0937 55.8955 38
39 165.68729 0.00604 1176.3378 7.0997 56.1309 39
40 188.88351 0.00529 1342.0251 7.1050 56.3427 40
41 215.32721 0.00464 1530.9086 7.1097 56.5331 41
42 245.47301 0.00407 1746.2358 7.1138 56.7042 42
43 279.83924 0.00357 1991.7088 7.1173 56.8579 43
44 319.01673 0.00313 2271.5481 7.1205 56.9958 44
45 363.67907 0.00275 2590.5648 7.1232 57.1195 45
46 414.59414 0.00241 2954.2439 7.1256 57.2305 46
47 472.63732 0.00212 3368.8380 7.1277 57.3299 47
48 538.80655 0.00186 3841.4753 7.1296 57.4190 48
49 614.23946 0.00163 4380.2819 7.1312 57.4988 49
50 700.23299 0.00143 4994.5213 7.1327 57.5702 50

Page | 32
Power of the 𝑭 -test: 𝝅(𝝋) = 𝑷(𝑭𝒗𝟏,𝒗𝟐,𝝋 > 𝑭𝒗𝟏,𝒗𝟐,𝜶 )

𝒗𝟏 = 𝟏, 𝜶 = 𝟎. 𝟎𝟓
𝜑
𝑣2 1.00 1.33 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33
5 0.21 0.33 0.48 0.62 0.75 0.85 0.92 0.96 0.98 0.99 1.00
6 0.22 0.36 0.51 0.66 0.78 0.88 0.94 0.97 0.99 1.00 1.00
7 0.23 0.37 0.53 0.68 0.81 0.90 0.95 0.98 0.99 1.00 1.00
8 0.24 0.38 0.54 0.70 0.82 0.91 0.96 0.98 0.99 1.00 1.00
9 0.24 0.39 0.56 0.71 0.83 0.92 0.96 0.99 1.00 1.00 1.00
10 0.25 0.40 0.57 0.72 0.84 0.92 0.97 0.99 1.00 1.00 1.00
12 0.26 0.41 0.58 0.74 0.86 0.93 0.97 0.99 1.00 1.00 1.00
15 0.26 0.42 0.60 0.75 0.87 0.94 0.98 0.99 1.00 1.00 1.00
20 0.27 0.43 0.61 0.77 0.88 0.95 0.98 0.99 1.00 1.00 1.00
30 0.28 0.45 0.63 0.78 0.89 0.95 0.98 1.00 1.00 1.00 1.00
60 0.29 0.46 0.64 0.79 0.90 0.96 0.99 1.00 1.00 1.00 1.00
1000 0.29 0.47 0.65 0.81 0.91 0.96 0.99 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟏, 𝜶 = 𝟎. 𝟎𝟏
𝜑
𝑣2 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33 4.67 5.00
5 0.18 0.27 0.38 0.50 0.61 0.72 0.80 0.87 0.92 0.95 0.97
6 0.21 0.31 0.44 0.57 0.69 0.79 0.87 0.92 0.96 0.98 0.99
7 0.23 0.35 0.48 0.62 0.74 0.84 0.91 0.95 0.98 0.99 1.00
8 0.25 0.38 0.52 0.66 0.78 0.87 0.93 0.97 0.99 0.99 1.00
9 0.26 0.40 0.55 0.69 0.81 0.89 0.95 0.98 0.99 1.00 1.00
10 0.28 0.42 0.57 0.71 0.83 0.91 0.96 0.98 0.99 1.00 1.00
12 0.30 0.45 0.61 0.75 0.86 0.93 0.97 0.99 1.00 1.00 1.00
15 0.32 0.48 0.64 0.78 0.88 0.94 0.98 0.99 1.00 1.00 1.00
20 0.34 0.51 0.67 0.81 0.90 0.96 0.98 1.00 1.00 1.00 1.00
30 0.36 0.54 0.71 0.84 0.92 0.97 0.99 1.00 1.00 1.00 1.00
60 0.39 0.57 0.74 0.86 0.94 0.98 0.99 1.00 1.00 1.00 1.00
1000 0.41 0.60 0.76 0.88 0.95 0.98 1.00 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟐, 𝜶 = 𝟎. 𝟎𝟓
𝜑
𝑣2 1.00 1.33 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33
5 0.20 0.32 0.46 0.61 0.75 0.85 0.92 0.96 0.98 0.99 1.00
6 0.21 0.34 0.50 0.66 0.79 0.89 0.95 0.98 0.99 1.00 1.00
7 0.22 0.37 0.53 0.70 0.83 0.91 0.96 0.99 1.00 1.00 1.00
8 0.23 0.38 0.56 0.72 0.85 0.93 0.97 0.99 1.00 1.00 1.00
