Present Value Interest Factor of Annuity (PVIFA) Table

December 2, 2023

The Present Value Interest Factor of Annuity (PVIFA) is a key financial concept used to determine the current value of a stream of future annuity payments. Essentially, it answers a critical question: What is the present value of a series of future monetary receipts? The PVIFA formula provides a swift method to compute this.

Let’s delve into the PVIFA formula:

PVIFA = (1 – (1 + r)^(-n)) / r

In this formula, ‘r’ represents the annual interest rate, and ‘n’ represents the number of periods. Understanding how these variables change based on the frequency of your annuity payments is crucial. For instance:

Annual Payments: If you’re receiving money each year, ‘r’ remains the annual interest rate, and ‘n’ is the total number of years you’ll receive the payments.
Semi-Annual Payments: Should your payments be semi-annual, you need to adjust ‘r’ to reflect a semi-annual rate. Similarly, ‘n’ should be recalculated as the total number of half-year periods, which is essentially the number of years multiplied by 2.
Monthly Payments: In cases where payments are made monthly, ‘r’ should be converted to a monthly interest rate. Accordingly, ‘n’ becomes the total number of months over which you’ll receive the annuity.

Here is the complete PVIFA Table:

Table 1: Interest Rate r = 1%-5%, Number of Periods n = 1-25

Number of Periods	1%	2%	3%	4%	5%
1	0.9901	0.9804	0.9709	0.9615	0.9524
2	1.9704	1.9416	1.9135	1.8861	1.8594
3	2.9410	2.8839	2.8286	2.7751	2.7232
4	3.9020	3.8077	3.7171	3.6299	3.5460
5	4.8534	4.7135	4.5797	4.4518	4.3295
6	5.7955	5.6014	5.4172	5.2421	5.0757
7	6.7282	6.4720	6.2303	6.0021	5.7864
8	7.6517	7.3255	7.0197	6.7327	6.4632
9	8.5660	8.1622	7.7861	7.4353	7.1078
10	9.4713	8.9826	8.5302	8.1109	7.7217
11	10.3676	9.7868	9.2526	8.7605	8.3064
12	11.2551	10.5753	9.9540	9.3851	8.8633
13	12.1337	11.3484	10.6350	9.9856	9.3936
14	13.0037	12.1062	11.2961	10.5631	9.8986
15	13.8651	12.8493	11.9379	11.1184	10.3797
16	14.7179	13.5777	12.5611	11.6523	10.8378
17	15.5623	14.2919	13.1661	12.1657	11.2741
18	16.3983	14.9920	13.7535	12.6593	11.6896
19	17.2260	15.6785	14.3238	13.1339	12.0853
20	18.0456	16.3514	14.8775	13.5903	12.4622
21	18.8570	17.0112	15.4150	14.0292	12.8212
22	19.6604	17.6580	15.9369	14.4511	13.1630
23	20.4558	18.2922	16.4436	14.8568	13.4886
24	21.2434	18.9139	16.9355	15.2470	13.7986
25	22.0232	19.5235	17.4131	15.6221	14.0939

Table 2: Interest Rate r = 1%-5%, Number of Periods n = 26-50

Number of Periods	1%	2%	3%	4%	5%
26	22.7952	20.1210	17.8768	15.9828	14.3752
27	23.5596	20.7069	18.3270	16.3296	14.6430
28	24.3164	21.2813	18.7641	16.6631	14.8981
29	25.0658	21.8444	19.1885	16.9837	15.1411
30	25.8077	22.3965	19.6004	17.2920	15.3725
31	26.5423	22.9377	20.0004	17.5885	15.5928
32	27.2696	23.4683	20.3888	17.8736	15.8027
33	27.9897	23.9886	20.7658	18.1476	16.0025
34	28.7027	24.4986	21.1318	18.4112	16.1929
35	29.4086	24.9986	21.4872	18.6646	16.3742
36	30.1075	25.4888	21.8323	18.9083	16.5469
37	30.7995	25.9695	22.1672	19.1426	16.7113
38	31.4847	26.4406	22.4925	19.3679	16.8679
39	32.1630	26.9026	22.8082	19.5845	17.0170
40	32.8347	27.3555	23.1148	19.7928	17.1591
41	33.4997	27.7995	23.4124	19.9931	17.2944
42	34.1581	28.2348	23.7014	20.1856	17.4232
43	34.8100	28.6616	23.9819	20.3708	17.5459
44	35.4555	29.0800	24.2543	20.5488	17.6628
45	36.0945	29.4902	24.5187	20.7200	17.7741
46	36.7272	29.8923	24.7754	20.8847	17.8801
47	37.3537	30.2866	25.0247	21.0429	17.9810
48	37.9740	30.6731	25.2667	21.1951	18.0772
49	38.5881	31.0521	25.5017	21.3415	18.1687
50	39.1961	31.4236	25.7298	21.4822	18.2559

