.

:CI{APTER 37 ,

PART II-YALUATION

TNDEX
PecB

a
Introductory
1.1. Valuation I

1.2. Market value

1.3. Cost vs. Value 2

.,
Definitions
2.1. Tenures 2
2.2. Rent a
J

2.3. Other terms 4

3. Principles and Fqctors affecting the yalue

4. Methods of land valuation

4.1. Method of direct comparison 6
4.2. Method of rental lalue
;.3. Method of belting 9
4.4. Method of residual' value l1
4.5. Method of depreciation t1

5. Yaluation of built-up areas 12

6" luliscellaneaus

6.1. Severence 16
6.2. Betterments l6
6.3. Outgoings 16

1 Use of Yaluation Tables 16 i

i

a
Reference Books l7
 vi
APPENDIX-VALUATION TABLES
Tesr.B
I Pece
The anount of oae rupee at co:*.:cruJ
interest for a term l8
of years.
{I The amount of one rupee per a&a$n
with conpcuad iateresi 22
at the end of a term of years.
III Presstrt value of rupee ons p3r
aotun allowiag interest on
eapital at five per cent to eight p*, '26
and for redemption of capitil
-pe,
and ten per- ceni
"*o,
at tiree ."oi i"
per cett.
"i-glr-i
IV val*e of rupee one rec+ivable at the
freseaj end of a given 41
term at rates ofinterest ianging from
per cent.
lbur per cent to eight

_O:::-"*
value of rupee oil* pu"r arnun i-r perpctuity
afrer
a glvea numbei of vears, at varyiag rates of irr"?".ir_ngi"g 47
flrog floar p., to te,r p:r cent
"*oi
VT Anaual sinking fund for the re.lempti+:r
of rrrpee one capitzl
iaverted at_ varying rates of inrereit
cent to eight pcr cent.
,*iil, from five per

WI The sum payabie each year r.vhen it

is desired to pay off a
lgaa br equal annuai lastatrmenr" to il.ioo. interest and
siirking fund.

VIII The number of years in rvhich an

arnount is doubled by
accumulation at simple and compcund
intiiest.
 CHAPTER 37

PART il_VALUATTON
1. Iafrorluctory
1.1. Yatuatton.-Yaluaticu of a thing expressed in very simple form is the process
of estimation of the worth of that thing in terms of money which is the common
factor. Thus, when we say tbat the price of a kilogram of sugar is rupees two lr€
actually estimate the valuation of a kilogram of sugar. A knowledge of valuation
of a thing is necessary when we are confronted with the need to purchase or acquire
that thing. In almost all the activities of Engineering Departmenis, the first commo-
dity that we have to procure is land, either open land or iand with some existing
structures on it. All the development projects-roads, canals, dams, buildings, etc.
are ca"rried on scme definite land which has to be obtained prior to commencing of
engineering works thereon. We cannct obtain this land uniess we pay for it either
in terms of actual money or by book adjustment. The price of land therefore is
one of the items of expenditure of our Departnents. Where land is comparatively
cheap as in rural areas, the quantum ofland price may nct be very signiflcant but
where the projects are in develcped areas and particularly urban areas, the item of
land price will be a major item of expenditure in the projecf. We need to know,
tberefcre, the land price involved in the project to bare th.e picture of the financial
implications of the project. The land price will be a distinct ccmpcnent in the plans
and estimates of any project prepared for cbtaining administrative approval and
technical sanetion. We have therefore to be acguainted with tb.e prccess of land
vaiuation or fixation of prices of lands. Tho purpcses for which the valuation is
required to be done can be for sale, investment, cccupatton, ccmpulsory land acqui-
sition, insurance, mortgage, prcbate, auction reserve, inccme-tax, rating etc.
t.2. Market volue.-Tbs terms frequently encountered in lard valuation is
" Market value ". Actually, there is no such specif;c spct as a market wLere lands
are sold and purchased. Market value simply means the value realised uncer
a purely commercial iransaction nade under business principles. The need of such
I
I term a$ market value arises because lands are not alrtyays sold cr purcbased purely
I as ccmmercial ventures. There are not a few cases wh.en lands aro soid uader dis-
I
tress by owters badly in need of money" As against this there are also cases where
lands are purchased eilher as a fancy or just to inv*st tLe a.rncunt in scme inrimove-
able property. There are certain lands to which people attach sentinents and go
in for a purcb.ase at any pricc o^g. ancestral lands. There are oth.er la$ds wtrigtr
are particularly desired by a particuJar perscn ra'ho is prepared to pay a Ugh price
.fol it, Again there are land iransfers between relaiives wh.ere only token amcunts
are exchanged. All these transacticns cf land cannot be called ccmnercial iransac-
tions'acd the prices realised in thcse transacticos will not indicate the market
value of the land. The term " Markqr_va.-fue " is commcnly defined as the value
realised *hrggl****?l* willils vendg,sho is not un4er any ccmputsion to
I
any
c6ffiilffiidn to 6frfj term Frudent signifi*r
oft ues inthe area"
tggloj.gfbe
%#*-*
The tErm market value as defned in law-courts is the price that a nilling3ur-
:Fg"gYgyl-_Fl{*!geY
rB $29-2
"Sl-Aggpltly, having€uEre€ard-ro-iTil;ffie

i
 .lpq-:ld

conclition, with ali its existing advantages, and its potential possibilities
when laid
out in its mosi advantageous manaer, excruding any aooantige
due to tr" l:i:: i l
ouf cf ihe seliecre for the purpose$ for which th-e "rrryiog
prlperty is Jomputscrily acqrrired. :: ;'-::3
1.3. cosi vs. ya,lwe.*Fram the above descripticn of the market varue, it shsuld :i ;,=-:-.
be ob.;icus tr:h:,t vah'e is rot cost. L{anv a tir:lcs these i\:t-:::
iwc terias are wrcngiy used.
to eonvey the saffiffiT.rt trr.r, two terms are not al afi synonymous. care - - : -=-:,..
musi, ttrrerofore, be ta"ken in the risage of these terms to
see that tlrc euftect term
is used. 'oCcst", as we know is a:r acecEgl€ryirqt._g:pecdituge_LVAs*gqggglin
ccns;r',':ii:ts'fthing.It]ras,ffiffi.E*.E{2.ii;"o,,is'ii.at
n
coEpt"iisror-r io make the pureiase.
r"@p*sffiffi
ffi
di€Ta€Effiffi;eamann',lsfiruetsapa1at,ialh'cuseiaascIitaiy -llt.l*r1"y[;
plaee sueh as a hil!-top" He spends ravishtry
cn elecoraiing if rr"* cutside and
inside. Tjre aecount js
of his act-Lrel expenditure the cost -of
rnan immediately dies and his son who has not the
h"*rr. Ncw the rich
same faiioy for that house wants
to sell it. wili he normariy rearize priee equar to
the cost incurred by his father?
obviously not, u::less tlae house is purchasea by sorcecne :-: i--
rialing the sair.e ia.ncy
and money as the oae who eonstrueted it. But that man
wculc be a speciai pi;rcha-
ser and thcrel%re an exception. Ail others would be
vriilingto pay caty ccnsidering
the useiulness of the h.cuse ro thr*. V*l*al$ffi@
thegeneralusef,:1ncss.Also,va1uew@ciuajdemandfor
ffiEr
Thcre may however be some cases when,
Iraigg__yfryld be equal tc ccst. Sueh
eases would arise w?.eil ec,qls a,19_ ggrtTt
purchasers know tfi6T-ffi".ffilrfrd',6*floTi6ur r, tfi
an equai cosi if ?.'ney w'nt io ieri.,,e
the same usefulness.
2. Defiqlifions
I- r:
In eases of vaiuatlon v/e eoo,e across *any terms and it is necessaiy io :::i:s.
know l

their meaning. 'B' =

l€sFesfi
2.1. Tenures-(a) Free-rtord tenure.-This is a term denoting the highest
of ownership of land. -ao#*qls-tgg*dd-!ryp.ttv, form the l*a
as he is grescrii
called, is an absolute oJllg.ffi*qlai-proffiiuof, "i "?reehotder
cuo do what it
ject of courffir o*o.rr6ipffiH;;;;;
he tikes with sub_
al
and devolves ro his successors. He has not
{gpgv-u3v*:gri for owning the property
though he may have to pay GoverffireTl?ilsessment
whibh is leviable on all lands.
fn\ C
rerm denotins the occupation of a properry
i:::::T!::
!!),t"':::!:,,! t?* or contract
l'_ for, i .',ril;'i, Arru wu GD tl1E L(,IIII
k;;;; ; i#;#
&nd P'n'
:l"u:: i:rlr*i a definir"
of the lea.se. The lease, which is a writton dc
-- p"1i"a
r'--ve
generally--qtjs-$M*gJsrt'
tavt " r
1---^-
.is5sr- :-
a payment
Davmenr that i
thar is '
gltgaqy, hal_f:y*eady,quacerly_or-ai'ter rffiGu J0C:lL
ru
Th
:ilffi'tf;:
" +*;.i

oecupant'Thesecondi1ionsaW,rJ'kJ'%';-,,.Theleasealso
ffi;;iiil&;: r-al::e ,:
protlCe
reats ,ri
provides for a certain_d:!*gtg- p"iiod of occrifrdffil i1ii"pni"'C is caled tbe ,, term
of the lease ".*[?i;Eola-er tructed.
ca;"citerr propi,rtt for occupatioo uoa use to anolffi* "
reat. I
to the ir
TB,l3:
 ^,li
J/
!

under a lease on written and Eegistered docunent,

I,for a definite number of years

:*
;; :::: ::*:1.1"Y::"
a&cuntI ?i.t'i
;y
to be o b serv;tia;
perioclicaliv. ra"
;ffi;' ;#;; ;'jrfff
:
r.*n"r'J;d;Tfi;::;",i,::::;;:o
?j,:::!::y,!*,11n"
/|wffi--'person
callef,t'lesse;tf
: *- ;il; iffi",;
(c) Sublease'--This is a furth.er leasehotrd interesf ereated
grantiqg *.secondary lsase or subtrease by a iea.seholder by
has to be
ro anor&er. dil;;;il# ,*r* of a elrbtrease
tilan trre terrn. of tb.e raala rease. The irorder of
lessee, as he
'ess
is called,
a subreaseu or sub-
is primarfiy rcepcnsibie {* the pa*ty whc rias grantecr
sublease or the s.,blessor wfuo is aetuarxy a iessee him the
*r ta* *Jo i".ror. He (tha sub-
lessee) is also ihus in a way r€sponsibie
to the main lessar. a ruotu**u also eontains
prcvision of,rent, eovssa.nts aud term years,
of The terros of a subicasc must expire
at least oeo day earXier ghan the ternr of the n:.ain lease.
Tho foliowiqg exam-ple will further clarify the matter :_
'A ' is the absolute owner cf, a pr*perty. I{e
enters into contract with . B , and
allows hirn to oecupy the property fo} a pericd of
80 years from lst .Ianuary 1961
on an yearly raat of .Rs. 50. n A ' atrso puts conditioris
that a buirding should be
used ooly for resideafiar puryloses etc. -Now,
instead of deveroping th;;r;;;r;
'B' enters into coatraet *rttt ' co and a]lqws rri* to the property for
a period of 75 years from lst January "r-o"pi
1961. On annual
develops fhe pr"operty b5'construeting a resideniial
pffient of R.s. 7A" Ca
I
on renf, obtaining a_totar rent of Rs. 1,500 pcr ycar
urioi"!-rc gives the flats
I
uut hJias ro pay annuary
an amount of Rs. 450 per year towards municipal
I turru, ,*puirs and, sueh other
I expenditures.
I
In this exanaple 'A ' is the lessor, '8 , is the lessee or
I sublessor and . C , is the
sublessee' Theeontraetbetweea'Aoand.B
I " is arease*air"in" contract between
j 'B' and'c' is a sublease. The amounts ofRs. 50 and nr.
I
respectively in the rease aud the eublease.
io are ground rents
the lease while the. period of 75 years rs
rhe p"rioJof 6;;"r,
is the term of
the term or suuiaie" The eonditions
t
prescribed by 'A' in the lease ari covenants of the lease.

2'2' Rent.*Rentis an annual or periodie payment made for the use of land or
t
of land and buildinp.
(a)Groand rent.-rt.is the rent paid for the
use of rand usualy for the purpose
and privilege of building. ?here are two
o' types of ground ,"ot, .. secared ground
rent gnd " unsecursEl gvound rent o', When
a leaJe contains a covenant that the
lessee should construct a building within a eertain perioa, and the
constructodo the ground rent becomes a secured building is
ground rent. rn this case the
value of, the property has been enhanced, by
t'he tirr". uoJia"reby a security is
i
provided to the lessor in receipt of rents.
'
In ths above exampre, the ground
rents of Rs. 50 and Rs. z0 are secured ground
i i rents. when oo uoitciog is cons-
tructed on the land, the ground rent toJhe rersor
becom"r-uJ,io-*r"ured ground
I
i

i
I
rent' rn those cases, when there is a defaurt io puv*.ot * i"ot, the remedies
to the lessor to recov€r his rent &rs not secured.
E
I Tn 4329-2,a
f
I
 a ^ t T -.

(b) Rack rent'-Tbis is the rent receivable fot both

glound and the building' f::-1 l:e
property finally' In 5 ::csi-
This is the rent recei.reJuy the person who develops the ;* +---J:'
ih" utoo. example, the reni ofRs' 1,500 p€r annum is the rack rent'
;gs-+

the tolal overall rent from which experditures"ate not

:€* *'- ^-
(c) Gross -.-='t-i
In tho_.above example, Rs. i,500 is ttre gross rent to the sublessee.
--gJe

deiucted. "rng.-tf]1j.rsis i:isg $eas

-Lrv

are
(d) Net rent.-Thisis the rent remaiaing after all the various expenditures
(Rs' 1,500-
IeBcnbal
to the would be
*e s'ci;-;
deducted. In the above example the net rent sublessee

Rs' 450-Rs' 70) : Rs' 980' -.€ n--i ::--

6t I-5'
uss igsra
in liei: lof
2.3. Other terms-{a) Premium'-It is a lump sum payment made t-rj
*-a-o
iall Ii

rent or otberwise, before taking a lease'

is fsffir
i-aer: :

{b)Annutty.-itiltheannualequi.:alentofalumpSuma$ountpaidoncefor
years. Th" pto..ut of calculation of *Ceh is:
all but to be spreac ov€f a certain term of gfthst *
annuity is termed " deeapitalisction'"
gross or capital a
(c) capitalisation.-Itis the mathematical prccess of calculating
for a term of years or l'- +-- _ j:
value of an annurty (annuai rent or inccme)
receivable 14Ll:
--
:
i- +i:::;
d g! ev'
piip"tu"nv. T- +-- s -:
or capital-
(For calculating the annuity or capital value i'e. for decapitalisation
UULeL
.4 ..:-=j:
rate of interest and term of years)' !F*4__
lisation, the main factors to te considered are
oo@F€i:
year,s Purckase*.-{he multiplier of an annual inccme to obtain its
capitalised
(d) is sp€rin
at. ccmpound interest
i. *ilrd year,s purchase. rt iJ equal to the present value
"uil
of an amount u".o*oiu,.d over a deiinite number of years out of a unit amount
are also
6eposited Per Year. *.iltr hav
the inberent capacity
(e) Potentiality.-This is an abstract term used to signify scrl que
of iand for a Particular use' f!!s
Us fi*r
1.r'

$)Reversion.-:xherightofthe.lgssgr,whetherfreeholderolleaseholder'to inftrs
it tn"
receive back brs prop.rty
ofthe lease or sublease, is called right of reversion'
"od of capital In ca
(g) Yirtuat Rent.--Tbis is the actual rent plus the gnu{ equivalentpreneises' c,f el-t:l
incurred ;;rh; t*u", on additicns and alterations to the <:
exnenditure rirL
-i+L r!.

(h)Security.-Io"u,uofsecuredgroundrent,tb'esecurityismeaeuredbydivi! a:ea ;i
-!:-
u:. L

dingt}e.netrackrentbyg1ouncirent,i.e.,Security:*:# J-:_t:'

ef:--s l

!"!=-
*Year,sPurchcse(rP)._itisthefigurebyrvhich_thenetannualincorueis
prop"rty'. Year'spurchase is abtsjned a S;l--
multiplied to arive r'i C*p;t*i Value.ola A f-:._i
"i perpetual income.
il'v-liiiai"g r00 by rhe rate a-f interest, in rhe caee of
-\ic')'
ill,ja:'

:
i. C*pitut Value Net annual incsme x (YP)
(FrPetual) Iolc.r,
I

Pri*ciples aad Factors-aseeting the value

3.1. It is a recagnrsed principle of econcmics that vaiue cf a ccmuodity deperids t,,

ccmmcdity end the demand for it. The word

demand
upon the supply for lt
"r;t;
does not only signify tn. a.riru but ihe desire coupled witb tb'e ability to
pay
,.i r.h.' ::."',
 5

' 3.2. Land with or without build,ings is a peculiar type of commodity. Its supply,
strictly speaking, is limited and fixed once for all. However, a demand for land
is necessarily for a ce.rtain specific usse o.g.r agriculture, residential, commercisl,
industrial, etc, The fixed total supply of land contains much land in its natural
state not put to any such use. With the rise in demand for a particular land use,
more land can be made suitable for that particular use. Thus, in Holland low-
lying areas are being reclaimed for agriculture thereby incteasing the supply ofland.
InBombay, areasinthe Back-Bay and other foreshores arebeingreclaimedto inceaso
the supply of land. In developing towns agrieultural lands in the fringe areas
ere put to residential, commercial and industrial uses as demands for these land
uses increase. In all these activities ofincreasing the supply ofland, however, the
value ofthose lands is increased and also the value ofthe already available lands
is further increased. The general tendency, therefore, of a steady rnd growing
demand for land for various purposes is not only to increase the value ofthe land
which is newly brought into the market for development, but also to raiee the value
of that already develotrd"
3.3. Another factor which has a great relevance in land valuation is time. This
factor is most important in the rapidly-developing cities. The all-round development
in the course of time increases demand for land and hence the increase in land values.
In the case of a land valuation, therefore, the date for estimating the valuation is
a material point. It is for this reason that in the various statutes providing for land
eompensation on the basis of market value of land, a material date for land valuation
is specifically stipulated in the legal provisions.
3.4. Apart from these main factors affecting land, valuation in general, there
are also other factors which have a bearing on land values. For rural land which
will have only agricultural potentiality, the factors affecting land value would be
soil quality, facilities of irrigation, level nature of land, climate, accessibility to
tle market, etc. It is not necessary to describe in what direction these factors will
influence land values.
In cases of urban lands, it is generally tho exterior and surrounding conditions
or environs that have a major influence on tand values. Factors such as situation
with respect to the downtown area of the city, or the cornmercial or industrial
arca of the city and road accessibility to it are of great significance. Apart from
this, the available physical and social infrastructure (amenities of water-supply,
drainage, toads, schools, neighbourhoods, transport facilities, entertainment centres),
effects of pollution, etc., is also a materiai factor. Sometimes, the existing type of
settlement ethnic or income class also eontributes to land values. For instance,
-
a South Indian in Bombay might- be willing to pay a higher price for lands in
lvfatunga than lands in Girgaon, while a Maharashtrian would pay higher price for
lands in Girgaon than those in Matunga.

