The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state’s...

Question

The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state’s newest millionaire. By choosing the six winning numbers on last week’s state lottery, Mr. Ormsby won the week’s grand prize totaling $1.06 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $53,000 each.

Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables.

Required:

1. If Mr. Ormsby can invest money at a 10% rate of return, what is the present value of his winnings?(Enter your answer in dollars and not in millions of dollars.)

EXHIBIT 12B-1<br>Present Value of $1; 1 (1+r) n<br>7%<br>9%<br>23%<br>Periods<br>1<br>24% 25%<br>0.820 0.813 0.806 | 0.800<br>0.672 0.661 0.650 | 0.640<br>4%<br>5%<br>6%<br>8%<br>10%<br>11%<br>12%<br>13%<br>14%<br>15%<br>16%<br>17%<br>18%<br>19%<br>20%<br>0.840 | 0.833 | 0.826<br>21%<br>22%<br>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<br>0.925<br>0.847<br>0.718 0.706 0.694 0.683<br>0.609 0.593 0.579 0.564 0.551 | 0.537 0.524 0.512<br>0.516 0.499 0.482 0.467 0.451 0.437 0.423 0.410<br>0.907<br>0.890 0.873 0.857 0.842 0.826 | 0.812 0.797 0.783 0.769 0.756 0.743 0.731<br>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<br>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<br>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 |0.386<br>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 0.319 | 0.303 0.289 0.275 0.262<br>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<br>0.731 0.677 0.627 |0.582 0.540 0.502 0.467<br>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<br>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<br>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 0.123 0.112 0.103| 0.094 0.086<br>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 0.102 0.092 0.083 | 0.076 0.069<br>0.601 0.530 0.469 0.415 0.368 0.326 0.290 0.258 | 0.229 0.204<br>0.577 0.505 0.442 0.388 0.340 0.299 | 0.263 | 0.232 | 0.205 0.181<br>0.555 0.481 0.417 0.362 0.315 0275 0.239 0.209 0.183 0.160 0.140 0.123 0.108 | 0.095<br>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<br>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<br>0.494 0.416 0.350 0.296 0.250 0212 0.180 0.153 0.130 | 0.111 | 0.095 0.081 | 0.069 0.059 0.051 0.044 | 0.038 0.032 0.028 0.024 0.021 0.018<br>0.475 0.396 0.331 |0.277 0.232 0.194 0.164 0.138 0.116 | 0.098<br>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<br>0.439 0.359 0.294 0.242 0.199 0.164 0.135 