Table 3: Interest Rate r = 6%-10%, Number of Periods n = 1-25

Number of Periods	6%	7%	8%	9%	10%
1	0.9434	0.9346	0.9259	0.9174	0.9091
2	1.8334	1.8080	1.7833	1.7591	1.7355
3	2.6730	2.6243	2.5771	2.5313	2.4869
4	3.4651	3.3872	3.3121	3.2397	3.1699
5	4.2124	4.1002	3.9927	3.8897	3.7908
6	4.9173	4.7665	4.6229	4.4859	4.3553
7	5.5824	5.3893	5.2064	5.0330	4.8684
8	6.2098	5.9713	5.7466	5.5348	5.3349
9	6.8017	6.5152	6.2469	5.9952	5.7590
10	7.3601	7.0236	6.7101	6.4177	6.1446
11	7.8869	7.4987	7.1390	6.8052	6.4951
12	8.3838	7.9427	7.5361	7.1607	6.8137
13	8.8527	8.3577	7.9038	7.4869	7.1034
14	9.2950	8.7455	8.2442	7.7862	7.3667
15	9.7122	9.1079	8.5595	8.0607	7.6061
16	10.1059	9.4466	8.8514	8.3126	7.8237
17	10.4773	9.7632	9.1216	8.5436	8.0216
18	10.8276	10.0591	9.3719	8.7556	8.2014
19	11.1581	10.3356	9.6036	8.9501	8.3649
20	11.4699	10.5940	9.8181	9.1285	8.5136
21	11.7641	10.8355	10.0168	9.2922	8.6487
22	12.0416	11.0612	10.2007	9.4424	8.7715
23	12.3034	11.2722	10.3711	9.5802	8.8832
24	12.5504	11.4693	10.5288	9.7066	8.9847
25	12.7834	11.6536	10.6748	9.8226	9.0770

Table 4: Interest Rate r = 6%-10%, Number of Periods n = 26-50

Number of Periods	6%	7%	8%	9%	10%
26	13.0032	11.8258	10.8100	9.9290	9.1609
27	13.2105	11.9867	10.9352	10.0266	9.2372
28	13.4062	12.1371	11.0511	10.1161	9.3066
29	13.5907	12.2777	11.1584	10.1983	9.3696
30	13.7648	12.4090	11.2578	10.2737	9.4269
31	13.9291	12.5318	11.3498	10.3428	9.4790
32	14.0840	12.6466	11.4350	10.4062	9.5264
33	14.2302	12.7538	11.5139	10.4644	9.5694
34	14.3681	12.8540	11.5869	10.5178	9.6086
35	14.4982	12.9477	11.6546	10.5668	9.6442
36	14.6210	13.0352	11.7172	10.6118	9.6765
37	14.7368	13.1170	11.7752	10.6530	9.7059
38	14.8460	13.1935	11.8289	10.6908	9.7327
39	14.9491	13.2649	11.8786	10.7255	9.7570
40	15.0463	13.3317	11.9246	10.7574	9.7791
41	15.1380	13.3941	11.9672	10.7866	9.7991
42	15.2245	13.4524	12.0067	10.8134	9.8174
43	15.3062	13.5070	12.0432	10.8380	9.8340
44	15.3832	13.5579	12.0771	10.8605	9.8491
45	15.4558	13.6055	12.1084	10.8812	9.8628
46	15.5244	13.6500	12.1374	10.9002	9.8753
47	15.5890	13.6916	12.1643	10.9176	9.8866
48	15.6500	13.7305	12.1891	10.9336	9.8969
49	15.7076	13.7668	12.2122	10.9482	9.9063
50	15.7619	13.8007	12.2335	10.9617	9.9148