3.5. Somo of the other factors affec"ting the land and property values are as
follows:-
(i) Amount of capital availabie f,or investment in ihe country at a parficrrlar
time.
(#) Competition of other forms of securities.
(i#) Legislation"

:
 -_6

3.6. There are three different kinds of landed properties, namely, (i) agricultural
land, (fi) Accommodation 1and, which includes uses such as markets, gardens, play- -'--- -.-
-lld su --'
grounds, etc. (later this land becomes ripe for development and commands greater rh.' s:1; c': :
rent than agricultural land,, but is less secured) and (#i) building land. where the land" r-aiuaticn is
may be laid out into building plots, for sale or lease. cal be f-t::"
seldorn al.;
L^
4. Metlaods of land valuation UC -.-1.,-l
i4l!!u -
be mad.= l':
There are priinarily two types of methocis cf propefty vali;ation generally viciniq' ar -
followed iu this State:
as ic ';.':ai
(i) Method of direct comparison. sold b;' ii-<
(ii) Method of rental value. estima;irg I

not a Pie;l
As a further rnodification of method of direct comparison, the following two more real:.
methods are also in vogue, namely:-
Ai)
a,r'Lr T.
firr) Method of belting.
the varlcu:
(iv) Residual or developmenf method of valuation. colnnlix,:c;
'There is also another method cailed
" Method of depreciation these factc
" which is applica'ole
where no direct evidence ofrent is avaitrable. and ririte
date of tht
marked. S
4,i. iviethori of direet comparison ^-l^-
UIUC! f----
r!--
4.1.1. trt has been described eariier that marlcet valuc of aiand is the price that have an i:
a witling purchaser would pay to tfo.e wiiling vendor of that land. It is-therefore q €zi: r2:
obvioi:s that if a property to be valued was sold only a short time before thc vaXua- backgror-.;-
ticn, the price reatrised in that sale would be the bcst index of the value of that pro- are al:.o gt.
perty unless it has been observed that eithcr one of the parties to that transaetion
was under any compulsion ete. for that transaetion or there has been a consi- lr^
+, t.-,4.
derable time-iag between the d-afe of the sale and date fol valuation a.nd there has r'aiues ha-.'
definiteiy been rise or Cecline in lsnd vaiucs Cur"ing that ticre" Generally, however, mafiP: -a._

'.it is rare tbat tr^a property to, be'vatrued was sold a short tir""re eariier. Fut though i+ .2"-',:"
tha-t propert3, n:ight nct have been sold, thore lviil have beeq sale of ctlier properties buiiii:9.
in the vicinity of the property to be valued. h recold of sr:eh sales is obfainai:ie in .l- r_r-i --_
the office of the sub'registrar. These sales actually furnish a picture of the land market *i^1-+ l='
lUE!! v!'
in that loca1ity. The different properties sold constitute the differeni commodities
in that market. Now properties as market comnrodities differ from other items in 4.2. Ren!
as much as no Slvo properties are exacttry identical trike inangoes in a basket at fruit
4:1
market. It is for this reascn that different prices are realised by different properties
even if sometinnes they are sold on a same date. For example, no purch.aser
4 lUlL-!

fron it.
woulei pay the same price for an open plot of land with a frontage on a lane as he
of a gica
would pay to another open piot of land situated at a junction of two rcajor streets.
Again, if two plots have the same length of frontage to a same road, the plot with
iieas. E
annual ir
a regular shape will fetsh a higher price than a plot with a very awkward shape.
capiiaiiser
Hcvrever, aithough no two piots are exaciy identieal, there rnay be a number of
be'r$'eel ':
factcrs compa.rable in same two plots. t-t is this facicr of similarity which is the
ihis Pulli
basis oi this methcd of valuaticn. What is aetually dcne is io coirsider the property
to be valued aad coi:ipare it rvith others of kno',vn value (known becasse of its -eiven. -l
actual sale). lVliele a laci to be valued is similar to aiiotirei" iand sold in the visinity 'i'Per c'-r
pei c€nt :
 al 7

from the points of.size, shape, situation, road

flontage, depth, revel, etc., and if
the sale of that land is not mucir distant from
il the poioi oiiiile when the required
valuation is to be made, then the question
-is very ,ioopt" uoJa-ort the same price
can be fixed for the property to be valued..
suca oeiy ui*ft" cases arso, however,
seldorn arise and the problem conf,ronted is generally;;;;e;d;;*d;;
be valued with fairly.dissimjlar property. In
such cases certain allowances have to
be made for the various aissimilarities considering
the various properties in the
vicinity and the prices realised by them and judiei"r,
a urr"uu*rnt has to be made
as to vrhat price the property to be valued
would have fetshed had it been also
sold by its owner on the relevant date of 'va-luation.
estimating a varuation essentiaily consists of
li*iii-tn.r"rrre be seen that
forming u:uoi*roo5 assessment. rt is
not a precise mathematics. The more co,,est is
tne alarisru oi-- tn* satres made, the
more realistic wiil be the estirnated valuatioh
of the propei4,.
4.1'2, It has
arready been mentioned above that the
factors for comparison of
the various lands sold wourd be their shape,
communication, rate realised, date of the
rtro-Jililln-, ***oit;es of road
sale etc. fo raciiitaie a comparison of
these factors simuiraneousiy, itis best to all
mark the lanil;;il;r" pran ofthe arca
and *'ritc them in one seria! order giving
date of the transac{ion. cn thar uu*"
-p*p"rii't
tfte figrires or ,ui* rearised aad the
ituo, rf" o. varued is arso
marked' Such a plan by a statement or'rut", in the same serial
-s.ccompaniecl
order furn-ishes a. rcady picture of land maricet
have an immediate grasp^of
i" tne loea.ilty anc enables lo
the hnJ- values in the loiaiity ancl assessment of
a fair rcarket for the land to be .varued,. Detaiis *i ur." sares
I
I
'aluc
backgro*ecr {cire*mstances u*crert"n;ra tl" sale tookplar*,p*r;*u
and
their
t
I are also givcn in the statement accompanyicg tc the sare, etc.).
I the plan"
I
I
4'l'3' !'his mctFrod cornpari*g the land to be valued
-cf other lands
whose
y.{ues have been cstab,lished tr1ili, sales in market and
A"q 'rjihth
=
ffirer varue' ror ia{tlq;l ;:'#,,.;',',,
it ca'i"'not Jrrrvcve: 5e uiscd
;**
iyi i,',if}i ;;rr\::::::;;^,,:::
fcr llud wjti. uuitcings brcanst t&e diEsimllarity in
buiidiogs is usuaily very viide and ico tnamy trvo
allo,aaiices nill have to be rnade for
the various dissirnilarities with the result that
the a"u.t *ur*uu**nt of the oraluation
might deviate roueh from fhe actual valuo.

4.2, Rentatr method of valuatioss

4.2.1. The basis of this method cf vatruation js the eoncept that
a commcdity which can be invested property is
and a legula'r incameoan innuaSy be derived
from ir. This income may b,e rhs income fro*
of a ground renr or u tu"k rear if rhe property lerle,yityaier.o;;", or iq the form
iJ - o-uit-"d iilp*r,y as in urban
ei'ea*t'- r{rlre we know the capacity propriiv wlieg is to produce a regurar
annual inconle' fhe value "rin"
tn" property iiself will ttrererore naturally be the
"r trn ordir tc obtain
capitalised value of that income"
tlds capitalised value a relation
between tlie property and the income
that it yieids ::eeds? be estabiished. Fcr
this purpcse' al rark to the prope$y in Ehe
i list of assets ror-inoest*e::rt has to be
given' An amount kept r'n thJ savings aeeou,,t
I in a baatr< gives 3J2 per cent to
!
f
'4.pe-q
ceet interest. An arcount kepl in Governmsnt
I
Fro!.ideit F-und gives a s.z5
t cent iareresr. Aa arcount in a. fixed depr:sii
"-qg sehei.e -;&;1,.* lir*r?*n;r-
i f "f
I
I
I
I
6

cent to ? per cent in,terest, Ths gilt-edged securities of ;Government give about 4
to 4! per cent interest. An amount invested in shares gives rates of interest at
as high as l0 per cent to 12 per cent. There are thus diferent rateg at which interesls
ate obtained on investmonts. The reasons for these are covered by the type of
a particular investment. Brotdly this rate of interest inter alia depends os the
following factors:-
(a) Security ofgetting the rcturns.
(D) Ease ofcollection ofthe returntu
(c) Cost of collection ofthe returns.
(d) Security for tho iovested capital.
(e) Ease ofobtaining the capital back.
(fl Cost of obtaining the capital back.

Thus, when there is an absolute security and ease for getting the income as also
an absolute security and ease for getting the capital baok, an investcr will bg content
with a modest rats of interest on his invested oapital. All the investments are not
however absolutely seoure nor ar€ their returns always secute, Accordingly, the
investors expect higher rate of returns when they invest their capital in compata-
tively less secure investnents. There is thus a hierarchy of types of iavestment
depending upon the above-described six factors. The rates of returns portaining
to these investments also vary. Now, knowlng the returns or the annual income
fron these investments and the particulaf type of investment, we can fiod out the
capital value of the investment by capitalising the iacome from the investment.
Property is one such investment giving regularly aa annual income. Knowing this
iicome, therefore, we can find out the value of the property. For thi* purpose'
however, the income should be a nst income exclusive of all expenditures required
to maiatain that income.

4.2,2. This leaves the questioe of adopiing a suitable rate of interect for capitali-
sing the inccme. For this purpc$e, a datum line generally followed is the gilt-edged
securities or the securities of Government. Investments in such securities are ideal
as they canbe encashed anytime and their f,eturns are assuredly obtained without
any trouble. There is also nc question about insecurity both the capital and
the income as the body with which the capital is invested is Government
itself. The rate of interest in such securities is about 4 per eent to 4$ pq1 9e+!.
Returns from ctl.er pioperties can norv be compaied r,vith ihe retums frcri Govern-
ment securilies and it caa be decideC what percentagerate shculd they bear oa ths
value of the capital i.e. I'a1ue of the property. We may, in thrs connection, consider
first the secured grouad rents. They are the rents for the use of a land on whicb
the occupier or ihe lessee has constructed a good building fetching good rent which
is much nore ihan the reai that the occupier pays for the use of the bare land. In
these securecl ground rents, there is ample security to the lessor (the peison who
has leased the property on grouad rent) in obtaining his ground rent because in case
ofdefault the iessor can re-enter on the propefty and collect the rack rent and recover
his dues. Nevertheless, these rents are not so secure as income from Government
 9

f,ecurities which dolot also involve any trouble in obtaining the incqme. If, there ,
fore, the.rate of interest in Government securities is 4! :per cen!,. the rate of interest
-

ixpectedinthese secured gound rents should reasonably be, say, aboutll2 qqJgent.
trrgher i.e. 5 per cent; Next, would:come ground rents which are not secured i.e'
rentS from land on which lessee has,not made any construction. In these cases,
if the lessee commits a default and does not pay rents for some period, the lessor
can enforce his right of re-entry as stipulated in lease document but what he would
achieve at best is the termination of the lease and put a stop to the default. He
may not be able to recover his dues, because the property does not yield a higher
income than his rent. In such unsecured rent, the lessor, therefore, would
reasonably expect a rate of interest by a further ! per cent to 1 per cent higher
i.e. at 5$ per cent to 6 per cent. In a similar wayo the rates of interest expected
for rents from properties would have to be fixed.

4.2.3. This method of valuationviz. rental method of valuation is the most suitable
one for properties consisting of land and building because in these properties the
other method, viz. of direct comparison, cannot be effective due to the high degree
of. dissimilarjties between built-up properties. However, in built-up properties, the
rentfro.mthepropertyisnotperyetualbecause thebuilding isnot perpetual. Buildings
are wasting assets and depreciate with time. Their rental value, therfore, also depre-
ciates (although because of accommodationscarcitycondition and rent fixing legisla-
tions rents do not actually change) in market until finally, with the collapse of the
building, the rent from the building actually ceases and what is left is the open gound
which has a much less rental value. The calculation of the capitalised value of,
these rents has to be for a terminable period only and is rather intricate. It
involves the use of valuation tables specially prepared fcr the purpose and this
is explained subsequently.

4.3. Belting method]of valuation of lant'

t+.3.1. This is a modification of gg$g4 gJd,lrecJ comparison. As is well understood,
valuation of land involves on-e piece of tuiA with another of known
value. Where piece of land "orrrpuii6n'of
to be valued is similar to the lands sold in the vicinity in
respect of size, shape, depth, road frontage etc. the valuation of the former is possible
by direct comparison with the latter. However, if it is not so, as is generally the case,
and the plot has much greater depth from the road, the valuer may in practice resort
to what is known as the method of " Befting " i.e. by dividing the land into suitable
lelts to arrive at a proper valuation of such land.
,.
4.3.2. The value of a piece of land fronting on a road is more than that of the land
in the rear. The average depth of the plots fronting on the road will determine the
depth of the front or the first belt. In towns or cities the average depth of building
plots may generally range from say 15 m to 60 m depending upon the locality and thE
purpose for which the plots are used e.g. shops, houses, etc. The sales of such front
plots will determine the value of the land within the flrst belt. It is neither necessary
to determine the relationship between the values of front land and the rear land nor
is there any hard and fast rule as regards the relative proportion between the values
of,the frqnt land andjthe real land. However, according to the practice generally
followed valuers and also'Courts, the value of land idthe second and third belts- ,

'by
Tb 4329-3
 10

ls taken respec'tively at two:thirds and half the valuo of the land in the first belt"
The depth of the second belt is usually taken at one and half times the depth
of the
first belt while all the remaining land forms the third belt. Assuming that
the value
of plots in the front belt of 30 metres is Rs. 120 per square metre, thJfoilowing
table
shows the relative value of lands in the different belts, the total
depth of the land
from the road being 150 metres:'-

T.and Valuo
Belt in
Depth
ln r(s. por
m6tres sq. m.

First 30 t20
Second 45 80
Third t) 60

4.3.3- where the shape of the plot to be valued is not regular, there will be
some
portions of land known as " recess " land which do not fall
*itnio the perpendiculars
drawn from the front corners of the plot e.g. portion . cDF , of the plot .
ABCDE '
as shown in the sketch hereunder.

?nd
BE LT
VALUE
Rs.80 PER 5q.m.

lst
BELT
VALUE

Rs 12 0 PER SQ..m .

ROAO
R: RECESS LAND VALUE f of Rs. g0 per sq. m. i.e. Rs. 60 per sq. m.
In practicethe:valueofthe reoess land istalcen at tbree-fourths of the
value of tbe
bett in which it is situated. In the above sketch, in, i"*r, iu"i ;'cpff
fans in the
 ll
s€cond belt a16 hence its value will be throefourths of the value of the second bel
i.e,3 14 X Rs. 80, Rs. 60 per square metre.

4.3.4, The value of the land in eacb belt should be worked out. The total value
of land in all the belts divided by the total area will give the overall rates of value of
the entire land.
It should be borne in mind that the ' Belting Method'is to be used only in respect
of lands which are building lands or lands whicb have acquired $uilding potentiality.
Also where the actual instances of sales of rear or interior landi are availablo, they
themselves indicate the value of such land and the " Belting Method " may not be
useful, except as chedk on the value of the land to be estimated. This method should
not be used for valuing agricultural or garden laods.

4,4. Residual or development methotl of valuation

4.4.L. This method is a modification of direct comparison metbo{ whe-re ev_idence
pertains to snall plots and the area to be valued is large. Jt is commonly used for
valuing undeveloped lands whioh are likely to be in demand in future for building
purposes. By develqping tfoe laud, higher value which is latest in suob a prqledy
can be realised. In this method, a layout of the land to be valued is prepared (for
the best use to which it can be put), and the value of all the plots in the layout as
if developed and sold, is worked out. From the total amount so realised, tho est!
mated total cost of development such qglgrds, water supply,- drainage, street lights.
etc: is d;dfied6-Iilive it tte unaevitopeO value of land. The dJvelopment-cost
should also include tfoe ongineer's or architeot's fees, and also some amount for
developer's profit which may be about 10 to_?_q.,p._gl99lt of the total amount expeted
to be realised by sale of plots.

4.4.2. Example l/o. 1.-\y6en the area of ths land to be valued is 6 hectares
and sales of small plots are at Rs. 20,000 per hectare the valuation of undeveloped
landwould be-
Total Area 6 hectares
Less arca for roads etc. t hectare
Area of plots 5 hectares
Sals proceods Rs.20,000 per heotare Rs. 20,0@ X 5
: Rs. 1,00,000
Zess cost of development including engineer's fees, Rs. 40,000
legal costs etc.
Developeros profit say 10 per cent Rs. 10,000

Value of undeveloped land

(i;6ffi-
Rs. 50,000 .
i.e. Rs. 8,666 per hectare.
4,5. Methorl of depreciation
In this method allowance is to be made for the depreciation in the value of the
b{$tqe o" merho;Ai's;rffiief;fe;
Tb 4329--3a
 lz
applicable where the building is not new. The present value of the building is
Iouncl as lollows :-

First the present cost of new construction of such a buiiding is estimated. The
remaining futriie fife of the building is estimated approxirnately by inspection
and the depreciation is worked out from the year's purchase for fuil life, and year's
purchase corresponding to future life. T'hen the depreciated value of the building
is calculated from its present day cost of new construciion by multiplying with
the ratio ofyear's purchase for future life to year's purchase for full life.

5. Valuation of built-up areag

5.1. For th, p.rrpor" of estimating valuation, properties can be categorised into
two types :*
(c) Open land, and
(b) T-and with bu-ilding.

Seldom does a need arise to value a building separately from the,!and und-erne4th.
Actually, io far a! lrinciples of valuation *r" coo"rioed, io i Uuitt-np property,
the buildings and tle land unCerneath cannot.be,sqp3-r-ptgd for e_diiqijilii a--vatudlion
because the fwo form together a composite propeity. Wtrln a building
"c.ponefrts
is constructed on a ihnd the land gets married with the building to form one property.
.
A building cariiibt eiibt wifhoiittheiand-underueath. Rents from a built-up property,
- -' -* -
tn{1;a',are ;1iu;1! rell_":rl ta3-r""4 *o 1ne-61{!!djqs_!!91e-o":
T*
5.2. General rnethods of valuing open land have already been discussed earlier"
For estimating valuation of a built-up property, however, the first criterion would be
to ascertain whether the standing building adequately develops the land covered
by it. If it does not, for example if the land is in the heart of a city and the building
standing thereon is a shabby ground floor structure, the rent from such a property
would not represent the fair rent that could be derived by building investrnent on
the land. In other words, such a structure would mean that the inherent potentiality
of the land has not been fuliy exploited. d valuation of such a property on the
basis of the rent (which would be comparatively very meagre) would give an effoneous
result. In fact, a prudent way of developing such a property would be to puli down
the structure and construct another befitting the situation and the localitly. The
valuation of such property rvould, therefore, properly be made by valuingtheland
as open and availabie for development and adding to it, the value of the materiais
of the structure after deducting tie cost of demoliiion. In this cont-ext, it has to be
rCballed that nahre'of a prolieit! 13 the-pilce ihtl:"; prudent and willing purchaser
would pay and no prudent purchaser can be conceived to purchase the property
and allorv the shabby structure standing (herein, restrictions imposed by laws on
obtaining vacant possession of structure, are not considered). A;t1u,{gnJ Fu.rc-h-?s3r
would demolish the st_ructure, sell the scrap a"nd utilise the land fot {eveigp_igg.i!
i n"'-the''ddSt itiiii"tugdoui uouy.

5"3. Rental valuation of built-up property is made when tfie standing building
testifes that the inherent potentiality of the land. is reasonably exploited by the building"
 l3
that very little'residual.potentiality hirs remained in the land after the construction
of,tle building, that the land could not be reasonably put to a much better use.

taxes, then there are current and special repairs, insurance premium ofthe structure,
allowance for bad debts and vacancies (defaults in payment of rents and unrented
tenements), costs of collection of rents, etc. The example No. 2 at the end appendix
will make this clear.
The net rent calculated, next comes the determinatisn of percentage rate of the
returns frorn the property. This is a mater requiring good care. Ultimately, all the
returns of the property axe to be related to ti.e qeturns from Government securities
and a rate of interest is to be fixed on comparative merits as regards security of the
income, the cost of collecting it, and such other factors described earlier. Gengrally
thc rates of interest fro4 different lypes of property are as under:-

Rates of interest from"dif,erent types oJ'properlies

Nature of Property Rate of,Retun YP.