9 0.24 0.40 0.58 0.74 0.87 0.94 0.98 0.99 1.00 1.00 1.00
10 0.25 0.41 0.59 0.76 0.88 0.95 0.98 1.00 1.00 1.00 1.00
12 0.26 0.43 0.62 0.78 0.90 0.96 0.99 1.00 1.00 1.00 1.00
15 0.27 0.45 0.64 0.81 0.91 0.97 0.99 1.00 1.00 1.00 1.00
20 0.28 0.47 0.67 0.83 0.93 0.98 0.99 1.00 1.00 1.00 1.00
30 0.29 0.49 0.69 0.85 0.94 0.98 1.00 1.00 1.00 1.00 1.00
60 0.31 0.51 0.71 0.87 0.95 0.99 1.00 1.00 1.00 1.00 1.00
1000 0.32 0.53 0.73 0.88 0.96 0.99 1.00 1.00 1.00 1.00 1.00

Page | 33
 𝒗𝟏 = 𝟐, 𝜶 = 𝟎. 𝟎𝟏
𝜑
𝑣2 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33 4.67 5.00
5 0.16 0.25 0.36 0.48 0.60 0.70 0.80 0.87 0.92 0.95 0.97
6 0.20 0.30 0.43 0.57 0.69 0.80 0.88 0.93 0.96 0.98 0.99
7 0.22 0.35 0.50 0.64 0.76 0.86 0.92 0.96 0.98 0.99 1.00
8 0.25 0.39 0.54 0.69 0.81 0.90 0.95 0.98 0.99 1.00 1.00
9 0.27 0.42 0.58 0.73 0.85 0.92 0.97 0.99 1.00 1.00 1.00
10 0.29 0.45 0.62 0.76 0.87 0.94 0.98 0.99 1.00 1.00 1.00
12 0.32 0.49 0.67 0.81 0.91 0.96 0.99 1.00 1.00 1.00 1.00
15 0.35 0.54 0.71 0.85 0.93 0.98 0.99 1.00 1.00 1.00 1.00
20 0.39 0.58 0.76 0.88 0.96 0.99 1.00 1.00 1.00 1.00 1.00
30 0.43 0.63 0.80 0.91 0.97 0.99 1.00 1.00 1.00 1.00 1.00
60 0.47 0.68 0.84 0.94 0.98 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.51 0.72 0.87 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟑, 𝜶 = 𝟎. 𝟎𝟓
𝜑
𝑣2 1.00 1.33 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33
5 0.19 0.31 0.46 0.61 0.75 0.86 0.93 0.97 0.99 0.99 1.00
6 0.21 0.35 0.51 0.67 0.81 0.90 0.96 0.98 0.99 1.00 1.00
7 0.22 0.37 0.55 0.72 0.85 0.93 0.97 0.99 1.00 1.00 1.00
8 0.24 0.40 0.58 0.75 0.87 0.95 0.98 0.99 1.00 1.00 1.00
9 0.25 0.41 0.60 0.77 0.89 0.96 0.99 1.00 1.00 1.00 1.00
10 0.25 0.43 0.63 0.79 0.91 0.97 0.99 1.00 1.00 1.00 1.00
12 0.27 0.45 0.66 0.82 0.93 0.98 0.99 1.00 1.00 1.00 1.00
15 0.28 0.48 0.69 0.85 0.94 0.98 1.00 1.00 1.00 1.00 1.00
20 0.30 0.51 0.72 0.87 0.96 0.99 1.00 1.00 1.00 1.00 1.00
30 0.32 0.54 0.75 0.90 0.97 0.99 1.00 1.00 1.00 1.00 1.00
60 0.34 0.57 0.78 0.92 0.98 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.36 0.60 0.81 0.93 0.98 1.00 1.00 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟑, 𝜶 = 𝟎. 𝟎𝟏
𝜑
𝑣2 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33 4.67 5.00
5 0.16 0.25 0.36 0.48 0.60 0.71 0.80 0.87 0.92 0.95 0.98
6 0.20 0.31 0.44 0.58 0.71 0.81 0.89 0.94 0.97 0.99 0.99
7 0.23 0.36 0.52 0.66 0.79 0.88 0.94 0.97 0.99 1.00 1.00
8 0.26 0.41 0.57 0.72 0.84 0.92 0.96 0.99 1.00 1.00 1.00
9 0.29 0.45 0.62 0.77 0.88 0.95 0.98 0.99 1.00 1.00 1.00
10 0.31 0.48 0.66 0.81 0.91 0.96 0.99 1.00 1.00 1.00 1.00
12 0.35 0.54 0.72 0.86 0.94 0.98 0.99 1.00 1.00 1.00 1.00