Table 5: Interest Rate r = 11%-15%, Number of Periods n = 1-25

Number of Periods	11%	12%	13%	14%	15%
1	0.9009	0.8929	0.8850	0.8772	0.8696
2	1.7125	1.6901	1.6681	1.6467	1.6257
3	2.4437	2.4018	2.3612	2.3216	2.2832
4	3.1024	3.0373	2.9745	2.9137	2.8550
5	3.6959	3.6048	3.5172	3.4331	3.3522
6	4.2305	4.1114	3.9975	3.8887	3.7845
7	4.7122	4.5638	4.4226	4.2883	4.1604
8	5.1461	4.9676	4.7988	4.6389	4.4873
9	5.5370	5.3282	5.1317	4.9464	4.7716
10	5.8892	5.6502	5.4262	5.2161	5.0188
11	6.2065	5.9377	5.6869	5.4527	5.2337
12	6.4924	6.1944	5.9176	5.6603	5.4206
13	6.7499	6.4235	6.1218	5.8424	5.5831
14	6.9819	6.6282	6.3025	6.0021	5.7245
15	7.1909	6.8109	6.4624	6.1422	5.8474
16	7.3792	6.9740	6.6039	6.2651	5.9542
17	7.5488	7.1196	6.7291	6.3729	6.0472
18	7.7016	7.2497	6.8399	6.4674	6.1280
19	7.8393	7.3658	6.9380	6.5504	6.1982
20	7.9633	7.4694	7.0248	6.6231	6.2593
21	8.0751	7.5620	7.1016	6.6870	6.3125
22	8.1757	7.6446	7.1695	6.7429	6.3587
23	8.2664	7.7184	7.2297	6.7921	6.3988
24	8.3481	7.7843	7.2829	6.8351	6.4338
25	8.4217	7.8431	7.3300	6.8729	6.4641

Table 6: Interest Rate r = 11%-15%, Number of Periods n = 26-50

Number of Periods	11%	12%	13%	14%	15%
26	8.4881	7.8957	7.3717	6.9061	6.4906
27	8.5478	7.9426	7.4086	6.9352	6.5135
28	8.6016	7.9844	7.4412	6.9607	6.5335
29	8.6501	8.0218	7.4701	6.9830	6.5509
30	8.6938	8.0552	7.4957	7.0027	6.5660
31	8.7331	8.0850	7.5183	7.0199	6.5791
32	8.7686	8.1116	7.5383	7.0350	6.5905
33	8.8005	8.1354	7.5560	7.0482	6.6005
34	8.8293	8.1566	7.5717	7.0599	6.6091
35	8.8552	8.1755	7.5856	7.0700	6.6166
36	8.8786	8.1924	7.5979	7.0790	6.6231
37	8.8996	8.2075	7.6087	7.0868	6.6288
38	8.9186	8.2210	7.6183	7.0937	6.6338
39	8.9357	8.2330	7.6268	7.0997	6.6380
40	8.9511	8.2438	7.6344	7.1050	6.6418
41	8.9649	8.2534	7.6410	7.1097	6.6450
42	8.9774	8.2619	7.6469	7.1138	6.6478
43	8.9886	8.2696	7.6522	7.1173	6.6503
44	8.9988	8.2764	7.6568	7.1205	6.6524
45	9.0079	8.2825	7.6609	7.1232	6.6543
46	9.0161	8.2880	7.6645	7.1256	6.6559
47	9.0235	8.2928	7.6677	7.1277	6.6573
48	9.0302	8.2972	7.6705	7.1296	6.6585
49	9.0362	8.3010	7.6730	7.1312	6.6596
50	9.0417	8.3045	7.6752	7.1327	6.6605