Per cent
t. Goiernment securities .! 4to +\ 25-22

) Agricultural land 5to6 20-16

J. Accommodation-land 5* 18

4. Ground Rents-
(a) Unsecrrred 512to 6\ 18-16
(6) Secured ' .. a$b 5J2 22-18

Residential Buildings-
(a) Cottages and Houses .. s\to 6\ 18-15
(6) Flats '6iot L6-14
'J.5-L2
(c) Tenements and Chawls 6to8
6. Shops 5to8 20-72

7. Offices 5*to8 18-t2

8. Factories 7 to9 r4-1,1

These rates are generally adopted tlough individual cases would deserve deviations
-type*of
according to the cOnSt o"tioo, iase of ioilection, tlpe of tenant, type of
business, etc.
 t4
5-4. Buildings, as has bcca statod earricr, havo a taminable lifo i.e. they are
not
perpetual. Tho incomes flom the built-up properties, thereforg
arc not perp€tual
but terminate af,ter a certain time. Tne incomerlasts only,upto,ihe future
tifeof ae
building. The future life of a buitding is not a mathematical hgure but is
an estimate
to be made on careful inspection of the building and study oI the materials
used in
construction, the workmanship, the date of construction, etc. The buildings are
classified into class r, class II and other types such as semi-permanent,
temporary,
I
Kacha structure. Class Buildings include R. C. C. and stJne buildings
and their
total life is taken on 70-80 years while that for class II Buildings is taken as
40-50
years. For other types, life is assessed by inspection.

5'5- After making an assessment of the future life of the building, the net annual
rent from the building sho rld not be capitalised perpetually but should
be capitalised
for the term of the future tife of the UuilAing beca-use it is only Curing that period
(when.the building is stand,ing) that rents would be derived fro*
ih" prop"rty. After
the building is demolished, the only thing left is the open land
and its value will there-
fore have to be added to the capitalised value of the building
rents. But this open
land value is not available immidiately and will be available"onty
after the buildin!
is demolished. Thereforq allowancs will have to be made to calculate
the preseni
day equivalent of this open land value. This is called .. deferring the
land value ,,
or finding the '! reversionary land value ". This is done by muitiplying the
open
land value by a figure known as " the present value o{rupee'one
obtainable after a
term ofyears ". This figure is obtained trom the vaiuaiion tables and is
a figure
with which a compound interest accumulates to unity over the said
number of years.
Thus, when it is said that the present value of rup"" on" obtainable
after 20 years
at five per cent is 0.3769, it means that the value ofrupees 0.3769,
or say 3g paise,
atfve per-cent compound interest for twenty years would be rupee one. rt is numeri-
cally equal to the reciprocal of what rupee tne would equal
to if accumulated over
twenty years at five per cent compoundlnterest.

From the above it will be seen that a value of the built-up property can be divided
into two components-(a) Value du3ing the tife of the UuilOini,
1a; value after the
building is demolished.

5.6. Value after the building is demolished is calculated by multiplying the open
land value by a factor called present value ofrupee one.

5'7' Example No, 2 : valuation of a buirt-up prcperty on Rental method.-An

old building with future life of :o yi6s, is tet at ns. s00 p;; ffir."
plolis 50o square metres. The land value in the locality is "r
Rs. l0 per square metre.
The building requires capital repairs costing Rs. 2,10b.
 l5
€ross Rent Rs.6,000 per lnnum
,-'I}is, 6iulf6ingg-:r :i: :'::i' i i,.,ii.': ::"r', ; :?.,. : r:r:ltiii.,;:r:,:'.;.: .4. -
jil:r -i;' ::i'il' .

,.' *-Municipal Taxes at 33&% Rs.2,000

.-,'
, Annual Repairs at 10% Rs. 600
,._: Mmagem"ot
at 5.% Rs. 300
"l:. 2,?00 Rs. 2,900 per annum
Net Rent' -'1 Rs. 3,100 Per annum
Y.P. at f'and ?l'.% for 30 Years x 12'6
Rs. 39,060
Zess cost of caPital rePairs "_ Rs. 2,100
Value of guilding-n;. 36960
add :
Reversion to land value 500 square metres Rs' 5'000
at Rs. 10 Per square metre.
P.V. of Re.l at sllreceivable after30years X 0'20
i.e. Present value of land . . Rs. 1'000
-Total Value Rs. 37,960
If in the above example, the future life of the building is 60 years or more, the
value of the property will be as under:-
Net Rent Rs. 3,100Per annum

Y. P. in perpetuity at 6\ '". '" t' 4 ? ''

Rs" 51"66?

5.8. For builrrjnet like qclqah,-hswil4*"Jgy-o":btlt'. .t**{9ty!!4 *g-$:9t1

a.'*' ffiv *rlltffitr f*,4 *-elb'
*re-*=*r-,==-::r-:====-
i
t-;1"^ii*f,ffitcd ^i laii-and buitding
as metfotd (depreciated
*. :..-....& -,;_ value
ffiEoO is applied(v:1%E*affiT6elorry'' -
2357 n**ple
-*3.'e
No.3 : Valuation of a built-up property tZkW 1t .t tt
-
,-- ,rl- ^ s

at a cost of Rs. 1 lakh was expected

by appilying depreciation
-A building constructed estimated
t; h*; aiuUlife of about 100years. Oninspectiontoday,itsfuturelifeis
approximately at about 40 years. The present day cost of newconstruction of such
a building is about 6 lakhs. If the value of the open plot of land containing the
building is Rs. 3,000, what is the value of the total property ?

of a similar new building : Rs' 6,00,000

Present day cost
Y. P. for full life.-Y. P. for future life.
DePteciation Y. P. for full life.
--$'3" ?€'
'€.,1"
Y. P. for 100 years at 5f 1e.8s rq*s;;€ E*bl,g5'b€u
Y. P. for 40 yearc at 5f 17.16 l:,i,rr
Y. P. for future life. ,'
Depreciated value : Present value of tne UiriiAing x Y. P. for full life.
* 17'16
- 6,00,000 x 19. g5-."
6,00,000 X 0' 862
5,17,2A0
Land value 3,000
Total valuc of the ProPertY Rs. 5,20,@
 r6
6. Miscellaneous
6'1. Severance.-B.y acquiring
onlv some n^rr;^- ^r z,--
l:tp..,ymaybedi,i,ii;;;ffi
non on account of severance,
tliifif::i?iiT.XTffi "#,.:ffift::
is acquired, rhe owner
rot.*ui-pt", ,ua.r" u;;;6f;]i.rroo,
of a bungarow
severance on account :fJd;;;;;# yay be
of the diniJuti"" ing ""rir[J ,"1i1,* "o_n.osarion for
the toss of the garden i"
i,o;- ;';1h", ir ""r*""irn, l,loguto* as a resurt of
bungarow is say Rs.,200.p". rh*t;; i;rr;;" rentar varue of the
to severance wiil be_toss uoou.ltil
i;-;;i';"tue
"o*nrosation on a""ount of damages due
5 per cenr __ 200
for severance.
:
X 20 Rr.-;;;;. 'No muttiplied by .l
,oruti,fr.i, n"ilJ"" #
ffff:::rJr#
5'2. Betterment.-This is the
increase io
a planning.'n"." o*'rhg
y:ru: due to improvement and deveroo-
rrT:lili::nfj|in i'"i.-r" ;;;r.
due ro g.uot or
,recovery of such ol;^I"l9h.acts
(e'g' j::o* etc.) provided for
"t*l*"]"'ict
o.""rlir",''1,"ETiffi JiXEi!tTr'.8ruruk#*::i:l*:1,n.,",r
or indirectly by way or upprJutiol
,;;" value of the propeny.
subjed ro annuar oursoings,
&oount that is,
importantitemroroutgoiog-Jure-:I*''"8 spent on capital r"pui.r.
-,U,fl:;:;'ffi::X,T;"J:fi"T,X'J""v ri"
{r) Annual ground rent, if
any.

{,1',j
f;HntJ'll';$"ffJ;:: "*u'' percenrase or cosr or the buirding).
{iy) Managemroi io"t,raing of
(y) Services sucl "or, and"oilecfion of rent.
cleaning
cases, n* *jrll.tifj:
.*'X?:T;i
righring ;il;;.r"n passases and stair_

jf- of rent loss due ro vacancies

"*"tnt or deraurt (usuaily

.t:': H"#iiJ|?i31:1x13#il'u;'
{.v.iii) G ov ernment assessment.
rareabre
";'; ;; inc,udes genera,

{r-rr) Annual Sinking Fund.

7. of yaluafion Tables
{Jse
valuation tabies a-re only
tables constirrcted on the
""" basis of compound interest.
5H#:'ifi:::;"";1":;i" @iir Jgurations involving accommodarion ar
y,+f$;;';:ft :ff:fr .Etl!ilT#.#la;rx*,,*"##;*; t,..r

ffitr;fi:*:":"itt:ff:lintended," *",,,,r,. nme and ;t,k ;ffi;"aruer in making

Tables appearine on pages
957 to 1016 of p.w.D. Handbook
(vol' II) have beenlncorporated .1970 Edition of
at the end of this cha-pter for ready reference.
#:,*""JT:#odified
to certain r"rrii""it*asr, These
for rhe rates of interesr ar 5 per
 i7

The following are the major valuation tables:

(1) Table of amount of Rupee one (Table No. I).*The figtrres in this table give
the amount to which u ,o* of top*t one would accurnulafe ovet a
given number
of years if that one rupee is invested at a giYen rate of eonipound interest. The
'number
columns show the inteiest rates cf accumulation while the rows sholv the
ofyears over vrhich the accumulation takes place'

Q) Table of present value of Rupee one (Tabte No. Il).-

-The figures in this table-
*Jinr ,*u"i oppotite of those in the above tabie, i.e., the table'"of amount of
,up.* oo* described above. They show what sum has tc be invested now so that
it accumulates to rupee one ovel a given number of years at a given rate of compound
number of years is shown
interest. The rate of interest is shown in eolumns rvhile the
in rows.

(3) Tableaf amountof rupee'aneperaw,rum (TableNo.Y).-The figirres in this

table give the amount to wtiicii u r*ii.u of deposits of rupee one at the end
of each
y"* #lff:ur"umulate in a given period at a given rate of comp-ognd interest. The
given rate of compound interest
iiven number of years is sh,own in rows and the
is shown in columns.

(4) Annual Sinking Funit (Tabte No. YI).-The figures io this table show what sum
*uri t" deposited annually to a.ccuroulate at a given rate of compound interest
to produce rupee one ovel a given number of years. The figures in this table
are
theiefore the exact opposite of the figures in the above table.

-,:,,(5) Table of present value of Re. I per annum or table of Years' Purchase (Table
tli.'ttt).---fhe main purpose of this table is to estimate the present capital value of
an io.o-e receivable in perpetuity or for any given number of years. The
actual
figures in the table show, ui u*tying rates of, interest, what sum might reasonably
b! paid for a series of sums of Re. 1 receivable at the end of each of a given number
ofJuccessive years. By applying the appropriate figure in the table to the
net income
of the properiy to be vaiurd, *" u,trive at the estiraate of the market value' Whera
the"uoappropriate figure of Years-ffiid[as6Tai-be found
the income is perpetual one,
quite simply by dividing i00 by the rate per cent at which the purchaser may leason-
ufufy orr"hi, purchase *ott"y ; but where the income is receivable for
a limited number of years, the calculation is complicated by the fact that
"*p*"iinterest not
interest on his money throughout the term at the given
only wili the purchaser expect
rate per bot he ought also to be setting aside annually out of income some
"*ot,
amoint (a sinking fund) which, at compound interest, will be sufficient, by the end
of the term, to replace fhe capital iavested.

8. Reference $ooks
(l) Modern Methods of Valuation of Land, Houses and BuildinEs, bY Lawrence,
Rees and Brition.
(2) Complete Valuation Practice, by Mustoe, Eve and Anstey'
igi Co*p."sation for CompulsoryAcquisition of Land, by Omprakash Agarwal.
(4) Valuation of Lands and Buildings, by Parks.
(5) Valuaiion of Real Property (Tables), by A. E' Mirams'
TB 4329-4 (13,1 36-.3-8i)
 ig
AP'PENDIX

rabresorinreresr',:11"Y#T'Hf
?if:andsinkingrunds
-" -
TABLE I
The amount of
a rcnn or
Erampu,;-R5,,
i"i,i,'"?iii":'.::';K:::::,fl
.riuz0-years. cc4{ yrll,amount to
v,ears

:. . , . " . rudof Rs.265.3 af the

5 per cent
Value'
I 1.050 Value
, 1.103
35 5 .156
68
3 36 5.792 27.598
4, ' 1.
7.216
I58 3t . 6.081
69 28.978
.r
5 . 1.n6 38 ', 6.'395 .' 70
71.
30.426
39
- 67..-l 1.340
|,407
40
6.105
7.040
72
31.948
33.54s
8 r.477
4l ' 7.392 74
35.222
42
9
IO
r.551 43
- 7.762
8.150
75
36,994
38.833
1.629 76 ,
1l t.710 44 8.557 40.774
t2 45 77 42.813
r.796 8.985
;13, 46 9.434
78 44.9s4
l4 1.886
1,.990
.47 , . 9.906
79 47.201
t5 2.W9
48 10.40I BO 49.56t
l6 49 to.92l
. 8l 52.040
2.183 82
t7 2.292
50 rl .4s7 83
54.641
l8 2.407
51 12.A41
84
57.374
l9
'20 2.527
52 12.643 60.W
' 2.653 .
53
s4
13.275 85
86
63.254
66:417
21 2.786 {s
13.939 , 87,
'22 2.925 " 14.636 69.738.-
77 . :.3.472 56
\1 '' 15.367 B8
89.
73.225
76.886
24
?{ , 3.45 ,58 16.136,
16.943 90 80.730:
3.386 9l
26,, 59 r7.790 84.767
n :
3;556,-
3.733
,60 -t 8.679 92
93-
89.005,,
28- 3.920
6l 19.613 93.455,
29 62 94 98, 128
r 'i: 20.59.4
3-0
4.116,. : 63,. ..21,623
,
95- 103.03s
4,;322 96
3'l:i 4.538
64 22.705 o?
108.186
32, .:' ' 4.765
65
66
23.840 '98 ,
I13 .596
119.276
33 5.003 25.A32 99
34 5.253
,
,67 26.283 125.239
100 131.501

6 per cerit --
Years
Value Years
I 1.060
z 14 2.261
1.124
J 1, .191
15 2.397-
27
)e
, 4;822
4 1.262
16 2;540 '29 s.112
J 17 2.693 5.418
6
r .338
1.419
18
,19 2.854
30
3l
. ,5.743t
7 r.5u 3.026: 6.088
a 20 JZ 6.453,
1.594 3.207
9 1.689 ' : :.
21
22
3.400
'3.6A4
JJ.
J+
6;841
7.251
10 1.791
tt 3.820
J] 7.686 .
1.898
12 24 4.u9 8.137 .
2.a12 25 37 '
13 4;2A2 8.636
2.133 26 4.549
38 , 9.154
39 9.704
 19

TABI-E l*contd.

6 per cent

Value Years Value Yeals Value

Y"*;
34.967 81 Lt2.rM
40 10.286 or 18 .872
37.065 82 1
4l 10.903 62 1%.00s
39.289 83
/a 1r.557 63
B4 i33.563
t2.250 br+ 4r.646
43 44.r45 B5 141.579
12.985 65 l 50.074
44 46.'794 B6
4) t3.165 66 1 59.078
49.601 87
4b 14.590 67 \68.625
52.577 8B
47 15.466 68 118.740
5s.732 B9
48 16.394 69 I 89.465
70 59.076 90
49 17 .3'18 91 200.832
18.420 71 62.620
50
66.378 92 212.882
5l t9.525 72 225.655
IJ ?0.360 93
52 20.697 't4.582 94 239.1,95
21.939 74 253.546
53
11 r{5 '/) 78.057 95
54 83 .800 96 268.759
55 a.650 /o 284. 885
88.828 97
)o 26.129 OR 301.978
n.697 78 94.1 58
57 99.808 99 320,096
29.359 79
58 t05.796 100 339.302
59 3l.l2a 80
60 32.988

*.-=------
7 Per cont
Years Value

10.6'17 69 1C6.532
I 1.070 35
rt.4'24 70 1 13 .989
1 .145 36 121.969
2
r.225 3',1 12.224 7l
13.0?9 1) 130.506
4 I .311 38 t39.6iAz
13 .995 IJ
) 1.403 39 NA t49.417
1.501 40 14.974
6 158.876
7 1.606 4l rc.on 75
t1t.o7
An 17 .r44 76
6 1.?18 1.7 I 83 .40
1.838 +J 18.344
9
19.628 7B i95 .86
l0 1.967 44
2l.aoz 79 209.56
11 2.105 45
. a<1 22.473 80 274.23
l2 46 239.93
A1 24.046 81
13 2.4r0 82 256.73
2.s79 48 25.129
74
49 n.*a 83 n4.70
l5 2.159 B4 293.93
l6 2.952 50 29.4s7 14.50
51 31.519 85 3
t1 3.159
33.125 86 336.52
18 3 .380 52 360.07
53 36.086 87
t9 3.611 88 385.28
3 .870 54 38.612
20 412.25
27 4.14r )) 41 . 315 89
90 M|.10
a, 4.430 to M.201
4.74r )I M.302 9l 471.98
23
50.613 92 505.02
?A 5.072 )6 540.31
59 54.156 93
25 5.427 94 578.20
s .80? 60 57 .946
26
62.403 95 618.67
6.214 61
27
66.343 96 661.98
?R 6.649 OL
70.987 9.1 108.32
29 1 .1r4 63
7s7.90
30 7 .612 & 15.9s6 98
10;95
3r 8 .145 b) 8l.n3 9:9 8
861.72
66 86.962 100
a) 8.715
JJ 9.325 67 93.049
9.978 68 99.563
34

TB 4329--h

r
r
 fn

TABLE \-contd.