0.112 | 0.093 0.077 | 0.064 0.053 0.044 0.037 0.031 | 0.026 0.022 0.018 | 0.015 0.013 | 0.011 0.009<br>0.422 0.342 0.278 0.226 0.184 |0.150 0.123 | 0.101 0.083 |0.068 0.056 | 0.046 | 0.038 0.032 | 0.026 0.022 0.018 0.015 | 0.013 | 0.011 | 0.009 0.007<br>0.406 0.326 0.262 | 0211| 0.170 0.138 0.112 0.091 | 0.074 0.060 0.049 0.040 0.033 0.027 0.022 0.018 0.015 0.012 | 0.010 0.009 0.007 0.006<br>0.390 0.310 0.247 0.197 0.158 0.126 0.102 0.082 | 0.066 0.053 0.043 0.035 0.028 0.023<br>0.375 0.295 0.233 0.184 0.146 | 0.116 0.092 0.074 0.059 0.047<br>0.361 |0.281 | 0.220 | 0.172 0.135 | 0.106 0.084 0.066 0.053 | 0.042 0.033 0.026 | 0.021 | 0.017 0.014 | 0.011 | 0.009 0.007 0.006 |0.005 | 0.004 0.003<br>0.347 0.268 0.207 |0.161 | 0.125 0.098 0.076 | 0.060<br>0.333 0.255 0.196 0.150 0.116 | 0.090 0.069 0.054 0.042 0.033 0.026 0.020 0.016 | 0.012 0.010 0.008<br>0.321 0.243 0.185 0.141 0.107 0.082 0.063 0.048 0.037 0.029 0.022 0.017 0.014 | 0.011<br>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<br>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<br>3<br>4<br>5<br>0.370 0.355 0.341 | 0.328<br>6<br>0.314 0.296 0.279 | 0.263 0.249 |0.235 0.222 | 0.210<br>0.266 0.249 0.233 0.218 0.204 |0.191 0.179 0.168<br>0.225 | 0.209 0.194 0.180 0.167<br>0.191 0.176 0.162 0.149 0.137 | 0.126 0.116 | 0.107<br>0.434 | 0.404 | 0.376 |0.351 | 0.327 | 0.305 0.285<br>9<br>0.155 0.144 0.134<br>10<br>11<br>12<br>0.182 0.163 0.145 0.130<br>0.160 0.141 0.125<br>0.116 0.104 0.093<br>0.099 0.088 0.078 0.069 0.062 0.055 0.049 0.044<br>13<br>0.084<br>0.075<br>0.068 0.061| 0.055<br>14<br>0.111<br>0.074 | 0.065 | 0.057 | 0.051 | 0.045 | 0.040 | 0.035<br>0.042 0.036 0.032 0.028<br>15<br>0.084<br>0.071 0.062 0.054 0.047<br>0.060 0.052 0.045 0.039 0.034 0.030 0.026 0.023<br>16<br>0.081<br>17<br>18<br>0.043 0.037 0.031 0.027<br>0.037 0.031 0.026 0.022 0.019 | 0.016 0.014 0.012<br>19<br>0.083 0.070 0.060<br>0.051<br>0.023<br>0.020 0.017 0.014<br>20<br>21<br>22<br>23<br>0.019 0.015 0.013 0.010 0.008 0.007 0.006 0.005<br>0.016 0.013 0.010 0.009 0.007 0.006 0.005 0.004<br>24<br>25<br>0.038 0.030 0.024 | 0.020<br>26<br>0.047 | 0.037<br>0.029 | 0.023 | 0.018 | 0.014<br>0.007 | 0.006<br>0.006<br>0.005<br>0.004 0.003 0.002<br>0.002 0.002<br>27<br>0.011<br>0.009<br>28<br>0.005<br>0.004 | 0.003<br>0.008 0.006 0.005 0.004 0.003 |0.002 0.002 0.002<br>0.007 | 0.005 0.004 |0.003<br>0.001 0.001 | 0.001 0.000 0.000 0.000 0.000 0.000<br>29<br>30<br>0.003 0.002 0.002 0.001<br>40<br>