Table 7: Interest Rate r = 16%-20%, Number of Periods n = 1-25

Number of Periods	16%	17%	18%	19%	20%
1	0.8621	0.8547	0.8475	0.8403	0.8333
2	1.6052	1.5852	1.5656	1.5465	1.5278
3	2.2459	2.2096	2.1743	2.1399	2.1065
4	2.7982	2.7432	2.6901	2.6386	2.5887
5	3.2743	3.1993	3.1272	3.0576	2.9906
6	3.6847	3.5892	3.4976	3.4098	3.3255
7	4.0386	3.9224	3.8115	3.7057	3.6046
8	4.3436	4.2072	4.0776	3.9544	3.8372
9	4.6065	4.4506	4.3030	4.1633	4.0310
10	4.8332	4.6586	4.4941	4.3389	4.1925
11	5.0286	4.8364	4.6560	4.4865	4.3271
12	5.1971	4.9884	4.7932	4.6105	4.4392
13	5.3423	5.1183	4.9095	4.7147	4.5327
14	5.4675	5.2293	5.0081	4.8023	4.6106
15	5.5755	5.3242	5.0916	4.8759	4.6755
16	5.6685	5.4053	5.1624	4.9377	4.7296
17	5.7487	5.4746	5.2223	4.9897	4.7746
18	5.8178	5.5339	5.2732	5.0333	4.8122
19	5.8775	5.5845	5.3162	5.0700	4.8435
20	5.9288	5.6278	5.3527	5.1009	4.8696
21	5.9731	5.6648	5.3837	5.1268	4.8913
22	6.0113	5.6964	5.4099	5.1486	4.9094
23	6.0442	5.7234	5.4321	5.1668	4.9245
24	6.0726	5.7465	5.4509	5.1822	4.9371
25	6.0971	5.7662	5.4669	5.1951	4.9476

Table 8: Interest Rate r = 16%-20%, Number of Periods n = 26-50

Number of Periods	16%	17%	18%	19%	20%
26	6.1182	5.7831	5.4804	5.2060	4.9563
27	6.1364	5.7975	5.4919	5.2151	4.9636
28	6.1520	5.8099	5.5016	5.2228	4.9697
29	6.1656	5.8204	5.5098	5.2292	4.9747
30	6.1772	5.8294	5.5168	5.2347	4.9789
31	6.1872	5.8371	5.5227	5.2392	4.9824
32	6.1959	5.8437	5.5277	5.2430	4.9854
33	6.2034	5.8493	5.5320	5.2462	4.9878
34	6.2098	5.8541	5.5356	5.2489	4.9898
35	6.2153	5.8582	5.5386	5.2512	4.9915
36	6.2201	5.8617	5.5412	5.2531	4.9929
37	6.2242	5.8647	5.5434	5.2547	4.9941
38	6.2278	5.8673	5.5452	5.2561	4.9951
39	6.2309	5.8695	5.5468	5.2572	4.9959
40	6.2335	5.8713	5.5482	5.2582	4.9966
41	6.2358	5.8729	5.5493	5.2590	4.9972
42	6.2377	5.8743	5.5502	5.2596	4.9976
43	6.2394	5.8755	5.5510	5.2602	4.9980
44	6.2409	5.8765	5.5517	5.2607	4.9984
45	6.2421	5.8773	5.5523	5.2611	4.9986
46	6.2432	5.8781	5.5528	5.2614	4.9989
47	6.2442	5.8787	5.5532	5.2617	4.9991
48	6.2450	5.8792	5.5536	5.2619	4.9992
49	6.2457	5.8797	5.5539	5.2621	4.9993
50	6.2463	5.8801	5.5541	5.2623	4.9995