8 per cent

Value Value Years Value

1
1.080 35 14.785 69 202.41
2 |.166 36 15.968 70 218.61
J 1.260 37 17.M6 ll 236.09
4 1.360 38 18.625 72 254.98 rL:
) 1.469 39 20.1 ls /J 2',15.38 #
6 1.s87 40 21.72s 74 291.41
? 1.714 4l 23.462 75 321.20 jt3
8 1.851 42 25.339 '76 346.90 xa
9
10
1.999
2.149
43
M
21.36'1
29.556
77
'18
374.65
444.63
*g
11
t2
2.332
2.518
45 31.920 79
80
437.AO
411.95
t
46 34.474 1i
13
t4
2.720
2.937
47
48
37.232
40.2t1
81
82
509,71
s50.49
2
15 3.172 49 43.437 83 594.53 :"*
16 3.426 50 46.902 84 642.90
l7 3.700 51 50.65 6) 693.46
18 3.996 52 54.71 86 748.93
19 4.316 53 59.08 87 808.85
20 4.661 <n 63.81 88 873.56
21 5 .034 55 68.91 89 943.M
22 5.437 56 74.43 90 1018.92
23 5.871 JI 80. 38 9l 1100.43
24 6.341 58 86.8r a') I 188 .46
,\ 6.848 s9 93.',?6 93 1283.54
26 7.396 50 rct.26 94 1386.22
27 7.988 6l 109.36 95 1497.12 1?
28 8.627 62 118.11 96 i616.89
29 9 .3r7 63 127.55 97 1746.24
30 10.063 64 137.76 98 1885.94
31 10.868 65 148.78 99 2036.82 ;
n It.737 66 160.68 100 2199.76
33 12.676 67 173.54
34 I 3.690 6B t87.42

9 per cent

Value Value Years Value

I 1.090 2l 6.109 41. 34.236

2 1. 188 at 6.6s9 42 37.31 8
3 1.295 23 7.258 43 44.676
4 1.412 24 7.911 44 44.337
) I .539 25 8.623 4) 48.327
6 1.67',r 26 9.399 46 52.677
1 L828 27 r0.24s 47 57.418
8 1.993 28 lr.t6'l 4B 62.585
9 2.172 29 12.172 49 68.218
10 2.367 30 13.268 50 74.358
l1 2.580 3i 14.462 51 81.05
1) 2.813 32 15.763 52 88.34
13 3.066 17.182 53 96.30
14 3.342 34 18.728 54 104.96
15 3.643 35 20.4t4 114.41
16 3.970 '36 22.2s1 'J
56 r2A,7l
t7 4.328 3t 24.254 135.93
18 4.717 38 26.437 58 148.16
t9 s.t42 39 28.816 59 161.50
20 5.604 40 31.;409 60 t76.03
 2l
TABLE l-cancld.

9per eent
Years Value Value

6L 191.87 75 641.19 89 2142.7

62 209.14 76 i 698.9 90 2335.s
63 227.97 17 ;761.8
-
9l 2545.7
64 u8.48 ?8 830.4 v2 n74.8
65 n0.85 79 ;905.1 93 30u.6
66 295.22 80 986.6 9.' 3296.9
67 321.79 81 1075.3 95 3593 .5
68 350.75 82 1t72.1 96 39r6.9
69 382.32 83 rn1.6 97 4269.4
70 416.73 84 t392.6 98 M53.7
7I 454.74 85 t517.9 w 5072.5
495.1,2 86 1654.5 t00 5529.0
73 s39.68 87 1803.5
74 588.25 8B 1965.8

10 per cent

Years Value

1 .100 35 28.102 69 7r7.95

1
t.210 36 30.913 70 789.75
2 71 868.72
3 I .331 3? 34.004
1.464 38 37.&4 72 955.59
4 r05t .15
1.611 39 4l IJ
5
40 "145
45.2s9 74 t156.27
6 |.1"12
4 4L 49."t85 t) 1271.90
8
1.949
2.144 a
+5
54.7& 76
77
1399.1
1539.0
9 2.358 @.240
2.594 44 66.264, 78 1692.9
10 79 t862.2
11 2.853 45 72.890
3.138 46 80. 180 80 2048.4
t2 88.197 81 2253.2
t3 3.452
3.797 48 97.011 82 M78.6
t4 49 106.7t9 83 2726.4
15 4.177
4.595 50 rr7.39t 84 2999.r
t6 U) 3299.0
11 5.054 51 129.13
<? 142.04 86 3628.9
I6 5.560
6.116 53 1s6.26 8? 3991.8
19 4390.9
o.IAt 54 17t.87 88
2A 89 4830.0
at 7.400 55 189.06
5315.0
n 8.140
8.954
56
57
207.97
228.76
90
91 5844.3
23 92 6428.8
ffr 9.850 58 251.64
59 276.80 93 7A7t.6
25 10.835 7778.8
60 304.48 94
26 11.918 8556.7
13.110 6l 334.93 95
27 96 9412.3
28 t4.421 62 368.42
.863 63 405.27 97 10353.6
29 15
11388.9
17.M9 64 445.79 98
30
19.194 65 490.37 99 12527.8
3L
32 2t.ll4 66 539.4r 100 13780.6
33 23.225 67 593.35
34 25.5# 6B 6s2.68
 22

IABLE II
Tlte annuw of one rupee
per annum with. compauncr
interest at trte enfl
s7
Exanrpte.-yearry.. sum
of Rs. 'r;{Tr:{r:"*'
*iir ,i1",x::r:0. 115. per cent compound interesr
".""i"rJi Years

==-*% SP"rooiT_=--_----- +J
TA
Years Value .rears Valug 45
Years Value 46
j 47
I.000 J) 48
2 2.05c 90.320
3.153
36 95.836 92 55e.55t 49
-4
4.310 101.628 !,1 s88.529 50
5 5.s26
:i8
n7.lrc !: 6t8.es6
6 6
39 114.09s !: 650.e03 52
7
"802
8.142 ffi 120.800 !', 684.48 53
8
9.549
41
la 127 . !1 7t9.s7o 54
9 tl .47 nz 135 .t32
R4u
!) 7s6.6s4 55
10 t2.s78
+J 142.993 19 7es.48s 56

jI!!
t1 44 151.143 836.261 57
14.207 {)
t2 i59.700 87e.074 58
15.917
t3 17.713
46 168.6s5 ll eU.027 59
t4
19.599 178 .119 :y 97r.22e 60
21.579
4B 188.025 :: 1020.7e0 6l
16 23.657
49 198.427 x: 1072.830 62
2s.840
50 209.348 11 1127.47r
1B 28 .132
5t
st u0.81s X! 184.845
19
20
30.539
53
232.856 I?
g9 1U5.087
rn8341
33.066 24s.499
2L .35.719 54 25E.771 Ii
Ig
1374.7s3
22
L-)
38.505
41.43t
55
56
272.713
287.348 p2 1444.4s8
tsri.Z2i
24
25
44.5o2 57
58
302.716 7t!
y^! 1s94.@7
j675.338 Years
47.D7 318.851
26 51 .113
59 335.794 X: r7@.ros
27 s4.669
60 353.584 :: r84e.1r0
28 58.403
51
62
372.263 7:
y^) r942.s6s
2040.694
2
3
62.323 391.876
30 56.439 63
& 412.470 :9
y^! 2143.728
2zSL913
.*
5
70.761 434.093
33
75.299 65
66
456.798 ::
,12
z36s.sto
u84,786
6
"l
l4
B0.064
8s.067 67
480.638
505.67A
ruu 26tO.025 8
68 531.953 9
l0
-% 1l
t2
13
6 per @nt ^%*.--_ru t4
Years Value l)
Years Value 16
Years Value t7
I 1.000 18
a 15
2.06{J 23.276
29
t9
J 16 25.673 73.U0
A
3.184 11 30
20
t.J/J 28.213 79.0s8 21
J
s.637
t8 30.906 31 84.802 22
o 19 JZ 90.890
6.975 33.760 23
7
a 8.394
21
36.786 JJ
34
97.343
104.184
u
9.897 39.993 25
9 22 47 4o1 J) 111.435
11.491 26
t0
11
13 . 18I
23
24
46.996
50. 81 6
36
JI
1t9.t21
|n.268
n
14.972 38
28
12 25 54.86s I 35.904 29
I6.870 zo 39
r8.882 59.156 145.058 30
40
li
2t .01s
27
,a 63.706
4l
154.762
6s.048
tl
68.52s I
.rt
I'l:i* JL
33

.b.--
 23

TABLE lI-contd.

6 per cent

Years Value Value Years Value

43 187.508 63 638.148 83 2083.412

44 199.758 64 677.437 84 2209.4:t7
45 212.744 65 719.083 85 2342.982
46 226.50:8 66 763.228 86 2484.561
+t al.o99 t)/ 810.022 87 2634.634
48 256.56s 68 859.623 88 2793.712
49 n2.958 69 912.200 B9 2962.33s
50 290.336 70 967 .932 90 3141..b75
51 308.756 71 027.008 9l 3330.540
52 328.281, 72 089.629 ot 3531.372
53 348.978 73 156.006 93 3744.254
54 370.917 74 226.367 94 3969.910
55 394.172 t) 300.940 95 4209.rc4
56 418.822 /o 380.006 96 44f,2.6s1
57 444.952 77 463.806 4731.410
58 472.649 78 552.634 98 5016.294
59 502 .008 79 646.792 99 5318.272
60 533.128 80 746.600 100 5648.368
6l 566.116 81 8s2.596
62 601.083 82 964.54{)

7 pet &^t
Value Years Value

I 1 .000 34 128.259 67 1314.900

2.070 35 138.237 68 1408.039
3 3.215 36 148.913 69 1507.602
4 44& )t 160.337 70 16t4.134
5 5.751 38 172.56t 7L 1728.124
185 .540 1a 1850.092
6 7.153 39
8.654 40 199.63s IJ 1980.599
8 1,0.260 4L 214.610 2120.ar
9 It.978 +z 230.632 /f, 2269.657
10 13 . 816 43 247.776 76 2429.53
t1 l5.784 44 266.12r 77 2600.60
t2 17.888 45 285.749 78 2783.64
13 20.141 46 316.7s2 79 2979.50
l4 22.550 A1 329.224 80 3189.06
15 25.r29 48 3$.no 8l 3413.30
t6 27 .888 49 378.90 3653.23
r7 30 .840 50 406.529 83 3909.95
18 33.999 51 435.986 84 4184.65
t9 37.379 467 .s0s tt) 4478.58
20 40.99s 53 501.230 86 4793.08
2l 44.865 54 5n.316 87 s129.s9
22 49.006 )) 515.929 8B s4s9.66
23 53.436 56 6t7.2M 89 5874.94
24 58.177 )/ 667.451 90 6278.19
25 63.249 5B 'tog.752 9l 6728.29
26 68.676 59 759.365 92 7200.27
n 74.484 60 813.52C 93 7705.29
28 80.698 6l 87t.467 94 824s.66
29 87.347 62 933.469 95 8823.85
30 94.461 63 999.812 96 9442.52
tffia.799 o'l
3l 102.073 64 10104.50
32 110.218 65 tt46.755 98 10812.81
33 1 I 8.933 66 1228.028 99 r1570.71
i00 12381.66
 24

fABLE Tl=-contd,

8 pecent

1., r.000 ,35 r72.317 69 2s17.667

'2,
,^: 2.080 36 t87.LA2 70 nn.o&o
3.246 SI N3.070 7l 2938.636
4' t::: 4.506 ,38 22A.X6 72 3174.781
t 5.867 ,39
238.491 73
6t' 1,336 3429.764
40 259.057 74 3705.145
7 8.923 41 280.781
,$: t0.6t7 42 344.2A4
75
76
N02.5s7
9- . 12.488 43 329.5i83 7:7
4323.76
467A.66
10. ., 1,4.487 44 356.950 78
1l 1.6.@3 5A45.32
45 386.506 79 s449.94
12 18.E77 M 418.426 80 5886.94
13, 2r.495 .+l 452.900 8i
1.4' 24,215 6358.89
48 4W.132 82
15, n.$2 +9 s30.343 83
6868.60
74t9.A9
t6 30.324 .50 573.7.10 84 8013.62
17 33.750 5l 6n.672 85 8655.71
18 37.450 52 671.326 86' 9349.t6
19 4r.46 53 726.I32 87 10098.10
20 45.762 54 785.1.14 88 10906.9+
21 50.423 55 848.923 89
22 55.451 i1780.50
56 917.837 90 12723.94
23 60.893 )t 992.264 91 1tt42.85
?A 66.765 58 rc72.645 92
t{ 73.106 59 1159.457
14843.28
93 16031.74
26 79.954 60 1253.213
n 87.351 61, 1354.470
94
95
17315.28
18701.51
28, 95.339: 62 1463.828- 96
29 103.966 63
n198.63
1581 .934 97 21815.52
30' I 13 .283 64 1709.489
3l 98 23561.76
123.346 o) 1847.U8 99 25M7.70
32 134.214 66 1996.028 i00
33 r45.951 27484.s2
67 2156.719
34 isB.627 68 2330.?47

9 per cent

Value Years

.l 1.000 20 51.160
:., 39 309.0?
2.090 2l 56.765 4g 337.88
3, 3.n8 22 62.873 4l
4 4.573 23 369.29
69.532 L','
5
:lt
5.985
7.523
u 76.790 43
403.53
440.85
84.701 M 481.52
7 9.mo 26 93.32 45
8
9
11.028
13.024
n 102.72 46
525.86
s74.19
28 1t2.97 47 686.86
10, 15.193 29 t24.14
1t r7.560 48 624.28
30 136.31 49
12 20.147 3l 746.87
149.58 50 815.08
13, 22.953 1) 164.04 5l'
14., 26.019 JJ
889.44
179-80 5r. 970.49
15 29.361 J+ r96.38 53. i058.83
16 33.003 35 215.71
t7 36.974 s4 1I55.13
36 236.r2 55
1B. 41.301 1260.09
JI 258.38 56
l9 46.018 38 282.63
1374.50
57 149E.21
_-

25

TABLS f7-concld.

9 per cen{
Value

58 1635.13 73 5985.3i 88 ?l.wa.7

59 1783.30 I1 6524.98 89 23796.5
60 19M.79 t) 7tr13;23 90 2s939.2
6l 2120.82 76 7734,4 9L 28n4.7
62 23t2.70 77 8453.3 92 3A820.4
63 2521.84 78 9215.t 93 33595.3
& 2749:81 79
80
10045. s
10690.5
94
95
36619.8
39916.6
65 2998.29
oo 3269.13 81 11937.1, 96 43510.1
67 3564..36 82 13012.5 >I 47427.0
qR 51696.5
68 3886.1 s OJ 14184.6
4n6.94 84 15462.2 99 56354.2
69
70 4419.22 6f 16854.8 100 61422.7
7l 5035.95 B6 18372.7
72 s49A.$ t7 20027.3

10 per cent

Years Value Value Years

I 1.000 35 271.A9 69': 7169.5

2 2.1A0 JO 299.13 70 1887.5
J 3.310 37 330.04 7T 8677.2
4 4.641 3B 364.44 72 995.9
l 6.105 JY 4,01 .45 I5 10-{01 .5
1A 11152.7
6 7.716 4A 442.59
7 9.487 Al 487.85 t) 1n09.0
8 11.436 +z 537.64 l6 13980.8
9 13.579 +J 592.40 15379.9
t0 15.937 & 652.& I6 16918.9
tl 1B .531 45 7i 8 .90
791 .80
J9
80
18611.8
2*474.0
12 2t.384 +o
i1
13 24.523 81r.97 81 22522.4
14 n.975 48 9&.17 6L 24715.6
1< 3r.772 49 1C57.19 83 27254.2
1,6 35.950 50 t163.91 84 29980.6
7a 40.545 <1 1281.3 85 32979.7
18 45.599 52 1410.4 86 36n8.7
t9 51.159 53 1552.5 87 399A7.5
2Q s7.ns 54 17A8.1 8B 43899.3
21 64.402 1880.6 89 4829A.2
22 71.4C3 56 2869.1 90 53120.2
ZJ 79.s43 57 2n7.6 9L 58433.2
z.t 88,.497 58 25C6.4 92 64n7.6
t< 98.347 59 n58.4 93 7t'706.3
26 109.18 60 3034.8 94 7'1718.O
27 121.ro A1 3339.3 95 85556.8
28 r34.2r 62 3674.2 96 94113.6
29 148.63 63 4A42.7 97 103525.8
30 1&.49 64 4447.9 98 113879.4
3l 181.94 65 4893.7 99 125268.3
7) 201.14 66 5384. I 100 137796.1
33 222.25 67 5923.5
34 24s.48 68 6516.8
 26

:..TABTE iII
Present value of Re. I per annum allowing interest on capital at 5 per cent to
I per cent and 10 per cent and for redemption ofcapital at 3 per cent to 8 per cent.

nxample'.-fhe present value of an annuity of Rs. 10 per annum for 20 years at

6 pei eilirt,replacin! capital by investment at 3 Per cent is* . .:
Pregent value of Re. I per annurn
Present value of Rs. l0
'r ,,ti. .
 27

TABLB llI-contd. 1.1

Present velue qf Re. I per annum allowing interest on capital at 5 per cent
-.--*** -
And for redemPtion of caPitai at

Years 3 per cent 3* per cent 4 per cent 4* peicent JJ*;elt- Years

I 0.952 0.952 0.952 0.952 0.952 r

7 t.843 1.847 1 .851 1.855 1.859 2
2.677 2.680 2.700 2.7t2 2.723 3
J
3.400 3.481 3.503 3.524 3.5M 4
.+
4.195 4.229 4.262 4.296 4.329 5
6 4.888 4.934 4.98r 5.028 5.W6 6
.540 5. 601 5.662 5.7U ), /do I
7
I
5
6.155 IJ,ZJl 6.308 6 .365 6.463 I
6.737 6.828 6.92r 7 .014 7.108 9
9
l0 7.287 7.394 7.502 7.612 7.722 l0
It 7.808 7 .93t 8.055 8.180 8.306 n
t2 8.301 8.440 8 .580 8.72r 8.863 t2
l3 8.770 8.924 9.079 9.236 9.394 13
T4 9.214 9 .383 9.554 9.726 9.899 l4
9.821 10.006 t0 .193 10.380 15
15 9.637 t6
10.237 10.436 10.638 10.838
t6 10.039
1'I 10.422 10.633 10. 846 11.061 ll.a4 t7
10.786 11.011 tt.237 tt.464 11.690 18
18
11.134 lt.371 11.609 11.857 12.185 19
19
11.466 11.715 It.964 12.213 12.M2 20
20
2l I I .784 12.O13 12.303 12.563 12.821 21
12.085 12.356 12.626 12.897 13.163 22
22
12.374 12.6s5 12.935 t3.3r9 13.469 23
ZJ
n1 12.651 t2.94r 1.3.230 13.515 13.799 24
12.915 t3.215 13 .51 I 13.805 1.1.094 25
25
13.169 t3.176 13.780 13 .081 t1.375 26
26
13.411 13.726 11.037 11.313 11.613 27
13.6M 13.966 11.283 11.s94 14,898 28
28
29 3 .867 11.195 14.5 18 1,+. t35 15.141 29
1
14.081 11.115 11.'143 15.063 15.3',72 30
30
14.286 14.626 14.956 15.2E1 15.593 31
JI
14. t28 15.163 15.489 15.803 32
JL 1,4.483
t4.612 15.021 15.360 1 5 .688 16.003 33
JJ
14.854 t5.zo7 15.549 15.878 t6.193 34
34
15.029 15.385 t5.'129 i6.059 16.3'14 35
J)
15.107 15.556 15.902 16.232 t6.s47 36
36
15.358 15.'.120 6.M7 i6.398 16;711 37
JI
15.514 .878 6.225 16.566 16.868 38
38
39 15.663
15
16.029 6.3'1',7 16.707 17.017 39
15.807 16.r'14 6.523 16.851 1?..159 .4-0-*-'
40 L7.294 4l
ql I 5 .945 16.314 6.662 6.989
t6.079 t6.448 6.795 7 .12r 1.423 42
42
16.208 16.577 6.923 I,Z1t 7.546 43
43
16.701 7.046 7.367 7.663 44
7 ,7"14- 45
44 16.332
16.4s1 16.820 7.164 7.482
45
t6.567 16.034 1.271 7.592 7.880 46
46
l?.045 /.J6) 7.697 7.98 r 4'l
16.678
47
16.78s t7.151 7.488 7.797 8.077 48
48
16.888 .2s3 7 .588 7 .893 8.169 49
49
16.988
17
t7 .751 7 .683 7.985 8.250 50
50
17.084 r7.M5 t7.775 8.073 8.339 5l
8 .418
5r 8.156 52
<t 17.r77 17 .536 l7.863
(? 17.267 17.6U t7.947 8.237 8.493 53
17.353 r7.708 18.028 18.313 18.565 54
54
17.437 l7 .789 18.106 18.386 18.633 55
55
1 7.868 18.180 18.457 18.699 56
56 17.51 8
t7 .943 18.252 18.524 18.761 57
57 1,7.596
17.671 18.015 18.320 t8.588 18.820 58
5B
17.7& 18.085 I B .386 l8,649 18.876 59
59
60 t7.815 18.ts3 18.450 t8.708 18.929 60
 28

TABLE IT\--contd.
Presenf vilua of R.e. I per anieum ailowi;zg itcterest on capita! at 5 per cent

.And for r€demption of capitai at

pcf c€a6 3+ per ceot 4 per cent 4| per ceat Years

'-i*p,g."s-e-q!