15 0.39 0.59 0.77 0.90 0.96 0.99 1.00 1.00 1.00 1.00 1.00
20 0.44 0.65 0.83 0.93 0.98 1.00 1.00 1.00 1.00 1.00 1.00
30 0.49 0.71 0.87 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00
60 0.55 0.77 0.91 0.97 0.99 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.60 0.82 0.94 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Page | 34
 𝒗𝟏 = 𝟒, 𝜶 = 𝟎. 𝟎𝟓
𝜑
𝑣2 1.00 1.33 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33
5 0.19 0.31 0.46 0.62 0.76 0.86 0.93 0.97 0.99 1.00 1.00
6 0.21 0.35 0.52 0.69 0.82 0.91 0.96 0.99 1.00 1.00 1.00
7 0.23 0.38 0.56 0.73 0.86 0.94 0.98 0.99 1.00 1.00 1.00
8 0.24 0.41 0.60 0.77 0.89 0.96 0.99 1.00 1.00 1.00 1.00
9 0.25 0.43 0.63 0.80 0.91 0.97 0.99 1.00 1.00 1.00 1.00
10 0.26 0.45 0.65 0.82 0.93 0.98 0.99 1.00 1.00 1.00 1.00
12 0.28 0.48 0.69 0.85 0.95 0.98 1.00 1.00 1.00 1.00 1.00
15 0.30 0.51 0.73 0.88 0.96 0.99 1.00 1.00 1.00 1.00 1.00
20 0.32 0.54 0.76 0.91 0.97 0.99 1.00 1.00 1.00 1.00 1.00
30 0.34 0.58 0.80 0.93 0.98 1.00 1.00 1.00 1.00 1.00 1.00
60 0.37 0.62 0.83 0.95 0.99 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.39 0.65 0.86 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟒, 𝜶 = 𝟎. 𝟎𝟏
𝜑
𝑣2 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33 4.67 5.00
5 0.16 0.25 0.36 0.48 0.60 0.71 0.80 0.88 0.92 0.96 0.98
6 0.20 0.32 0.45 0.59 0.72 0.83 0.90 0.95 0.97 0.99 1.00
7 0.24 0.38 0.53 0.68 0.81 0.89 0.95 0.98 0.99 1.00 1.00
8 0.27 0.43 0.60 0.75 0.86 0.94 0.97 0.99 1.00 1.00 1.00
9 0.30 0.47 0.65 0.80 0.90 0.96 0.99 1.00 1.00 1.00 1.00
10 0.33 0.51 0.70 0.84 0.93 0.97 0.99 1.00 1.00 1.00 1.00
12 0.38 0.58 0.76 0.89 0.96 0.99 1.00 1.00 1.00 1.00 1.00
15 0.43 0.64 0.82 0.93 0.98 0.99 1.00 1.00 1.00 1.00 1.00
20 0.49 0.71 0.87 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00
30 0.55 0.78 0.92 0.98 1.00 1.00 1.00 1.00 1.00 1.00 1.00
60 0.62 0.83 0.95 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.69 0.88 0.97 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟓, 𝜶 = 𝟎. 𝟎𝟓
𝜑
𝑣2 1.00 1.33 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33
5 0.19 0.31 0.47 0.62 0.76 0.87 0.93 0.97 0.99 1.00 1.00
6 0.21 0.35 0.53 0.70 0.83 0.92 0.97 0.99 1.00 1.00 1.00
7 0.23 0.39 0.58 0.75 0.88 0.95 0.98 0.99 1.00 1.00 1.00
8 0.24 0.42 0.62 0.79 0.90 0.97 0.99 1.00 1.00 1.00 1.00
9 0.26 0.44 0.65 0.82 0.93 0.98 0.99 1.00 1.00 1.00 1.00
10 0.27 0.46 0.67 0.84 0.94 0.98 1.00 1.00 1.00 1.00 1.00
12 0.29 0.50 0.72 0.88 0.96 0.99 1.00 1.00 1.00 1.00 1.00
15 0.31 0.54 0.76 0.90 0.97 0.99 1.00 1.00 1.00 1.00 1.00
20 0.34 0.58 0.80 0.93 0.98 1.00 1.00 1.00 1.00 1.00 1.00
30 0.36 0.62 0.84 0.95 0.99 1.00 1.00 1.00 1.00 1.00 1.00