Table 9: Interest Rate r = 21%-25%, Number of Periods n = 1-25

Number of Periods	21%	22%	23%	24%	25%
1	0.8264	0.8197	0.8130	0.8065	0.8000
2	1.5095	1.4915	1.4740	1.4568	1.4400
3	2.0739	2.0422	2.0114	1.9813	1.9520
4	2.5404	2.4936	2.4483	2.4043	2.3616
5	2.9260	2.8636	2.8035	2.7454	2.6893
6	3.2446	3.1669	3.0923	3.0205	2.9514
7	3.5079	3.4155	3.3270	3.2423	3.1611
8	3.7256	3.6193	3.5179	3.4212	3.3289
9	3.9054	3.7863	3.6731	3.5655	3.4631
10	4.0541	3.9232	3.7993	3.6819	3.5705
11	4.1769	4.0354	3.9018	3.7757	3.6564
12	4.2784	4.1274	3.9852	3.8514	3.7251
13	4.3624	4.2028	4.0530	3.9124	3.7801
14	4.4317	4.2646	4.1082	3.9616	3.8241
15	4.4890	4.3152	4.1530	4.0013	3.8593
16	4.5364	4.3567	4.1894	4.0333	3.8874
17	4.5755	4.3908	4.2190	4.0591	3.9099
18	4.6079	4.4187	4.2431	4.0799	3.9279
19	4.6346	4.4415	4.2627	4.0967	3.9424
20	4.6567	4.4603	4.2786	4.1103	3.9539
21	4.6750	4.4756	4.2916	4.1212	3.9631
22	4.6900	4.4882	4.3021	4.1300	3.9705
23	4.7025	4.4985	4.3106	4.1371	3.9764
24	4.7128	4.5070	4.3176	4.1428	3.9811
25	4.7213	4.5139	4.3232	4.1474	3.9849

Table 10: Interest Rate r = 21%-25%, Number of Periods n = 26-50

Number of Periods	21%	22%	23%	24%	25%
26	4.7284	4.5196	4.3278	4.1511	3.9879
27	4.7342	4.5243	4.3316	4.1542	3.9903
28	4.7390	4.5281	4.3346	4.1566	3.9923
29	4.7430	4.5312	4.3371	4.1585	3.9938
30	4.7463	4.5338	4.3391	4.1601	3.9950
31	4.7490	4.5359	4.3407	4.1614	3.9960
32	4.7512	4.5376	4.3421	4.1624	3.9968
33	4.7531	4.5390	4.3431	4.1632	3.9975
34	4.7546	4.5402	4.3440	4.1639	3.9980
35	4.7559	4.5411	4.3447	4.1644	3.9984
36	4.7569	4.5419	4.3453	4.1649	3.9987
37	4.7578	4.5426	4.3458	4.1652	3.9990
38	4.7585	4.5431	4.3462	4.1655	3.9992
39	4.7591	4.5435	4.3465	4.1657	3.9993
40	4.7596	4.5439	4.3467	4.1659	3.9995
41	4.7600	4.5441	4.3469	4.1661	3.9996
42	4.7603	4.5444	4.3471	4.1662	3.9997
43	4.7606	4.5446	4.3472	4.1663	3.9997
44	4.7608	4.5447	4.3473	4.1663	3.9998
45	4.7610	4.5449	4.3474	4.1664	3.9998
46	4.7612	4.5450	4.3475	4.1665	3.9999
47	4.7613	4.5451	4.3476	4.1665	3.9999
48	4.7614	4.5451	4.3476	4.1665	3.9999
49	4.7615	4.5452	4.3477	4.1666	3.9999
50	4.7616	4.5452	4.3477	4.1666	3.9999

PVIFA Table Use Case

Imagine you are receiving an annual payment of $1,000 for 10 years, and the prevailing interest rate is 5% per annum. We employ the Present Value Interest Factor of Annuity (PVIFA) to understand the current cash flow’s current value.

The formula to calculate the present value of an annuity is quite straightforward:

Present Value of Annuity = Regularly Received Payment × PVIFA

In this scenario, where the annual interest rate (r) is 5% and the number of years (n) is 10, we apply these values to the formula. Alternatively, you can refer to the PVIFA table. In either case, the PVIFA is found to be 7.7217. Consequently, the present value of the annuity is calculated as follows:

Present Value = $1,000 × 7.7217 = $7,721.7

This figure, $7,721.7, represents the current value of receiving $1,000 annually for the next 10 years, accounting for an annual interest rate of 5%. Understanding this concept is crucial for making informed financial decisions regarding investments and the valuation of future cash flows.