61 x7.883 8.217 18.5i0 8.7& 18.980 61

O 17.949 L280 8.569 8.817 L9.429 62
63 8.013 8.340 8.625 8.868 19.075 63
g 8.0?4 8 .398 8.678 8.918 19. i19 @
c.) 8. 134 8.4s4 8.730 8.964 19.161 65
oo 8.191 8.508 B.780 9.009 9.24r 66
67 8.241 B .5BO 8.827 9.052 9.239 67
68 8 .301 8.610 8 .8?3 9.093 9.n5 6B
69 6.JJJ 8.659 8.917 o 1?t 9.310 69
70 B.404 B.?05 8 .959 9.170 9.343 4 70
71 8.453 8.750 9.000 9.2A6 9.374 'tl
72 8. s00 8.794 9.039 9.240 9.404 72
8.546 8 .835 19.476 9.n3 9.432
8.590 8 .876 9.1r2 9.344 9.459
75 8 .633 8.915 9.146 9.33s 9.485 75
/o B.675 8.952 9.180 9.363 9.509 76
77 8.715 B .9BB 9.211 9.39i 9.533 77
J6 8.754 9.023 9.417 9.555 78
79 8.772 9.0s7 o ,1t 9.M2 9.576 79
80 8.828 9.089 9.300 9.466 9.596 80
BI 8.864 9.121 9.3n 9.489 9.616 81'
oz 8.898 9,1,51, 9.353 9,511 9.634 82
OJ 8.931 9.180 e.378 9.532 9.651 83
B4 8.963 9.2A9 9.402 9.553 9.668 84
bf 8.995 9.236 9.425 9.572 9.684 85
86 9.025 9.262 9.448 9.591 9.699 86
87 9.454 9.287 9.469 9.608 9.7r3 87
88 9.083 9.3r2 9.490 9.625 I.727 88
B9 9.110 9.33s 9.509 9.641 9.740 89
90 9.137 9.358 9.528 I.657 9;752 90
91 9.163 9.380 9;547 9.672 9.764 9l
92 9.188 9,401 9.s64 9.686 9.775 92
93 9.212 Y.4ZZ 9.581 9.699 9,786 93
94 9.235 9.442 o <o7 9.712 9.796 94
95 9.258 9.461 9.613 9.725 9.806 95
96 9.284 9.479 9.628 9.736 9.815 96
q1 93A2 9.497 .9.642 9.748 9.8U 97
on 9.323 9.514 9.656 t,759 9.832 9B
99 9.343 9.531 9"669 9.769 9,840 99
100 9.362 9.547 9 "682 9.779 . 19.848 ,,.,$a'+
PERP 20,000 20.000 20.000 20.000 2b.cco PERF

Present vahte of Re. 7 per eflruum atlawing interest on capital at 5$ per cent

And for redemptioo of capital at

years JZ
per cent
4
per cent
4+
per c€at *i".o, p.i3"ot v"uo
n".'."n,
I 0,.948 0.948 0.948 0.948 0.948 0.948 I
2 1.826 1.830 1 .834 1.838 1.842 1.846 2
J 2.642 , A<j 2.664 2.675 2.687 2.654 3
4 3.44L a iaa
J.q+L 5..t4J 3.463 3.484 3.505 4
5 4.109 4.141 4.173 4.2n5 4.238 4.270 5
6 4.77r 4.415 4.860 4.905 4.950 4.996 6
5.391 5.448 5.506 f,.)o) 5.6?4 5.683 7
o 5.972 6.043 6.115 6.188 6.261 6.335 8
 29

TABLE lil-contd"
Present velue of Re. 1 per anru'tw aliot"'itig ittterest on capital ct 5+ Per &nt

And for red,emPtion of cagital at

cent eent 4$ per cent 5 per c+tt 5* per cent Years
Years 3 per cent 3$ per 4 per

6.689 6.776 6.864 6.952 io9

9 6.517 6.603
7 .333 i.dis ?.538 i
B .C93
7.13r 1.231
i0 7 .915
1 .O3L 1
I.I+J 7 .859
tl 7 .514 7.628
I 'r11 .357 8.457 8.619 12
9 .117
8.098 8
8 .972
12 7.97r .828 i3
B .685 8
13 8.401
8.809
8.543
8.963 9.118 a )'7\ 9.s9a '74
9.432 10.038
t4
9 .194 9.36r 9.29s 9.698 9.868 rc.462 15
l)
9.139 9.919 10.099 10.28i '10"865 16
16 9.559
10.288 10.380 ifi.672 t7
L7 9.906 10.097
ra.437 i0.639 1A.842 11 .C44 11.246 18
18 rc.235
14.972 11.185 tt.397 11.6C8 19
19 10.546 10.760
11.289 11.511 11..731 11 .950 2A
20 10.844 11.067
11.359 11 .590 11.820 r2.n5 2\
12.C40 12.583
21 11.1.27
r1.637 tt.B77 12.1r4 12.351 22
22
2t
1 .396
1
11.902 t2.149 12.394 12.636 12.875 23
11.653
9.449 12.664 i2.908 13.152 24
at 11.898 12.155
t2.396 12.656 12.913 !3.166 13.414 25
25 12.132
12.62s 12.892 13.154 13.41t 13.662 26
26
n
12.355
12.845 13 .1 13 13.383 13.6M 13.8C8 27
12.568
1a nnn 13.602 13.865 14.121 28
28 13.054
13.255
IJ.JJI
13.535 13.809 r4.o7s L4.333 29
29 12.968
13.4M 13.13r M.407 14.275 ^ 1.4.534 30
30 13.15s
13.9r7 14.196 14.465 14.7u 3132
JI 13.334 13.629
14.095 14.37s 14.646 14.904 33
JL 13.505 13.804
14.76s 14.547 14.817 15.075
JJ 13.668
13.8n
13.972
t4.132 14.427 14.710 14.979 15 .237 34
J+
14.286 14.582 14.865 15.135 15.391 35
35 13.978
4.734 15.014 t5 .282 15 536 36
.
14.433
JO 14.124
4.574 4.8',72 15.155 15.423 15.674 37
JI 14.263
4.7lO 5.008 15.290 15.556 15.805 38
JO 14.397
4.839 5.138 15.4r9 15.683 15.929 39
39 14.526
4.964 5.262 15.542 15.803 16.046 40
40 14.649
5.083 5.38i 1 5 .659 15.91S 16.157 41
4l
Ia
14.168
5 .198 5.494 15.171 $.on 16.263 42
14.883
5 .308 5.603 1 5 .878 16.131 16.363 43
43 4.99?
5.414 5.747 t5.919 16.230 16.458 M
M 5.099
5.515 5.807 16.c11 16.3;23 16.548 45
A< 5.201
5.613 3.903 16.169 t6.413 16.633 46
46 5.299
5.W4 16.258 16.498 16.114 47
47 5.394 5.1A6
5.796 6.082 16.343 16.579 16 .190 48
48 5.485
5 .883 6.166 16.4M 16'656 16.863 49
49 5.513
5.2M I 6.501 16 .729 16.932 50
50 5.658 5.966
6.A46 16.324 16.515 16.799 16.997 51
51
<,
5.14A
6.t23 16.398 i6 .645 16.e65 17.058 52
5.8i8
6.t97 16.469 16.713 16.928 11 .117 53
53 5 .895
6.268 16.537 11 ,'.117 16.988 \1.113 54
54 5 .968
6.336 16.603 16.838 16.045 11.225 s5
f,f, 16.039
6.402. 16.665 16. 89? 1?.100 11.238 56
L1 .152
56 16.107 t7 "322 57
)/ 6.466 16.765 6.953
16.173
6.521 16.783 7.0c? 17.201 L7.363 s8
58 16.231
6 .5e5 16.838 7.0s8 17.248 11.418 59
59 16.298
6.642 16.891 1.tox 11 .293 11.45A 60
60 16.358
6.697 1"6.942 7.154 r'7.335 17.488 6162
61 16.415
16.Mr 6.749 16.991 7,199 17.376 1,1.524 63
62
16.800 17.C38 7.242 17.414 17.558 64
63 16.524
16 .848 17.083 1.283 t7.451 17.591
64 16.576
.895 17.126 7.322 11.455 17.622 66 65
6S 16.626 16
L6.940 L7.168 7.359 17.519 17.651 67
66
67
16.675
16.722 16.984 11 an'7 7.395 1?.551 17.619
 29

TABLE ItI-'contd"

PresentvalueofRe.Iperanntlwaliov,,linginterestoncapitalat5}perceltt
And for redemption of caPital at

Years 3 per cent 3$ per cent 4 pei eent 4{ per cent 5 per cent 5$ Per cent Years

6.776 6.864 6.952 9

9 6.517 6.603 6.6E9 i0
I.Z5r I .5J5 7 .435 7.538
i0 7.031 7.131
7 .859 7 .915 8.C93
It 7 .5r4 7.628 I.I4J
8.619 !2
8.098 s.227 8 .357 8.487
12 7.9',1r I 13
8.543 B .685 8 .828 8.972 "117
IJ 8.401 c t7s 9.590
1t
8.963 9.118 9.4-12
t4 8.809
9 .868 10.038 fJ
15 9.r94 9.36r 9.295 9.698
9.139 9.9r9 i0.099 10.28i rc.462 16
t6 9.559 rc.672 , 1C"865 17
1'.7 9.906 10.097 10.288 10.380 lo
i0.639 ra.842 1.1.C44 11.246
18 10.235 to.431 I .6CB IY
10.760 rc.972 1i.185 11..397 1
19 10.546 11 .950 2n
11.067 |t.289 11.5r1 tl./Jr
2A 10.844 2l
2l ll.l27 11.3s9 1 1 .590 i1.820 n.440 12.275
tL.B77 12.114 12.351 12.5E3 22
22 11.396 11.631
L1.902 12.t49 12.394 12.636 12.875 LJ
23' 1 I .653 11 1{? aA
24 ' 11.898 12.155 12.409 n.664 i2.9S8
13.414 z)
25 12.r32 t2.396 12.656 t2.9r3 13 .166
Ir QOt 13.154 13.411, 13.662 zo
zo 12.355 12.625 zt
13.6M 3 .8C8
n t2.568 12.845
13.054
13.113
IJ.JJ]
13.383
13.602 1 3 .865
1

14.1,2r LO
28 M.A75 14.333 29
12.968 t3.255 13.535 13.809
29
r5.r++o 13.13r 14.007 14.275 , 14.)3.+ 30
30 13.155
t3.334 t3.629 13.9r7 14.196 14.46s 4.7',24 31
JI 4.904
13.505 13.804 14.095 14.375 14.646
13.912 14.765 14.547 14.817 5.075 .fJ
JJ 13.668 5.237
B.8n 14.132 4.421 4.710 4.979 54
J+ 5 .391
14.286 4.582 4.865 s.135 J)
35 L3.978 5.536
1i 7aA 14.433 4.734 5.014 5.282 JO
36 5.423 5.674
4.263 4.574 +.olL 5.155
37 5.556 5.805 38
JO 4.397 4.714 5.008 5.290
4.839 5.138 5.419 5 .683 5.929 39
39 4.526 5.803 6.046 40
40 4.649 4.9M 5.262 5.542 A1
5.083 5.381 J.OJ9 5.918 6.751
4r 4.168 A'
Aa 4.883 5 .198 5.494 5."171 6.On 6.263
+J 4.99? 5 .308 5.603 5 .878 6.r3r 6.363 43
5.747 5.979 b.230 6 .4sB 44
44 5.099 5.41,4
.5.201 5.515 5.807 6.011 6.323 6.548 45
45 6.633 .+tt
t+o 5.299 5.613 15.903 6.169 t6.413
5.7A6 15.994 6.258 16.498 6.114 47
47 5.394 6.190
5.435 5.796 16.082 o. J.+J t6.579 4B
48 6.863 49
ia 5.573 5.883 16.166 6.424 16.656
.658 5.966 16.24',1 6.501 16.129 6.932 50
50 1 5
16.199 6.99'l 5l
51 t5.740 6.446 t6.324 6.5'.1s
t6.123 16. 398 6.645 16.855 7.058 52
52 15.818 I.tt7 f -'l
1 5 .895 16.197 16.469 6.?13 L6.928
53 1.1',t3 f+
15 .968 16.268 $.s37 7 .717 16.988
)z+
16.336 I 6.603 6.838 16 "045 7.22s
16.039
16.107 16.402 16.66s 16.89? ?.100 1.238 56
56 'f aa,, 57
16.173 t6.466 16.765 16 "9s3 1.152
16.527 6.183 17 .OCI 1.201 1.363 58
58 16.231
59 16.298 16 .585 6.838 17.058 1.248 7.4n 59
6.891 17. 10? 7.293 ?.450 60
60 16.358 16.642
t6.69 6.942 t7 .154 7,33s 7.488 61
61 16.415 ,1
1 a1A 62
oz t6.471 t6.749 6.991 t7 .199 I,5tO
1n aA^ 7.414 7.558 63
63 16.524 16.800 7,038
'64 16.516 16.848 7.083 17.283 7.451 7.591 64
16.626 16.895 7.12:6 |',|.322 7 .485 7.622 65
65
16.675 16.940 7 ,168 t7.359 7 .519 7.651 66
66 1 aA1 c/
16.122 16.984 17.39s 7 .55r 7.6',i9
67
 30

TABLE lI.I-cotttd.
Present value of Re. I per annum arowing interest on capitar at 5+ per cent.
And for redemption of capital at
Years 3 per cent 3* 4 per cent 4t 5 per cent 5+ Years
per ccnt per cent per cent

68 16.767 .026
69 r6.811
7
7.066
1.246
7.282
7.429
7.462
7.581 .705 68
'1
't.710
70 6 .853 7.610 69
?.105
71 6.894 7.143
I.JII 7.493 7.63't 7.751 7a
7 .776 71
7.351 7.s23 7.663
72 6.934 .179 7 .384
IJ 6.972
7
7.214
7.552 7. 688 7.797 72
al
7.009 .248
'1
7.415 7.5',19 7 .711. 7.817 73
75 7.045 7.28A
7.415 7.605 t. tJq 7.836 .14
76 7.0E0 7.312
7.474 7.638 L I)) 7.854 7s
77 7.L1,4 I , J'IJ
7. 501 7.6s4 7.176 7.871 .17
76
78 7.t46 7.371
7.528
/.))J
7.6',11 7.795 7.887
79 7.1't8 7.399 7.578
7 .699 7 .813 7.9A3 78
BO 7.208 7.426 7.6Ar
7.',720 7.83 I 7.917 79
81 1.238 7.4s2 7.624
7.140 ? .848 7.937 80
82 7.266
7 .759 7.860 7.944
83 '7.294
7.478
7.502
1 .646 7 .777 7.879 7.9s6 8182
1 .968 83
7.666 7 .'195 7.893
B4 7.321 .525
7 7.686 7.811 7.90',1 7.979 84
85 7.347 7.548
86 7 .312 7.570
7.'.106
'1.721
7.E24 7.92Q .990 85
'1

'1.397 7.591
7.843 7.933 8.000 86
88 '1 .420 't .611
7 .141
'7.759
7.857 7.945 8.t09 87
89 7.443 7.631
7.E12 7.9s6 8.018 88
9A 7.466 7.650
7.775 7.885 7.96'.1 8.027 89
9l 7.187 7 668
7.791
7.806
7.898 7.9',t7 8.035 90
9Z 7.508 7.686 7.821
7.910 7.987 8.043 9l
93 7.528 7.708 '7.825
7.9T.,
'7.933
7.996 8.050 92
94 7.s48 7.719 .848
8.005 8.057 93
7 .567 t.l5)
7
7.861
"1
.944 8.013 18.063 93
96 7 .585 7.15A 7.874
7.954 8.021 18.069 95
97 7.603 7 .765 7.880
7 .964 8.029 18.07s 96
98 7.620 7.779 7.897
7.97s 8.036 18.081 97
99 t.oil 7 .793 7.908
7.982 8.O13 18.086 98
100 7.653 7.806 7.919
7.991
7.999
18.0s0 i8.091 99
PERP 18.182 8.182 8 .182
I 8 .056 18.096 i00
8.182 18 . 182 18.182 PERP

Present value of Re. I pet annurn ailowinginterest on capitar at

6 r)er cent
And for redemption e f capital at
Years 3 per cent 3t 5+
per cent 4 per cent p.r4Ln, 5 per cent per cent 6 per cent years
1 0.943 0.943 0.943 4.9$ 0.943 0.913
2 1 .810 0.943 I
J 2.607
1 .814
2.618
r .818 1.822 1 .825 1.829 1.833 2
4 3.344 3.364
2.629 2.640 2.651 2.662 2.673 J
5 4.027 3 .384 3.404 3.42s 3.44s 3.46s 4
6 4.660 4.Os7
4.702
4.088 4.119 4.150 4.881 4.212
s.u9 5.304
4.745 4.787 4.830 4.874 4 .917 6
8 5.799 5.866
5.359 5.414 5.470 s.526 5.582 a
9 6.312 6.392
s.934
o.+tJ
6.002 6.071 6.140 6.210 8
10 6.792 6.885
6.ss4 6.636 6.719 6.502 9
11 7.242 7.348
6.979 7.073 7.168 7.264 7.360 10
12 7.665 7.783
7.454 7.562 7.669 7.778 7.887 II
I3 8.063 8.193
7.902 8.021 8. 109 L262 8.384 12
14 8.437 8.323 I .455 8.587 8.72A 8.853 IJ
t5 8.790
8. s78
9.943
8.721
9.096
8.864 8.907 9.1sl 9.295 t+
9.249 9.404 9. 558 9 .713 15
 31

TABLE lll*contd.
Present value af Re" I per cnnum allowing interest on capital $t 6 pet cent

And for redemption cf capital at

Years 3 per cent 3t 4 Pei: cent 4lt 5 per cent 5* 6 per cent Years
per cent per cent per c€nt