Extracted text: EXHIBIT 12B-1 Present Value of $1; 1 (1+r) n 7% 9% 23% Periods 1 24% 25% 0.820 0.813 0.806 | 0.800 0.672 0.661 0.650 | 0.640 4% 5% 6% 8% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 0.840 | 0.833 | 0.826 21% 22% 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 0.925 0.847 0.718 0.706 0.694 0.683 0.609 0.593 0.579 0.564 0.551 | 0.537 0.524 0.512 0.516 0.499 0.482 0.467 0.451 0.437 0.423 0.410 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 0.889 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 0.855 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 0.822 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 |0.386 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 0.319 | 0.303 0.289 0.275 0.262 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 0.731 0.677 0.627 |0.582 0.540 0.502 0.467 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 0.676 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 0.650 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 0.123 0.112 0.103| 0.094 0.086 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 0.102 0.092 0.083 | 0.076 0.069 0.601 0.530 0.469 0.415 0.368 0.326 0.290 0.258 | 0.229 0.204 0.577 0.505 0.442 0.388 0.340 0.299 | 0.263 | 0.232 | 0.205 0.181 0.555 0.481 0.417 0.362 0.315 0275 0.239 0.209 0.183 0.160 0.140 0.123 0.108 | 0.095 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 0.513 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 0.494 0.416 0.350 0.296 0.250 0212 0.180 0.153 0.130 | 0.111 | 0.095 0.081 | 0.069 0.059 0.051 0.044 | 0.038 0.032 0.028 0.024 0.021 0.018 0.475 0.396 0.331 |0.277 0.232 0.194 0.164 0.138 0.116 | 0.098 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 0.439 0.359 0.294 0.242 0.199 0.164 0.135 0.112 | 0.093 0.077 | 0.064 0.053 0.044 0.037 0.031 | 0.026 0.022 0.018 | 0.015 0.013 | 0.011 0.009 0.422 0.342 0.278 0.226 0.184 |0.150 0.123 | 0.101 0.083 |0.068 0.056 | 0.046 | 0.038 0.032 | 0.026 0.022 0.018 0.015 | 0.013 | 0.011 | 0.009 0.007 0.406 0.326 0.262 | 0211| 0.170 0.138 0.112 0.091 | 0.074 0.060 0.049 0.040 0.033 0.027 0.022 0.018 0.015 0.012 | 0.010 0.009 0.007 0.006 0.390 0.310 0.247 0.197 0.158 0.126 0.102 0.082 | 0.066 0.053 0.043 0.035 0.028 0.023 0.375 0.295 0.233 0.184 0.146 | 0.116 0.092 0.074 0.059 0.047 0.361 |0.281 | 0.220 | 0.172 0.135 | 0.106 0.084 0.066 0.053 | 0.042 0.033 0.026 | 0.021 | 0.017 0.014 | 0.011 | 0.009 0.007 0.006 |0.005 | 0.004 0.003 0.347 0.268 0.207 |0.161 | 0.125 0.098 0.076 | 0.060 0.333 0.255 0.196 0.150 0.116 | 0.090 0.069 0.054 0.042 0.033 0.026 0.020 0.016 | 0.012 0.010 0.008 0.321 0.243 0.185 0.141 0.107 0.082 0.063 0.048 0.037 0.029 0.022 0.017 0.014 | 0.011 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 0.208 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 3 4 5 0.370 0.355 0.341 | 0.328 6 0.314 0.296 0.279 | 0.263 0.249 |0.235 0.222 | 0.210 0.266 0.249 0.233 0.218 0.204 |0.191 0.179 0.168 0.225 | 0.209 0.194 0.180 0.167 0.191 0.176 0.162 0.149 0.137 | 0.126 0.116 | 0.107 0.434 | 0.404 | 0.376 |0.351 | 0.327 | 0.305 0.285 9 0.155 0.144 0.134 10 11 12 0.182 0.163 0.145 0.130 0.160 0.141 0.125 0.116 0.104 0.093 0.099 0.088 0.078 0.069 0.062 0.055 0.049 0.044 13 0.084 0.075 0.068 0.061| 0.055 14 0.111 0.074 | 0.065 | 0.057 | 0.051 | 0.045 | 0.040 | 0.035 0.042 0.036 0.032 0.028 15 0.084 0.071 0.062 0.054 0.047 0.060 0.052 0.045 0.039 0.034 0.030 0.026 0.023 16 0.081 17 18 0.043 0.037 0.031 0.027 0.037 0.031 0.026 0.022 0.019 | 0.016 0.014 0.012 19 0.083 0.070 0.060 0.051 0.023 0.020 0.017 0.014 20 21 22 23 0.019 0.015 0.013 0.010 0.008 0.007 0.006 0.005 0.016 0.013 0.010 0.009 0.007 0.006 0.005 0.004 24 25 0.038 0.030 0.024 | 0.020 26 0.047 | 0.037 0.029 | 0.023 | 0.018 | 0.014 0.007 | 0.006 0.006 0.005 0.004 0.003 0.002 0.002 0.002 27 0.011 0.009 28 0.005 0.004 | 0.003 0.008 0.006 0.005 0.004 0.003 |0.002 0.002 0.002 0.007 | 0.005 0.004 |0.003 0.001 0.001 | 0.001 0.000 0.000 0.000 0.000 0.000 29 30 0.003 0.002 0.002 0.001 40

