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Present Value Interest Factor of Annuity (PVIFA) Table

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:

1. 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.
2. 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.
3. 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.

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