16 9.123 9.286 9.4s0 9.614 9.778 9.942 10" 106 16

17 9.438 9. 611 9.785 9.9s8 10.132 10.305 10.477 17
18 9.736 9.919 t0.102 10.284 t0.466 10.647 10.828 18
i9 i0,019 rc.ila rc.402 10.592 10.782 10.971 11 .158 19
2A rc.286 i0.486 10.686 10. 884 11.081 1,1.277 1r.470 2A
21 10.541 10.748 10.955 11.161 11.364 11.565 11.764 2l
22 10.782 10.997 11.211 11.423 11.632 11.838 12.a42 22
23 11 .012 l1 .234 11.454 11.671 11.885 12.096 12.303 23
24 11.230 11 .458 11.684 11.9A7 12.12s 12.340 12.550 24
25 11,.438 11.672 Lt.9c3 12.130 12.353 12.s71 12.783 25
26 i1.636 1 I .876 12.111 12.342 12.568 12.780 13.003 26
27 11.825 12.070 12.309 12.5M 1,2.773 t2.995 13.211 27
28 12.006 1J 7<< 12,498 12.735 12.966 13.190 13.406 28
29 12.t78 12.341 12.677 12.917 13.150 13.375 13.591 29
30 1,2.343 L2.599 1,2.843 13.090 13.324 13.549 13.765 30
31 12.500 12.760 13 .011 L3.25s 13.480 13.714 13.929 31
32 12.651 12.913 13.t6',1 13.41,1 13.646 13.870 14.084 32
33 12.795 13.060 13.315 13.560 13.795 14.018 14.230 33
34 12.933 13.200 13.156 t3.702 1 3 .935 14.156 14.368 34
35 13.065 13.334 I 3 .591 13.837 14.070 4.291 14.498 35
36 13.t92 1,3.462 13.724 13.965 14.197 4.416 14.621 36
37 13.314 13.5B5 13 . 8,{3 14.088 14.3 18 4 .535 14.737 37
3B 13.430 13.'102 13.960 t4.204 14.433 4.647 14.846 38
39 t3.542 13.814 1,4.472 14 . 315 14.542 1.154 1,4.949 39
40 13.650 13.922 14.180 14.121 14.646 4.854 15.a46 40
41 13.753 14.026 14.282 14.522 14.'144 4.950 15.138 4l
42 13.852 t4.\25 14.380 14.618 14.838 5.040 1,5.225 42
43 13.947 14.220 14.474 1.4.7r0 14.927 5.125 15.306 43
M 14.039 14.311 14.564 14.797 5.01I 5.246 15.383 M
45 M.rn 14.398 14.&9 14.881 5.092 5.283 15.456 45
46 t4.2r2 14.482 14.731 4.959 5.i68 5 .35b 1,5.524 46
47 14.294 t4.563 14.8 10 5.036 5.241 5.425 15.589 47
48 14.372 4.64A 14 .88t 5 .108 5.310 5.49A 15.650 48
49 14.448 14.714 t4.9s1 5 .178 5.375 5.552 15.708 49
50 14.521 14.786 15.026 5.243 5.438 5.619 15.762 50
51 14.591 14.854 15.092 5.306 5.497 5.6b5 15.813 51
52 14.659 4.920 15.156 5.366 5 .533 5.718 15.861 52
53 14.7?r+ 4.983 15.2t6 5.424 5.607 5.768 15.907 53
54 14.787 5.044 1.5.n4 5.4't0 5.658 5.815 15.950 54
ss 14.848 5.103 1 5 .330 5 .531 5.707 5 .859 15.991 55
56 14.907 5 .159 1 5 .383 5.581 5.153 5.901 16.029 56
s7 14.963 5.213 15.435 5.629 5.797 5.941 16.065
58 15.018 5.265 15.484 5.675 5 .839 s.980 16.099 58''.i
59 15.070 5.315 15.531 5.718 5.879 6.015 16.131 59
60 t5.r21 5.364 15.576 s.759 5.916 6.049 16.161 60
6t 15.170 5.410 15.619 5.799 5.953 6.082 16.190 6l
62 15.2t7 5 .455 15.661 5.837 5.987 6.1l2 16.217 62
63 15.263 5.498 15.700 5 .873 6.019 6.141 t6.242 63
64 15.307 5 .539 1,5.139 5.908 6.050 6.169 16.266 64
65 15.350 5.579 15.775 5.941 6.080 6.195 16.289 65
66 15.391 5 .618 15.810 5.973 6.108 6.220 16.310 66
67 15.431 5.655 1,5.844 6.003 6 .135 6.243 16.331 67
68 15.470 5.690 15.817 6.032 6. 160 6.265 16.350 68
69 15.507 5,725 15.9C8 6.060 6.185 16.286 16.368 69
70 15.543 5.758 15 .938 6.086 6.208 r6.306 16.385 70
7r 15.578 5.194 15.966 6.111 6.230 16.325 16.451 7r
72 15.612 5.820 15.994 5.136 6.251 16.343 16.416 72
73 15.6M 5 .850 16.020 6.159 6.270 I6 .359 16.430 73
74 rs.676 5.879 16.045 6.181 6.289 16.376 r6.M3 74
75 15.706 5.906 16.070 6.202 6.307 1 6.391 16.456 75
 a4
'L

TABLE I\I-conrd.
Pr€sent v*lae of R'e. r ptr anwtrn a!!*wi*g interest oit capitar at per
6 cent
And for redemption of capitat at
Years 3 per ceat 3*
per cellt
4 Per cent 4+ 5 per cent 5+ 6 per cent years
irer cent per cent
76 5.736 5.933 r 6,093 Ye
77
6.222 6.325 16.40s 16.468 76
5.76s 5.958 16.115
78 5.792 5 .983 .o.LJ/
6.241,
6.26A
6.341 16.419 16.470 77
79 5.819 6.007 6.158 o.nB
{r.357 6.432 16.49A 7B
80 5.845 6.030
6.371 6"444 16.5C0 79
81 5.870 6.052
6. 178
6.197
6.294 6.385 6.456 16.s09 80
6Z 5.894 6.473 6"215
6.311
6.326
6.399 6.467 16.518 81
83 5.918 6.A94 O.ZJJ
6.412 o,'+/ | 16.s26 82
84 5.941. 6.r13 6.249
6.341, 6.424 6.487 6.534 83
85 5 ;963 6.133 6.266
6 .355 6.43s 6.496 6.s42. 84
86 s.984 6.151 6.281
6.368 6.447 6.505 6.549 85
87 6.005 6.1a9 6.296
o,J61
6.394
6.457 6.514 5.s50 86
88 6.425 6.186 6.311 6.4C6
6.467
o.1l I
6.522 6.562 87
89 6.C44 6.203 6.529 6.568 B8
6.325 6.411 6.486 6.536
90 6.063 6.229 6. 338
6.s73 89
ot 6.428 6.494 6.543 6.579
6;0BI 6.234 O.J)J 6.438 90
92 6.099 6.5A2 6.550 6.584 91
6.249 6.363 6.448 6.510
93 6.116 6.263 6.556 6.588 92
6.37J 6.457 6.518 6.561 6.593
94 6.132 6.277 93
95
6. 386 6.466 6.525 6.567 6.597
6.148 6.291 6.397 6.475 94
96 6.1& 6.532 6.s72 6.601 95
6.303 6.487 6.483 6.538
97 6.179 6.316 6.577 6.605 96
6.417 6 "491 6.544 6.582
98 6.194 6.328 6.427 6.608 97
99
6.499 6.550 6.5E6 6.611
6.208 634A 6.436 6.506
98
100 6.221 6.351
6 "556 6.590 6.6'ls 99
6.44s 6.513 6.561 6.s94 6.618
PERP 6.667 6.667 6.667 100
6.667 6.667 6.667 16.667

Prese, value af Re. I per annum allowittg interest

ot, capital ct 6$ per cent
And for redemption capitd at
cent
- ?tcent4 centpercent
Years 3 per
per
per 4t S pe. ceot 5+ 6* Years
per cent per cent
0.939 0.939
L
0.939 0.939 0.939 0.939 0.939
2
J
r.793
a laA
1.797
2.584
1 .801
t
1.805 1 .809 1.813 1.82r, 2I
4 3.289
<o< 2.6A6 2.616 2.627 2.648
5 3.947
3.309
3.976
3.328 J'J+I J.JO/ 3.386 3.426 43
6 4.554
4.006 4.036 4.465 4.095 4.1.56
7 5.115
4.594 4.635 4.676 4.717 4.758 4.841 65
5.1.67 5.219 5.271 5.3M 5.377 5.485
9
8 5.635
6.119
5.699
6.194
5.763 5.827 5.892 5.957 6.089 87
10 6.s69 6.6s6
6.270 6.346 6.423 6.500 6.656 9
11. 6.989 7.088
6.744 6.832 6.920 7.009 7.189 10
12 7.382 7.492
7.187 7.286 7:386 7.487 7.689 tl
IJ 7,750 7.870
7.602 7.712 7.823 7.935 8.159 12
1'
B.095 8.226
7.99l 8.112 8.112 8.355 8.660 13
15 8.420 .560
8.356 8 .488 8.619 8.751 9.014 14
16 8.725
8
8.874
8.700 8 .841 8.981 9.122 9.443 15
\7 9.013 9.171
8.024 9.173 9.322 9.471 9.768 t6
18 9.284 9.450
9.328 9.486 9.643 9.800 10.11 I 17
19 9.541 9.714
9.616 9.781 9.946 10.109 10.432 18
20 9.783 9.964
9.887 10.060 1a.231 10.400 10 .735 le
21 10.013 I 0.200
1.0.144
10.386
10.322 t0.499 10:675 11.019 2A
22
10.571 IC.753 10.933 11.285
LJ
10.230
10.437
10.424
10.636
10.616 1 0.80s 1A.993 rr.171 11.535 21
22
u I0.633 10.837
10.833 11.027 11.219 r1.407 11.770 23
25 10.819 11 .029
11.039
lt.234
11.238 11.432 11.623 lt.99I u
1,1.437 tl.634 11.827 12.198 25
 34

TABTE tll-contd.
Present value of Re, I per annurn allowing interest on capitol
at 6! per cent
And for redemption of capitat at
Years 3 per oent 3lt ; ''z
<, Eler ce-r percent5 Petceotperceat
5* 6b
per cent
Years

85 14.783 14.928 s.042

86 14.80I 14.944. 5.056
15.130
15.141
5.1.97
s.286
5.247 15.312 85
87 14.81.9 14.95s 5.068 1,s.152
5.254 15.316 86
88 14.836 14.974 5.081 .162
5.214 5.261 5.320 87
89 14.853 14.988 5.093
15 5.223 5.267 s.324 88
90 14.869 15.OO2 5.i04
15.1,72
15.18r
5.230 5.273 5.328 89
91 14.884 15.015 5.125 15.189
5.238 s.279 5.331 90
92 14.899 15.028 5.U 5.285 5.335 91
5.115 r s.198
93 14.914 15.040 5 .135 15.2A6
5.25r 5.290 5.338 92
94 14.928 15.0s2 5.145 15.214
5.258 5.29s 5.341 93
95 14.942 15.064 s.154 15.221
5.264 5.300 5.343 94
96 14.955 15 .075 5 .163 15.228
5.270 5.304 s.346 95
97 14.968 15.085 5.172 15.235
5.275 5.308 5.348 96
98 14.987 15.096 5.180 15.241
5.280 5.312 5.350 97
99 14.993 15.I05 5.188
5.285 5.316 s.352 78
100 Is.004 15.115 s.196
15.248
r5.254
s.290 5.320 5.354 79
Perp 15.385 15.385 5.385 15.385
s.294
.385
5.323 5.356 100
5 5.385 5.385 Perp
Present varue ofRe' r per annum arowing interest on eapitar
at 7 per cent
And for redemption to capitat at
Years 3 perceat
.
3*
percent
4percent
*lt_.
cent
per
sp"...ffiper
-* cent
^--.
1 0.935 0.935
2 t.777 |.78t 0.935
1..78s
0.935
1.789
0.935 0.935 0.935 1
J 2.541 2.551 2.562 J <'7a
1.793 1.797 1 .808 2
4 3.236 3.255 3.2t3 3:292
2.583
:3:3I1 2.593 2.64
5 3 .871 3.899 3.927 3..956
3 .330 3.387 4
6 4.452 4.491 4.s3o 4.569
3.984
. 4.014 4.100 5
4.987 5.037 .086 '5.136
4.608 4.&7 4.767 6
8 5.481 5.541 55.60r s.662
5.186 \ )7,', 5.389
9 s.937 6.008 6.07s 6.151
s.723 5.785 s.971 8
10 6.360 6.M2 6.5u 6.606
6.223 6.296 6.515 9
11 6.7s3 6.845 6.937 7.030
6.680 6.772 7.024 10
12 7.119 7.221 7 329 7.426
7.123 a all
7.499 11
13 7.461 7.572 7.684 7.796
7.529 7.632 7.943 72.
7 .901
14 7.781 7.908 8.020 8.358 I3
8.021 8.1,42
IJ 8.080 8.208 8.337 8.466
8.263 8.384 8.745 14
16 8.360 8.497 8.634 8.771
8.595 8.724 9.108 15
1,7 8.6U 8.769 8.913 9.056
8.907 9.043 9.447 16
18 8.872 9.ou 9.l7s 9.325
9.2A0 9.342 9.763 17
t9 9.106 9.264 9.422 9.578
9.47s
9.733
9.623 10.0s9 18
20 9.327 9.491. 9.6s4 9.816 9:976
9.886 10.336 19
21
22
9.535 9.705 9.874 10.040 10.2a4
10.134
10.366
10.s94 20
23
9.733
9.919
.9.908 10.081
r0.099 10.277 10.252 10.421 10.585
10.836
10.961
21
10.45l 10.623 22
2A 10.096 r0.280 r0.462 10.640 r0.814
10.791 11.272 23
25 lo.2& r0.452 10.637 10.818 10.995
10.985 11.4ss ,A
26 r0.423 10.615 r0.803 10.986 11.165
11.167 11.654 25
27 r0.575 10.770 10.960 11.146 11.326
1,1.339 11.826 26
28 ro.7t9 r0.917 I 1.110 11.297
11.501 11.987
29 10 856 r r.056 11.251 11.410
11.478 I I .653 12.137 28
30 10.987 11.622 11.797 12.278
lt.575 29
3l
32
1 I .111
11.230
ii:l?? 11.63s
1r.436 ll:3?f 11.7U
11.826
1I.758
I I .886
.11,932
12.A@
12.409
12.532
30
3l
12.008 t2.181 12.&7 32
 35

TABLE fr-contd.
', Present value.ofRc. I per annum ollowing interest on capitar
at T pqr cent
And for redemption of capital at
Years 3 percent 3, 4 percent Alt 5t p€rc€nt Yeas
per@nt percent
5
p€r cent per cent
?

.JJ 11.34 1 r .551 11.750 r1.941 12.123 2.ns

34 11.452 12.754 JJ
11.660 1 I .860 12.051 12.232 2.402
35 11.555 11.765 12.8s4 34
11.965 12.155 rz,354 2.504 12.948
36 lt.654 I I .865 12.065 12.254 t2.432 2.600
35
JT 11,.749 11.960 13.035 36
12.160 12.348 2.525 2.690 1.3.1.17
38 11.840 12.051 12.250 37
12.438 2.613 2.776 13.193 38
39 11.9n 12.138 13.336 12.523 2.696 2.8s7
40 12.010 ,, 13.265 39
12.22L 1.2.4t9 12.644 11< 2.933
41 12.090 13.332 40
12.300 12.497 12.680 2.850 3.005
42 12.167 12.377 1) <1'' 13.394 +l
2.754 2.92r 3.074 13.452 42
43 t2.2N 12.M9 12.644 2.823 2-.988 3.138
M 12.3tt 13.s07 +J
12.5r9 12.712 2.890 3.052 3.1,99 .558
45 12.379 12.586
13 44
12.778 2.953 3.113 ? 'r<'7 13.606 45
46
47
12.444
12.506
12.6s0
12.7ll
- 12.840 3.013 3. i70 3.31,2 13.650 46
12.900 3.071 3.225 3.363 13.692
48 12.566 12.770 47
12,957
tI 49 12.6U 12.8n 13.011
3.125
3.117
3.277
3.326
3.412
3.458
13.730
13.767
48
49
t 50 12.680 2.881 13.063 3.227
51
13.373 3.502 13.801 50
12.733 2.933 r3.113 3.n5 13.4i8
<t 12.785 3.544 13.832 5r
2.983 13.161 3.320 3.460 3.583 13.862
53 12.835 3,061 52
t3.2n7 3. 363 3.500 3.620 13.890 53
54 12.882 3.077 13.250 3.444 3.538 3.655 13.916 54
12.928 3.121 13.292 3.M3
56 12:973 3.164 13.332
3.575 3.688 139N
.13,016 3.481 3.609 3,720 13.963 56
57 3.204 13.37r
; 3.516 3;642 3.750 13.984 5T
58 13.05? 3.24 13 408 3.550 3.673 3.778 . 14.003 58
59 13.O97 3.281 13.443
'r3.M7 3.583 3.703 3.805 14.922 59
60 13. r35 3 .318 3.614
6r 3.731 3 .830 14.039 60,
13..173 3.352 13;509 3.643
62
3.758 3.854 14.055 6L
13.208 3 .386 13.540 3.672
63 3.783 3.877 14.070 62
13.242 3.418 13.570 3.699 ,74.084
64 3.808 3 .898 63
1.3.n5 3.M9 13.598 3.725
65 13.307 3.479 13.a6 3:749
3 .830 3.918 14.098 &
66 3.853 3.938 14.110 65
1 3 .338 3 ,508 13.652 3.773
67 13.368
3. 883 3.9s4 14.121 66
3 .536 13.677 3.795 .893 3.973
68 13.397
3 14.132 o/
3.562 13.701 3.817 3.9r2 3.990 14.142
69 13.425 3.588 68
13.724 .837
3 3 .930 4.005 14.1s2
70 13.452 3.613 69'
t3.747 13.857 3.947 4.020 14.160
tt 13.478 3.636 13.768 3.876 3.963
7A
72 13.s04
1 14.034 14.169 7l
3 .659 13.788 73.894 3.979 u.a47
IJ 13. 528 14.176 7Z
1i 3
'681 13.808 13 .911 3.994 4.0s9 14.183 IJ
13.552 3.703 13.8n 13.9n
IJ 13.574 4.008 4.071, 14.190 74
14.723 13 .845 13.942 1,4.02r
76 13.596 4.482 14.1.96
3.743 13.862 13.958 14.034 4.093
77 13.618 14.202 to
3.762 13.879 13.972 1,4.046 4.103 14.2A8
78 13.638 3.780 77
13 895 13.986 14.057 4.113 14.213
79 13 .658 3.798 78
13.910 13.999 14.068 4.122 14.218
80 13.678 3. 815 13.925 79
14.0i1 14.079 4.130 14.222
8l 13.696 3.831 13.939 14.023 14.088
80.
82 13.714 4.138 14.226 8t
3.847 13.953 14.035 14.098 4.146 14.230
83 13.732 3.863 82
13.969 M.A46 M.rc7 4.153 14.234
84 13.749 3.871 83,
85 13.76s .891
13.978 14.056 t4.tt6 14.160 14.237 84
3 13.990 14.A67 1,4.|U 14.167 14.240
86 13.781 3.905 85
14.002 14.076 14.131 14.173 14.234
87 t3.797 3.918 14.013 86
14.085 14.139 t4.179 14.246 87
88 13.811
89 13.826
3.931 14.023 v.a93 t4.146 14.185 14.24!9 88
3.943 14.034 14.102 t4.152 14.r90
90 13.840 14.251 89
9l 13.853
13.955 14.043 t4.lto 14. r59 14.195 14.253 90
13.967 r4.053 14.ll7 14.165 14.200
92 13,866 13.978 14.255 91
14.062 t4.r25 14.171 14.204 14.257 92
7

36,.
TABLE lll-contd. :

Present value of Re. 1 per anrwrn allowing interest on capital at T per cent
And for redemption of capital at
3 per cont 3* 4 por cent 4b 5 per c€nt 5* 7 per cent Y@rs
Per cent per cent pefcsnt
93 13.879 13.988 14.071 14.132 14.176 14.208 1,4.V+9 93
94 13.891 13.999 14.a79 14.138 14.181 14.212 14.261 94 rri
95 13.903 14.007 14.087 14.145 14.186 14.216 14.263 95
96 13.915 14.0I8 14.095 i4.151 14.191 14.220 14.264 96
97 t3.926 14.037 14.102 14.157 14.196 14.223 14.266 97 .:
98 13.937 14.036 14.t99 14.162 14.200 M.2n M.267 98
99 19.947 M.A45 U.116 14.168 14.204 1,4.230 14.268 99
100 13.957 14.053 t4.123 t4.l7l 14.208 14.233 14.269 100
Perp 14.286 14.286 14.286 14.286 14.286 14.286 14,286 Perp
ii
Present value ofRe. I per annum allowing interest on capital at 7$ per cent
And for redemption of capital at <!
f:
Years 3 per cent 3* 4 per cent 4+ 5 percent 5* 7t Years 6
per cent pet cent per cent per cent
6
6
I 0.930 0.930 0.930 0.930 0.930 0.930 0.930 I (
1.762 t.766 1.769 1-773 1.777 1.781 1..796 2 (
J 2.509 2.519 2.99 2.540 2.s50 2.560 2.601 3 (
1. 3.184 3.203 3.22t 3.239 3.251 3.276 3.349 4
) 3.797 3.824 3.852 3.879 3.907 3.934 4.M6 5 I