EXHIBIT 12B-2<br>Present Value of an Annuity of $l in Arrears; 1/r(1-(1/(1+1)'n))<br>Periods<br>10%<br>8%<br>0.926<br>1.808 | 1.783<br>7%<br>0.935<br>25%<br>0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 | 0.840 0.833 0.826 0.820 0.813 0.806 0.800<br>1.605 | 1.585 1.566 | 1.547 1.528 | 1.509 1.492 | 1.474 | 1.457| 1.440<br>4%<br>11%<br>21%<br>6%<br>0.952 0.943<br>5%<br>9%<br>12%<br>13%<br>14%<br>15%<br>16%<br>17%<br>18%<br>19%<br>20%<br>22%<br>23%<br>24%<br>1<br>0.962<br>0.917<br>1.886 1.859<br>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 | 2.074 | 2.042 2.011 | 1.981 | 1.952<br>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 2.540 | 2.494 2.448 2.404 2.362<br>4.452<br>5.242 5.076 4.917<br>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 | 3.508 | 3.416 | 3.327 | 3.242 3.161<br>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 3.726 | 3.619 3.518 3.421 3.329<br>7.435 7.108<br>8.111<br>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 4.177| 4.035 3.902 3.776 3.656<br>9.385<br>9.986| 9.394 8.833<br>10.563 9.899 9.295<br>11.118 10.380 9.712<br>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 4.536 4.357 4.189 4.033 3.887<br>2<br>1.833<br>1.759| 1.736 1.713 | 1.690 1.668<br>1.647 | 1.626<br>3<br>4<br>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 2.926 2.864 2.803 2.745 2.689<br>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 | 3.245 3.167 | 3.092 | 3.020 | 2.951<br>4.329<br>4.212<br>6.<br>7<br>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 3.905| 3.786 3.673 3.566 3.463<br>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 | 4.054 | 3.923 | 3.799 3.682 | 3.571<br>6.802<br>6.515<br>10<br>7.722<br>7.360<br>11<br>8.863 8.384<br>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| 4.278 4.127 | 3.985 3.851 | 3.725<br>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 4.362 4.203 4.053 3.912 | 3.780<br>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<br>9.108 8.559 8.061<br>12<br>13<br>4.432 4.265 4.108 | 3.962 3.824<br>7.606 | 7.191| 6.811 | 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675 4.489 4.315 4.153 | 4.001 | 3.859<br>14<br>15<br>16<br>17<br>12.166 11.274 10.477 9.763<br>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 4.576 4.391 4.219 4.059 3.910<br>18<br>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 | 4.608 4.419 | 4.243 | 4.080 3.928<br>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 4.635 4.442 4.263 4.097| 3.942<br>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 4.657 4.460 4.279 | 4.110 3.954<br>14.029 12.821 11.764 10.836 10.017 9.292 8.649 8.075<br>14.451 13.163 12.042 11.061 10.201 9.442 8.772 8.176 7.645| 7.170 6.743 6.359 6.011 5.696 5.410 5.149 4.909 4.690 4.488 4.302 4.130 3.970<br>14.857 13.489 12.303 11.272 10.371 9.580 8.883 8.266 7.718| 7.230 6.792 6.399 6.044 5.723 5.432 5.167 4.925 4.703 4.499 4.311 | 4.137 3.976<br>15.247 13.799 12.550 11.469 10.529 9.707 8.985 | 8.348| 7.784| 7.283 6.835 | 6.434 | 6.073 |5.746 5.451 | 5.182 4.937 4.713 4.507 | 4.318 | 4.143 | 3.981<br>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 4.721 | 4.514 4.323 4.147 3.985<br>15.983 14.375 13.003 11.826 10.810 9.929 9.161 | 8.488 7.896| 7.372 6.906 | 6.491 | 6.118 | 5.783 5.480 5.206 4.956 | 4.728 4.520 | 4.328 | 4.151 | 3.988<br>16.330 14.643 13.211 11.987 10.935 10.027 9.237 | 8.548<br>|16.663 14.89813.406 12.137 11.051 10.116 9.307 8.602 7.984 | 7.441<br>16.984 15.141 13.591 12.278 11.158 10.198 9.370 8.650 8.022 7.470 6.983 6.551| 6.166 5.820 5.510 5.229 4.975 4.743 4.531 | 4.337 4.159 | 3.994<br>|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 4.746 4.534 4.339 4.160 3.995<br>|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 4.760 4.544 4.347 4.166 3.999<br>19<br>20<br>21<br>7.562 7.102 6.687 | 6.312 | 5.973 5.665 5.384 5.127 | 4.891 | 4.675 | 4.476 4.292 4.121 3.963<br>22<br>23<br>24<br>25<br>26<br>7.943 7.409 6.935 | 6.514 | 6.136 5.798 5.492 5.215 | 4.964 | 4.734 | 4.524 4.332 | 4.154 | 3.990<br>6.961 6.534 6.152 5.810 5.502 5.223 4.970 4.739 | 4.528 4.335 4.157 3.992<br>27<br>28<br>29<br>30<br>40<br>