60 0.40 0.66 0.87 0.97 1.00 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.43 0.71 0.90 0.98 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Page | 35
 𝒗𝟏 = 𝟓, 𝜶 = 𝟎. 𝟎𝟏
𝜑
𝑣2 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33 4.67 5.00
5 0.16 0.25 0.36 0.48 0.61 0.72 0.81 0.88 0.93 0.96 0.98
6 0.20 0.32 0.46 0.60 0.73 0.84 0.91 0.95 0.98 0.99 1.00
7 0.24 0.39 0.55 0.70 0.82 0.91 0.96 0.98 0.99 1.00 1.00
8 0.28 0.44 0.62 0.77 0.88 0.95 0.98 0.99 1.00 1.00 1.00
9 0.31 0.49 0.68 0.82 0.92 0.97 0.99 1.00 1.00 1.00 1.00
10 0.35 0.54 0.72 0.86 0.94 0.98 0.99 1.00 1.00 1.00 1.00
12 0.40 0.61 0.79 0.91 0.97 0.99 1.00 1.00 1.00 1.00 1.00
15 0.46 0.68 0.85 0.95 0.99 1.00 1.00 1.00 1.00 1.00 1.00
20 0.53 0.76 0.91 0.97 0.99 1.00 1.00 1.00 1.00 1.00 1.00
30 0.60 0.82 0.95 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00
60 0.68 0.88 0.97 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.76 0.93 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟔, 𝜶 = 𝟎. 𝟎𝟓
𝜑
𝑣2 1.00 1.33 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33
5 0.19 0.31 0.47 0.63 0.77 0.87 0.94 0.97 0.99 1.00 1.00
6 0.21 0.36 0.53 0.70 0.84 0.92 0.97 0.99 1.00 1.00 1.00
7 0.23 0.39 0.59 0.76 0.88 0.95 0.98 1.00 1.00 1.00 1.00
8 0.25 0.43 0.63 0.80 0.91 0.97 0.99 1.00 1.00 1.00 1.00
9 0.26 0.45 0.66 0.83 0.94 0.98 1.00 1.00 1.00 1.00 1.00
10 0.28 0.48 0.69 0.86 0.95 0.99 1.00 1.00 1.00 1.00 1.00
12 0.30 0.52 0.74 0.89 0.97 0.99 1.00 1.00 1.00 1.00 1.00
15 0.32 0.56 0.78 0.92 0.98 1.00 1.00 1.00 1.00 1.00 1.00
20 0.35 0.60 0.82 0.95 0.99 1.00 1.00 1.00 1.00 1.00 1.00
30 0.39 0.65 0.87 0.97 0.99 1.00 1.00 1.00 1.00 1.00 1.00
60 0.42 0.70 0.90 0.98 1.00 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.47 0.75 0.93 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00

𝒗𝟏 = 𝟔, 𝜶 = 𝟎. 𝟎𝟏
𝜑
𝑣2 1.67 2.00 2.33 2.67 3.00 3.33 3.67 4.00 4.33 4.67 5.00
5 0.16 0.25 0.36 0.49 0.61 0.72 0.81 0.88 0.93 0.96 0.98
6 0.20 0.33 0.47 0.61 0.74 0.84 0.91 0.96 0.98 0.99 1.00
7 0.25 0.39 0.56 0.71 0.83 0.91 0.96 0.98 0.99 1.00 1.00
8 0.29 0.46 0.63 0.79 0.89 0.95 0.98 0.99 1.00 1.00 1.00
9 0.33 0.51 0.70 0.84 0.93 0.97 0.99 1.00 1.00 1.00 1.00
10 0.36 0.56 0.74 0.88 0.95 0.98 1.00 1.00 1.00 1.00 1.00
12 0.42 0.64 0.82 0.93 0.98 0.99 1.00 1.00 1.00 1.00 1.00
15 0.49 0.71 0.88 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00
20 0.57 0.79 0.93 0.98 1.00 1.00 1.00 1.00 1.00 1.00 1.00
30 0.65 0.86 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00
60 0.74 0.92 0.98 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
1000 0.81 0.96 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Page | 36