'5 4.355 4.392 4.429 4.462 4.501 4.542 4.694 6 I

a
4.866 4.913 4.966 5.007 5.055 5.103 5.297 7
8 5.335 5;392 5.49 5.506 5.s64 5.622 5.857 8
9 5.766 5.833 5.900 5.967 6.035 6.104 6.379 9
t0 6.164 6.241 6.316 6.331 6.472 6.550 6.864 10
11 6.533 6.618 6.705 6.791 6.878 6.96s 7.3t5 11
6.87s 6.969 7.06s 7.160 7.256 7.3sr 7.73s 12
]J 7.193 7.286 7.4@ 7.5A3 7.607 7.711 8.1,26 13
14 7 .489 7.600 7.712 7.824 7.935 8.046 8.480 t4
15 7.766 7.885 8.004 8.128 8 .241 8 .359 8.827 15
16 8.025 8.15i 8.277 8.402 8.527 8.652 9.t42 1.6
:17 8.268 8.400 8.533 8.664 8.795 8.92_ 9.434 17
tx 8.498 8,634 8.772 8.910 9.046 9.181 9.706 18
19 8.710 8.854 8.998 9.281, 9.421. 9.9s9 19
2B 8.911 9.061 9.210 9.140
9.357 9.s02 9.645 10.194 20
21 9.102 9.356 9.49 9.560 9.709 9.856 10.413 21
7') 9.281 9.44A 9.s97 9.7s2 9.904 10.053 10.617 22
9.451 9.614 9.774 9.932 10.087 10.239 10.807 23
.A
9.611 9 .778 9.942 10.102 10.2s9 10.413 10.983 24
25 9.763 9.9?3 10.100 10.263 rc.422 10.577 11..147 2s
9.907 10.080 r0.249 10.414 10.s75 10.730 1.1.299 26
,,,1
10.044 10.2t9 10.391 10.557 10.719 rc.n5 11.M1 27
28 10.174 10.352 10.525 10.693 10.855 11.011 11.s73 28
29 10.297 10.477 10.652 10.821 10.983 1.1.140 11.696 29
30 10.415 10.596 r0.772 10.942 11 .10s tl .261 11.810 30
31 10.526 10.710 10.887 11.057 11.219 r1.374 l1 .9'17 31
sz 10.633 10.S18 10.995 11.165 r1.328 11.482 12.015 32
JJ 10.735 10.920 11.098 11.268 11.430 11.583 72.1W 33
J+ 10.832 11.018 11.196 lt.366 rt.5n 11.678 12.193 34
JJ 10.9A 11.111 17.290 11.459 11.618 11.768 0.n3 35
JO 11.013 11.200 11.318 lr.s47 11.705 11.853 12.347 36
JI lr.on 1i.285 71.463 11.630 11,787 11.933 12.415 31
38 11.178 It.366 11.543 lL7A9 11.865 12.009 12.479 38
39 11.256 tl.43 11.620 11.785 11.938 12.539 39
& 11.330 tt,5l7 rt.693 11.856 12.008 12.080
12.148 12.594 40,
4t 11.401 11.588 11.762 lt.w+ 12.074 l2.2tl 12.ffi 41
 37

TABLE lll*contd.
present value of Re. 1 per annum atlowing interest on capital at 7l per cent

And for redemption of capital at

Years 3 Per ceartpor 31, 4 percent 4t 5 Percent st 7t

percent Years
c€'lrt Per ce'nt per cqlt
A'
42 11.M9 11.655 11.829 1 I .989 12.r37 12.n2 12.694
43 17.534 11.720 tt.892 n.asl 12.1,96
1a ,r<a
12.328 12.739 43
M
t|.5n t|.782 1r.952 12.100 12.382 12.7&O
M 12.165 12,306 12.433 12.819 45
45 rt.6s1 11 .841 12.010
12.2r8 L2.357 t2.482 12.855 46
M rt.7r5 1 1 .898 n.a65 1t
11.952 12.118 12.269 12.&5 12.526 12.888
47 11.774 12.919 .16
;823 12.oo4 t2.168 12.3r7 12.45r 12.569
48: 1 1
2.938 49
11.875 12.054 12.2lo 12,.363 12.494 12.610
49 2.W 50
50 11.924 12.102 12.262 TZ.N7 12.535 12.&8
12.68s 3.000 )l
51 71.97r 12.147 t2.n6 12:448 12.t:74
3.423 52
<) 12.ar7 12.192 12.348 12.488 t2.611 12.7r9
12;234 12.389 12.526 12.&7 12.752 3.045 53
53 12.0 1 12.782 3.065
54 12.1r3 12.274 r2.427 12.562 12.680
12.1r3 12.464 12.596 12.7r2 12.811 3.084
J] 12.743
12.839 3.101 56'
56 12.783 12.35r a.499 12.629 72.742
'r2.220 12.865 3.117
)/ 12.387 t2.531
12.565
12.661
12.691
12.771
12,.798 12.890 3.132 )6
58 12,257 12.42r
12.454 12,596 t2.719 12.824 t2.913 3.146 59
59 12;292 3.159 60.
t2.125 12.486 12.626 t2.'146 t2.849 12.935
60 12.956 13.172 61
61 12.358 12.511 12.654 12.772 72.873
12.n1 12.895 12.976 13.183 62
62 12.389 t2.546 12.682
63
63 12.420 12.575 12.708 12.821 t2.916 t2.995 13.193
12.843 12.936 13.013 13.203 64
64 12.449 12.602 72.733
12.865 12.955 13.030 13.212 65
65 12.477 12.629 12.757
66 12.505 12.6s3 12.780 12.886 12.973 L3.W 13.22r 66
2.991 13.061 13.228 61
67 12.53r 12.678 12.802 12.905
12.924 3.007 13.075 13.236 68
68 17.556 12.701 12.823
12.942 3.023 13.089 t3.243 69
69 12.581 12.724 72.843
3.038 3. 101 13.249 7A.
7A 12.@5 t2.745 12.863 12.959
12.881 12.976 3.062 3.t14 3.255 7l
7l 12.6n 12.766
3.125 x.260
72 r2.650 12.786 12.899 72.991 3.066
12.805 72.916 13.006 1.079 3.136 3.265 ni
t) 12.671 3.270
12.692 12.824 12.933 13.020 3.091 3.146
74
12.842 12.940 13.034 3.102 3.156 3.27s /)
/J 12.712 3:279 76
i6 12.731 12.859 12.964 3.047 3.114 3.i65
12.978 3.060 3.124 3.174 3.282
77 t2.750 12.876
3.183 3.286 ?8
78 12.768 12.892 12.992 1.012 3.134
3.083 t3.144 13.190 3.289 t9
79 12.785 12.908 13.006 80
12.922 13 3.094 13.153 13.198 3.292
80 72.8A2 '018 3.295 81
81 12.819 72.937 13.031 3.lM 13. i61 i3.205
12.95r 13.043 3.114 13. i70 t2.2r2 3.298 82.
82 t2,834 13.300 83
83 12.850 12.9@ 13.054 3.124 t3.777 13.218
84 12.865 12.977 13.065 3.133 13.185 tt.224 3.303 84.
85 12,819 t2.989 13.075 3.142 t3.r92 8.234 3.305 85
3.150 13.190 13.235 3.307 86
86 12.893 13.m1 13.086
13.158 8.2A5 t3.?,40 3.309 87
12.906 3.013 1 3.095
87 t3.u5
88 12.919 3.A24 13.105 13.16 t3.2rt 3.310 88.

89 rz.93z 3.035 13.113 t3.173 t3.211 t3.u9 3.312 89

13.180 13.223 13.254 3.313 90
90 12.944 3.045 13.122
3.055 13.130 13.187 t3.228 t3.258 3.315 9T
9l 12.956
r93 13.233 13.262 3.316 92'
92 t2.967 3.065 13.138 13.
3.074 13.146 13.199 t:3.238 13.266 3.317 93
93 12.978 94
13.989 3.083 13.153 $.2n5 t3.242 t3.269 3.318
94 t3.247 B.n3 3.319 95
95 13.000 3.091 13.1@ 13.210
96 13.010 3.100 13.167 13.216 13.251 tJ.n6 3.320 96
3.108 13.173 13,221 13.255 t3.219 3.227 97
YI 13.019 .3.w
98 t3.029 3.116 13.180 t?.226 8.254 13.282 9B

99 13.038 3.723 13.185 B.2n 13.262 13.285 3.323 99

100
3.130 13.191 71.235 13.266 t3.287 13.324
100 13.M7 13.333 13.333 Perp
13.333 3.333 13.333 13.333 13.333
Perp
 3E

TABLE IlI-contd.
Present value of Re. I per annum artowing interest on capitar at g per cent

And for redemption of capital at

3 per cent 3, 4 per cent 4+ 5 per cetrt 5+ 8 per cent years Yeu
per cent per cent per c€nt

t 0.926 o.926 0.926 o.926 0.926 0.926 0.926 1

59
2 r.746 r.750 t.754 1.757 L.761 1..76s 1.783 2
60
3 2.478 2.488 2.498 2.508 2.518 2.527 2.577 3
61
4 3.135 3.152 3.r70 3.187 3.2A5 3.223 3.312 4
62
5 3.726 3.753 3.779 3.805 3.832 3.858 3.993 5
63
6 4.263 4.298 4.333 4.369 4.405 A.Ml 4.623 6
64
7 4,750 4.79s 4.840 4.885 4.930 4.976 5.206 7
65
I 5.196 5.250 5.3M 5.359 5.414 5.469 s.747 I
66
9 5.604 5.667 5.731 5.705 5.859 5.923 6.2,17 9
'61
t0 5.980 6.052 6.124 6.r97 6.2$ 6.342 6.7t0 10
68
11 6326 6.406 6.487 6.568 6.&9 6.731 7.139 tl
'69
1f
12 6.646 6.735 6.8?4 6.9r2 7.002 7 .Ogt 7.536 L2
13 6.943 7.039 7.136 7 .328 7.425 7.904 13
1l
14 7.219 7.322 7.426 7.529 7.632 7.735 8.U4 14
"7i

15 7.476 7.586 7.606 7.806 7.9r5 8.024 8.559 15 7

t:
16 7.7t5 7.832 7.948 8.064 8.t79 8.293 8.8s1 16
r7 7.939 8.062 .183 8.425 8.5M 9.122 17
7:
' 18 8.149 8.277
8 8.304
8.655 8 .778
t<

19 8.3M 8.479
8.404 8.530
8.870 8.997 9.372 18 1',,

20 8.531 8.668
8.610 8.741
9.071, 9.201 9.604 19 "71

21 8.705
8 .804 8.938
9.2@ 9.393 9.818 20 7t
22 8.847 8.986 9.12+ r0.0I7 2l 8r
23
8.869 9.015 9.158 9.208 9.437 9.s72 10.20t ?2 I
u
9.0?A 9.173 9.319 9.462 9.603 9.740 10.371 23 8
25
9.170 9.322 9.471 9.617 9.759 9.891 \0.s29 U It
26
9.3@ 9.M3 9.614 9.762 9.906 10.045 1,0.675 25
27
9.439
9.s&
9.596
9.7n
9.750 9.899 10.04 10.184 10.810 26
28 9.878 i0.028 10.174 10.314 10.935 27
29
9.681
9.793
9.842 9.999 10.150 10.296 t0.437 11.051 28 f
30 9.9s6 10.113 10.265 10.41.2 t0.552 11.158 29 t
31
9.899
10.000
10.063 10.222 r0.374 10.521 10.660 11.258 30 t
32 10.165 10.325 10.477 10.623 1,0.762 11.350 31
33
10.096
10.188
r0.'263 10.422 10.575 ro.720 10.858 17.435 32
34 10.275
10.315
lo.M3
r0.515 t0.667 10.812 t0.949 1r.514 33
35 i0.603 10.755 10.899 l1.034 tr.587 34
36
10.358
10.438
10.52/i 10.686 10.838 r0.980 tt.t14 11.655 35
37 10.6c6 10.766 10.916 11.058 11.190 rt.7t7 36
38
10.514
10.587
10.682 10.841 10.991 i1.131 tt.26l 11.775 37
39 10.755 10.913 Ll.062 11.200 tl.329 11.829 38
40
10.656 10.8u 10.982 rt.t29 rt.266 11.392 11.879 39
41
10.722
10.786
r0.890 11.a47 11.193 rt.328 rL.4s2 11.925 40
42 r0.953 1I.109 11.253 11.387 11.509 11.967 41
43
t0.874
10.905
10.013 11.168
'1,7.225
11.311 [t.442 11.s62 11.007 42 P(
M 11.071 r1.366 11.495 ll.613 12.022 43
45
10.961 11.126 11.278 r1.418 11.545 11.660 12.077 44
11.015 lt.179 I 1 .330 tl.468 11.593 tt.7o5 12.108 45
6 11.067 11.230 r1.379 11.515 11.638 11.748 12.737 46
47 11.116 rr.278 11.426 11.560 11.680 11.788 12.164 47
48 11.t62 r1-.324 rl.470 11.602 tt.72l lt.826 12.189 48
49 11.209 r1.369 11.513 11.643 lt.759 12.21.2 49
50 11.2s3 r1.417 r1.554 r1.682 11.796
11.862
12.233 50
sl r1 .295 rt.4s2 11.593 11.119 11.830
11.896
12.2s3 51
52 t1.336 tl.49l I I .630 tl.754
11.928
11.863 11.959 12.272 s2
53 11.375 t|.529 1.1.666 t I .788 11.894 11.987 12.288 53
s4 11.412 11.565 11.700 11.820 11.924 12.024 12.304 s4
55 1t.448 11.s99 11.733 11.850 11.952 12.040 12.319 55
56 11.483 11.632 1t.764 11.879 rt .979 12.06s
57 11.5t7 lt.664 r1.794 11.907 12.o04 12.088 1,2.332 56
12.344 57
58 11.s49 tt.69s 7t.823 11.933 12.028 12.t09 12.356 58

l------
 39

TABLE II\-contd.
interest on capital at I per cent
Present value of Re' I per annum attowing

tl6t"d".Ption of capital at

JA 4 per cent 4* 5 Dercent

- 5, 8 Percent
Years 3 Per cent per cent pef cetrt
per ceot

12.130 t2.367 59
11.850 11.9s9 12.051 60
59 11 .580 It.1Z4 12.013 12.150 t2.371
|t.152 11.876 11.983 12.386 6t
60 11.610 12.006 72.494 12.168
11.639 11.780 11.901 t2.186 12.394 62
6l 11.806 11.925 12.O27 12.t14
12.402 63
oz 11.667 t2.t3Z 12.202
63 11.694 11.830 lt.949 12.048
12.15O 12.2t8 12.409 64
11.855 11 .97 1 12.068 65
64 It.720 t7.992 12.087 t2.167 t2.233 t2.41.6
11.745 11.878 T2.2M 12.122 66
65 t2.or2 12.106 12. 183 61
66 tr.769 11.900 12. 198 12.260 12.428
t!.922 t2.032 12.123 68
'67 n.792 12.t40 12.213 t2.273 12.433
68 11 .815 Ll 943 12.050
t2.155 t2.227 t2.285 12.438 69
11.836 11.963 2.068 12.296 !2.443 ?0
69 2.085 12.1'11 12.240 4l
tl
70 11.857 11.982 12.252 2.307 12.447
12.000 2.102 12.185 . A<1 72
1l 11.8?8
12.018 2.118 12.199 12.?55 2.317
2.4s5 IJ
1' 11.897 t2.212 12.216 2.326
11.916 12.035 2.133 2.336 2.458 t+
IJ
2.lM 12.225 12.287 75
t+ t|.934 12,051 12.297 2.144 2.46r
2.067 2.161 2.23'l 2.4& /o
t) lr.962 ', 11< 2.248 2.307 2.352
11.969 2.o82 2.360 2.467 77
/o 2.181 2.259 2.316 78
1 .986 2.097 2.367 2.469
17 1
12.ooz 2.ltr 2.200 2.no 2.325
2.374
a Aal 79
78 2.21t 2.280 2.333 80
"79 lz.o17 2.125 2.34t 2.381 2.474
2.138 2.223 2.289 2.415 81
80 12.032 2.299 .2.349 2.381
2.t51 L. L)+ 2.477 82
81 72.046 2.307 2.356 2.393
12.060 2.163 2.2M 2.399 2.419 83
82 2.254 2.316 2.363 84
83 t2.014 2.175 2.310 2.&4 2.481
2.186 2.364 2.324 2.482 U)
84 12.087 2.332 2.376 2.409
a) 12.100 2.19',1 2.n3 2.4r4 2.483 86
2.282 2.339 2.382
86 12.112 2.208 2.387 2.418 2.485 87
2.218 2.290 2.346 2.486 88
87 t2.tz+ 2.353 2.393 2.423
12.135 2.228 2.299 2.487 89
88 ,, 1a1 2.307 2.359 2.398 2.421
t2.146 2.430 2.488 90
89 2.3t4 2.365 2.403 9l
90 12.t57 2.)46 2.407 2.434 2.489
2.255 2.321 2.37t 2.489 92
9l 12.168
2.264 2.328 2.371 ^ ^11 2.437
83
92 12.178 2.416 2.ML 2.490
12.188 , t17 2.335 2.782
2.444 2.49r 94
93
L2.34r 2.387 2.420
94 t2.197 2.280 2.424 2.M7 2.492 95
2.287 t2.348 2.392 2.492 96
95 t2.206 2.396 2.4n 2.M9
12.215 2.295 12.354 2.452 2.493 97
96 12.359 12.N\ 2.431
12.224 2.302 2.434 2.455 2.493 98
97
98 12.232 2.308 12.365 12.405
12.409 2.438 2.457 2.494 I
12.24 2.315 12.370 2.549 2.494 100
99 12.375 12.413 2.440
100 12.248 2.321 2.500 2.500 2.500 PerP
2.500 12.500 12.500
Perp 12.500

10 per cent
Present value of Re. I per anntrn allowing interest on capital at
And for redemption of caPital at

5 per cent Years 5 percent

Years 5 per cent
15 6.833
.909 8 4.885
1,
s.2M 16 7.o29
1.701 9 7.21O
2 10 5.57r 17
J 2.397 5.869 18 7.378
3.012 11 7.533
4 12 6.142 19
) 3.559
13 6.392 20 7.678
6 4.048 6.621 2l 7.813
7 4.488 t4
 40

TABLE llI--cancld.
Presentyalue of.Re, I per annumallowing interest cn capital ct l0 per cent