Extracted text: EXHIBIT 12B-2 Present Value of an Annuity of $l in Arrears; 1/r(1-(1/(1+1)'n)) Periods 10% 8% 0.926 1.808 | 1.783 7% 0.935 25% 0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 | 0.840 0.833 0.826 0.820 0.813 0.806 0.800 1.605 | 1.585 1.566 | 1.547 1.528 | 1.509 1.492 | 1.474 | 1.457| 1.440 4% 11% 21% 6% 0.952 0.943 5% 9% 12% 13% 14% 15% 16% 17% 18% 19% 20% 22% 23% 24% 1 0.962 0.917 1.886 1.859 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 | 2.074 | 2.042 2.011 | 1.981 | 1.952 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 2.540 | 2.494 2.448 2.404 2.362 4.452 5.242 5.076 4.917 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 | 3.508 | 3.416 | 3.327 | 3.242 3.161 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 3.726 | 3.619 3.518 3.421 3.329 7.435 7.108 8.111 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 4.177| 4.035 3.902 3.776 3.656 9.385 9.986| 9.394 8.833 10.563 9.899 9.295 11.118 10.380 9.712 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 4.536 4.357 4.189 4.033 3.887 2 1.833 1.759| 1.736 1.713 | 1.690 1.668 1.647 | 1.626 3 4 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 2.926 2.864 2.803 2.745 2.689 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 | 3.245 3.167 | 3.092 | 3.020 | 2.951 4.329 4.212 6. 7 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 3.905| 3.786 3.673 3.566 3.463 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 | 4.054 | 3.923 | 3.799 3.682 | 3.571 6.802 6.515 10 7.722 7.360 11 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| 4.278 4.127 | 3.985 3.851 | 3.725 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 4.362 4.203 4.053 3.912 | 3.780 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 9.108 8.559 8.061 12 13 4.432 4.265 4.108 | 3.962 3.824 7.606 | 7.191| 6.811 | 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675 4.489 4.315 4.153 | 4.001 | 3.859 14 15 16 17 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 4.576 4.391 4.219 4.059 3.910 18 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 | 4.608 4.419 | 4.243 | 4.080 3.928 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 4.635 4.442 4.263 4.097| 3.942 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 4.657 4.460 4.279 | 4.110 3.954 14.029 12.821 11.764 10.836 10.017 9.292 8.649 8.075 14.451 13.163 12.042 11.061 10.201 9.442 8.772 8.176 7.645| 7.170 6.743 6.359 6.011 5.696 5.410 5.149 4.909 4.690 4.488 4.302 4.130 3.970 14.857 13.489 12.303 11.272 10.371 9.580 8.883 8.266 7.718| 7.230 6.792 6.399 6.044 5.723 5.432 5.167 4.925 4.703 4.499 4.311 | 4.137 3.976 15.247 13.799 12.550 11.469 10.529 9.707 8.985 | 8.348| 7.784| 7.283 6.835 | 6.434 | 6.073 |5.746 5.451 | 5.182 4.937 4.713 4.507 | 4.318 | 4.143 | 3.981 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 4.721 | 4.514 4.323 4.147 3.985 15.983 14.375 13.003 11.826 10.810 9.929 9.161 | 8.488 7.896| 7.372 6.906 | 6.491 | 6.118 | 5.783 5.480 5.206 4.956 | 4.728 4.520 | 4.328 | 4.151 | 3.988 16.330 14.643 13.211 11.987 10.935 10.027 9.237 | 8.548 |16.663 14.89813.406 12.137 11.051 10.116 9.307 8.602 7.984 | 7.441 16.984 15.141 13.591 12.278 11.158 10.198 9.370 8.650 8.022 7.470 6.983 6.551| 6.166 5.820 5.510 5.229 4.975 4.743 4.531 | 4.337 4.159 | 3.994 |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 4.746 4.534 4.339 4.160 3.995 |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 4.760 4.544 4.347 4.166 3.999 19 20 21 7.562 7.102 6.687 | 6.312 | 5.973 5.665 5.384 5.127 | 4.891 | 4.675 | 4.476 4.292 4.121 3.963 22 23 24 25 26 7.943 7.409 6.935 | 6.514 | 6.136 5.798 5.492 5.215 | 4.964 | 4.734 | 4.524 4.332 | 4.154 | 3.990 6.961 6.534 6.152 5.810 5.502 5.223 4.970 4.739 | 4.528 4.335 4.157 3.992 27 28 29 30 40

The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state’s newest millionaire. By choosing the six winning numbers on last week’s state lottery, Mr. Ormsby won...

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