.dod for redemption of capital at

5 per cent Years 5 per cent Years 5 per cont

22 7.938 49 9.520 76 9.876

17. 8.056 50 9.544 77 9.882
.A 8.165 51 9.561 78 9.887
25 8.268 52 9.588' 79 9.893
26 8.3& 53 9.609 80 9.898
27 8.454 54 9.628 81 9.903
28 8.538 55 9.646 82 9.908
29 8.6t7 56 9.6& 83 9.9r2
30 8.692 9.680 84 9.916
3L 8.762 58 9.696 85 9.920
7) 8.828 59 9.7II 86 9.9'U
JJ 8.890 60 9.725 87 ,9.928
34 8.948 61 9.738 88 9.931
35 9.003 62 9.751 89 9.935
JO 9.055 63 9.763 90 9.938
37 9;104 64 9.775 9I 9.941
9.150 65 9.786 92 9.944
39 9.r94 66 9.796 93 9.946
40 9.235 67 9.806 94 9.949
4l 9.ns 68 9.815 95 9.951
42 9.31t 69 9.82J{ 96 9.954
3TJ 9.346 70 9 .833 .97 9.956
+r, 9.379 7t 9.841 98 9.958
45 9.411 72 9.849 99 9.960
46 9.40 t3 9.856 100 9.962
47 9.,468 74 9.863 Perp 10.000
48 9.49s 75 9.870

L
 ,l'
TABLE W
i
re+eivabie at the end of a given tsrm at rates of inter€st
Present value of Re.
'rangiag from 4 per cont to 8 per cent'

Exalnp|e,-Thg.pfese4t value of Rs.lO0payable

at the end of 15 years reckoning

rinterest at 5 per cent iii;

Rs'
present vatue of Rs. 1: 0.4g1
Rs. 100':1m X '481 = 48'l
 42

TABLE Iy,contd.
fresent volue of Re. I payable at the
end of a given term

Years 4 per cent 4$ per cent 5 pef cent 5$ pet cent Years

t .9569
.9157 I
.,
.8763
4 .8386
5 4
.8025
6 5
.7679
7 6
.7348
8 7
.7032
9 .6729 8
10 9
.6479
11 10
.6162
12 11
.5897
13 12
.s643
t4 .5400 13
i5 .sI67 14
l6 .4945 I)
l7 . .4732 T6
18 17
.4s28
It ,+t5J 18
20 1,9
.4146
2l .3968 20
22 .3797 2l
. JOJJ 22
24 1J
.3477
25 .3327
)4
26 .3184 25
27 .3447 26
28 .291.6 27
29 ao
.2790
30 .2670 29
'-67-
JI ?qq{ 30
3Z
.244s 3l
J3 JZ
.2340
)'t7,o JJ
35 2A
.2142
Jb
.2050 35
J'
.i962 36
JI
.1877
39 .1797 38
40 .1719 39
4l .1645 40
4Z
.1574 +l
43 ta
.1507
44 .1442 15
4) .1380 44
46 .1320 45
47 .1263 46
48 47
.1209
49 .1"i.57 48
50 .1107 49
.1059 50
52 51
53
,rc14
.0970 52
<^ 53
.0928
)) .0s88
</
56 55
.0850
57 56
.0813
58
.4778 )/
59 58
.0745
59
 43

TABLE IY-contd'
given term
Present value of Re. I payable at the end of a

4* per cent 5 p€r ceot 53 per ceot Years

Yeals 4 per cent

.0713 .0525 .agL 60

60 .0951
.0914 .0682 .0510 .038 i 61
6l .0485 .vJoz
52 .a879 .0658
.a462 .4343 63
OJ .0845 .0625 o+
.0598 .0440 .0325
64 .0812 .0308 65
.0781 .0572 .0419
65 .0292 66
.075 1 .0547 .0399
66 .0277 67
67 .0't22 .osu .0380
.0262 68
.0694 .0501 .0362
68 .0249 69'
.0668 .0480 .034s
69 .an6
.0642 .0459 .0329
70 .0313 n))? 7l
.0439
11
72
.0617
.0594 .0420 .0298 .0212 . 72.
.0201 IJ
.0571 .0402 .0284 't4
.0385 .0274 .0190
.0549 .0180 75
.0528 .0368 .02s7
75 .0171 76
.0507 .0352 .0245
/o .0233 .0162 77
7''I .0488 .UJJ/ 18
nxt? .a222 .0153
.0469 .0145 79
.0451 .0309 .0212
79 .0202 .0138 80
80 .0434 .0295 a1
nl 0? .0131
81 .0417 .0283 82
.a7t .0185 .0124
82 .0401 .0117 83
.0386 .0259 .87'74
83 .0i11 B4
.0371 .0248 .0166
84 .0105 OJ
.tJ3)v .0237 .0158
85 .0100 86
.0343 .0227 .0i 50 on
B6 .0095
.0330 "0217
.aM3
B7 .0090 8B
.UJI / .0208 .0136
88 .0085 89
.0305 .0199 0130
89 "
.0081 90
.a293 .0190 .01.24
90 .0118 .@76 91
91 .0282 .0182
.8X.t2 .8072
92 .afiL .&174
.0069 93
.0260 .9t67 .0107
93 .0065 94
.0250 .0i60 .0i02
94 .0097 .0052 95
95 .a241 .0153 96
.01.46 .Cfr92 .0c58
96 .8232 nn4 q .)"7

97 .0223 ,0053 98
.0214 .0134 .0084
9B
.0080 .0050 99
99 .0206 .0128
.w76 .0047 100
100 .0198 .0122

7 per cent 7$ per cent Years

Years 6 per cent 6* per cent

.9390 .9346 .9302 1

I .9434 .8653 2
i, .8816 .8734
.8900
.8278 .8163 .8050 )
3 .8396 .7488
A
.7921 .7'173 .7620
4 .6965
5 1 114 .7299 .7130
.6853 .6663 .6480
t) .7050 7
7 .6650 .6435 .62n .6A27
.5820 .5607 8
B .6274 .6842 9
.5673 .5439 .5216
9 .5919 .4852 10
.5327 .5083
l0 .5584
.4751 .4513 11
tl .5268 .5002
 ikl

TABLE [I-'contd'

Present value of Re. 1 payable at the end af a given term

Years 6 per c€lt 6l per €nt 7 per cent 7| per cent Years

.&97 .rA^& .4198 t2

12 .4970
13 .r+688 .4p.lo .4150 .?W IJ
.4141 .3878 .3633 t4
t4 .4d.23
.3380 15
15 .4t73 .3888 .3624
.3936 .3651 .3387 .3t4l. L6
16
.37t4 .3428 .3166 .2924 77
17
18 .3503 .3219 .2959 .n2n 18
.3305 .3W .2765 .253r 19
19 ?fi
.3118 .2838 .2584 .2354
20 .2190 2l
2l .2941 .26f,5 .2415 .J
.n75 .2502 .2257 .2037
22 23
.2t09 .1895
23
24
.2618
.?170
.2349
.?ffi .tn1 .1763 a
.2Wl .t842 .1640 25
25 .2330
.1722 .1525 26
26
n
.2t98
.2W4
.1945
.1826 .1609 .1419 n
.17ls .1504 .132A 28
28 .1956
.1610 .1406 .1228 29
29 .1846
.1512 .t314 .1142 30
30 .1741
31 .l&2 .14t9 .1228 .rc62 31
.1333 .1147 .0988 32
32 .1550 5J
.1462 .1251 .7072 .0919
33 34
.1379 .1175 .1002 .0855
34 15
35 .1301 .1103 .w37 .0796
36 .1227 .1036 .087s .vt40 36
.w73 .0818 .0688 37
.1158
'I38 .0913 .a7& .0640 38
.1092
.085E .w14 .0596 39
39 .1030
& .0972 .0805 .0668 -0554 N
.u56 .M24 .0515 4L
4l .@17
.M79 42
42 .0865 .0710 .0583
43 .0816 .M66 .0545 .u46 43
44
4 .gno .06,26
.0588
.0509
.wl6
.0415
.0386 45
45 .o126
46 .0685 .0552 .w5 .0359 46
.M46 .0518 .0416 .0334 47
47 48
48 .0610 .0487 .0389 .0311
.0575 .@.57 .0363 .0289 49
49
.0543 .M29 .0339 .0269 50
50
.0317 .0250 51
5i .4512 .0403 <,,
52 .0483 .0378 .0296 .0233
53 .0456 .0355 .4277 .a216 53
.0430 .0333 .0259 .0201 54
54
f,f, .0406 .0313 n)a) .0187 55
.0383 .0294 .0226 .or74 s6
56
)I .0361 .0276 .o211 .0162 57
<a .0341, .0259 .0197 .0151 )U
.0321 .4243 .0185 :0140 59
59
@ .0303 .0228 .ol7z .0130 OU

61 .0286 .azts .0161 .0121 6l

.0274 .0201 .0151 .0113 62
62
.0254 .0189 .014i .0105 63
63
64 .0240 .0178 .0132 .0098 64
.0226 .0t67 .0123 .0091 65
65
.0214 .0157 .0115 .0084 66
66
.0202 .0i47 .0107 .@79 67
67
.0190 .0138 .0100 .0073 68
68
.0179 .0130 .0094 .0068 69
69
 45

TABLE lY-contd'
a gi'teri term
Present value of Re' I payable at the end of
7 per cent ?t Per ceot Years
6 pcr cent
6$ Per cent
Years
.0063 70
.0088 7t
.0i69 .0082 .ijo59 ,,,
70 .0055
7l .01@ .@17 13
na .o150 .@72 .@sl
I.+
.a142 .0067 .0047
I5 .@M
4A .013,i .0a62 76
.a126 .@58 .0041
.0038 77
/o .0119 .0055 78
11 .0112 .0051 .0035
.0033 79
19 .0106 .0048 80
.0100 .0044 .0031
la .0028 81
80 .0094 .t042 82
.@89 .0039 .0n.26
81 .0025 6J
82 .0084 .0036 84
.0079 .0034 .0023
83 .0021 85
84 .0075 :0032 86
.0071 .0030 .0020
85 .0018 87
86 .0067 .0028 88
.0063 .0026 .0017
87 .0016 89
88 .00s9 .0024 90
.0056 .0015
89 .0a.23
.0014 9l
90 .0053 .0021 92
.0050 .@20 .0013
91 .0012 93
q? .004? .ml8 .0011 94
93 .0044 .@17 95
.m,42 .0015 .0010
94 .0010 96
95 .0039 .0015 97
.0037 .0014 .0009
96 .0@8 98
97 .0035 .0013 99
.@33 .0012 .0008
9E .0007 100
99 .@31 .0011
100 .0029

Years i: I ner celt

Yean 8 pcr ccat --
Years 8 p€rc€nl
1l .0426
2l .1986 .0395
42
I .9259 t) .1839
43 .0365
a .8573
n ,1?03
M .0338

4
.7938
.?350
u .t511
.14@ 45
.0313

.6806
25
.1352 4f "0290
.0t68
f, 26 {t
6 .630? .1252 .0249
27 48
7 .5835 .1159 .0230
28 49
o .5403 .10?3 .gzlt
29 50
9 .5002 .0ts4 .0197
.4632 30 51
tn 31
.@20
52 .0183
IT .4289 ,J .0852 .0169
.397r 53
t2 33 .0?89 .0157
.3617 .0?30 54
13 34 55 .0145
T4 .3405
35
.0dt6 ,0134
.3152 .6?S 56
15 36 51 .ar?A
16 .2919 .0580 .0115
31 58
L1 ,n03 38
.0537 .0107
.2502 .M91 59
18 39 60 .0099
.2311
19
.2143
& .0460
20
 ,f6

TABLE lY-concld,
Present value ofRe" I payable at the end af a giten term

Years 8 per ceot Years B per cect Years 8 F€r oer'"t

61 .0091 .003t 89 .0011

62 .0085 76 .a029 90 .0010
63 .0078 .a027 91 :0009
64 :8072 78 .0025 92 .0008
65 .006? 79 .0423 93 .0008
b0 .0062 80 .0021 94 .0s07
67 .0058 81 .0020 95 .0007
68 .00s3 82 .0018 96 .0006
69 .Q849 83 .0017 97 .0006
70 .0046 84 .0015 98 .0005
7r .0042 B5 .0014 99 .0005
72 .0039 86 .VUIJ 100 .00M
7' .0036 87 .0012
74 .0034 88 .0011
 #1

TABLE V

Present value of Re. 1 per annum receivable

ia perpetuity attet a given nurnber
4 per cent to 10 per cent'
'of years, at varying rates of interest rangiag from

Example._$hepresentvalueofthereversiontoaperpetuityofRs.200pe{aaoum
-after 30 years at 5 Per cent is-
Rs.

Present valuo of perpetuitycf Re' 1 ''

4'627
925.4
Present value of R.s" 200:209 x 4'627

'i

::
 48

TABLE Y-contd.
peryetuity af rupee I per annum
Ptesenl value.af a reyetstan to a
after a given n'tmber of Years

5 per cent 5+ per @nt After

After 4 per cent 4* Per cent y€afs
y@rs

20.0000 18.1818 0
n 25.0000 n.2222 t7.2339 1
2A.0385 21.2653 t9,0476
1 8.14C6 16.3355 2
23.1139 ?fi.349s 1
J
2
22.2249 19.4733 fi.n67 15.4849
4
16.4540 14.6767
4 2t.3707 18.6347
15.6705 13.91I5 )
5 20.5482 17.8322 6
14.92/'3 13 .1863
6 19.1579 r7.A643 7
16.3295 14,2136 12.4988
1 18.W79 1,1.8472 8
15.6263 13.5368
8 18.2673
t2.8922 tt.2296 9
11.5&1 14.9s34 10
9
14.3095 1,2.n83 r0.8442
l0 16.8891
lt.6936 10.0893 11
11 $.n9s 13.6933
11.1367 9.5633 12
15.6149 13 .1036
t2 12.5194 10.6064 9.0&1 13
13 15.0143
10.1014 8.59?2 t4
14 t4.4369 1r.9994 8.142 15
11.4827 9.6243
15 13.8816 1.7197 16
13.3477 10.9882 9.1622
t6 10.5150 8,7259 7.3172 17
11 t2.8341 8.31M 6,9357 18
12.3407 ra.B622 19
18 1.9141 6.5742
19 11.8661 9.6289 6,2314 20
9,2143 7.5378
N lr.N97 7.1788 5.9C66 2l
10.y/08 8.8175 22
2l 8.4378 6.8370 5.5986
22 10.5489
8.07M 6.5114 5.3068 2'
23 10.1432 6,2014 5.0301 24
?l+ 9.?530 1.7W 4.1679 25
1.3940 5.9061
?5 9.3779 .t.5193 2S
26 9.aflz 1.07s6 5.6M8
5.3570 4.2831 n
n 8.6704
8.3369
6.71C9
6.4793 5.1019 4.0604 28
29
28 6.2003 4.8589 3.8487
29 8.0163 3.6481 30
5.9333 4.6275
30 ?.7080 4,4072 3.4519 31
5.6718 at
31 7.4115 4.1913 3.m6
2) 1]2& 5.4333
5.1994 3.9974 3.1C6?
5t 6.8523 2.9M8 7.+
4.9155 3.80?1
34 6.5888 2.7913 35
6.3354 4.7612 3.6258
35 2.&57 36
4.5552 3.4531
36 6.0917 2.5078 37
5.8574 4.3600 3.2887
J' 2.3711 3B
4.1722 3.1321
38 5.6121' 2.2532 39
3.9926 2.9830
39 5.4155 2.1357 40
3.8206 2.8409
40 5.2A72 2.OW 11
3.6561 2.1056
1L 5.0069 2.5168 1 .9188 42
4.8144 3.4987 1.8188 43
3.3480 2.4541
43 4.6292 7.1248 44
3.2038 2.3312
41 4.1512 2.2259 1.6341 45
4.2800 3.0659 I .5489 46
45 2.9338 2.1l99
46 4.1153 1.4581 41
2.8075 2.0190
47 3.9s7r 1.9228 1.3916 48
3.8049 2.6866 49
48 2.57A9 1.8313 1.3191
3.6585 50
49
3.3978 2.46A2 l.1Ml 1.2503
51
50 1.6610 1 .1851
3 .3825 2.3543 52
5l 7, ,\r4 2.2529 1.5819 t.1233
52 1.0648 53
2.1559 1.5tK6
53 3.127t 1.4348 1.0093 s4
3.0070 2.0630 .9566 55
54 1.9742 1.3665
3) 2'89t4
 49

TABLE Y-eontd.
per-petuity of rupee I per annum
Present value of a rcversion.to a
after a giuen numbet of Years

€nt 5 p€r ceot 5* per ocnt After

After 4 per cent 4* P€r years
yeafs

.9068 <K
2.7e02 1 .8892 1.3015
i.8078 1.2395 , ulv) 57
51 2.6732 .8147 58
3 .5704 1.73{o l .1805
58 59
2.4716 1.6556 1.1242
)v 1.0787 .132C 6+
50 2.3'.165 1.5842 o1
.6938
67 2.285t i.5i60 1.0197
.6s76
52 2.197) 1.4547 "9712 63
1 .3882 .9249 .6233
63 2 "112i .i908 64
1.32&4 r .3809
64 2.0314 .5600 65
1 0{13 1..271"2 .838e
o) .799tJ .5308 65
66 i.B732 1.216s 67
i .1641 .7509 .5032
57 1.80i9 .4769 6E
1,.736s f.i140 .7247
68 .9020 69
,69 1.6697 i.0660 "4521
.6s73 .4285 70
7A 1 .6055 7I
.9762 .6260 .4062
11 t.5437 .38-q0 72
1.4844 .934t .5952
72 .3649 !J
1.4273 .8939 .5678
IJ
.5408 .3459 74
74 1.3724 .8554
.5150 .3279 75
IJ 1..3196 .8186 /o
.78-13 .4905 .3108
76 1 .2588 77
.7496 .4671 .2946
1.224J .2792 7B
f.i731 -t1tJ .4449
.423'l .2647 79
79 1.1230 .6864 80
.403s .25C9
1 . C345 .6569
'30
.6286 .3843 .2378 B1
5t | "8429 .2254
82 1 .0028 .60i5 . JOOU
B3
.57 36 .3486 .2136
n-1 .9642 .2A25 84
o'tY i .5508 .)JLV
84 <1f I t9i9 85
. 3 lo/. .
.8915
85
86 .8572 .5844 .301 i .1819 86
QA
ia'ra .2853 .1724
87 .8242 .163i BB
.7925 .4619 .2i31
88 .t549 89
. lozv .4420 .2681,
89 )1t-l-l .r479 90
90 .7327 .4230 ol
.4048 .2-"59 .1392
91 .7045 )147 .1319 92
92 .6774 .3873
.2140 .1251 93
93 .6514 .3747
.2038 .1185 94
94 .6263 .354i 95
.3394 .1941 .11,24
95 .6022 .1065 96
.5791 .3248 .1849
96 .1000 97
))od .3108 .1761
97 ,
.0997 98
.5r?54 .2974 .1677
98 .0907 99
.5143 .2846 .1s9',1
99

6] per cent 7 per cent 7{ per cent After

After 6 pei cent years
years

0 16.6667 15. 3846 t4.2857

14.4456 13.3511 12.403r 1
I 15.7233
12.4777 1 I .5378 2
2 14. 8333 13.5640 J
12.7361 11.6614 10.7328
3 t3.9936 9.9840
t3.2016 1 1 .9588 10.8985
1r.2289 10.1855 9.2874
5 12.4543 .6395 6
6 11.7493 10.5436 9.5192 8
 50

TABLE \ c-entd.

Presmt value of a reversion to s perpetuiti of rupee I S-r annum

after a given number ofyears

After 6 per cent (,* per c€nt 7 1rr ceat 7* per aent After
years years

7 1 1 .0843 9.9001 8.8964 8.036? i

8 10.4s69 9.29s9 8.31M 7 .4760 B
9 9. 8650 8.728s 7 .770s 6.9s44 9
10 9.3066 8. 1958 7 .2621 6.4692 i0
1t 8.7798 7.6956 6.7870 6.0179 11
12 8 .2828 7.2259 6.3430 5. 5981 tz.
13 7.8140 6.7849 s.9281 s.2475 l3
14 7 .3717 6.3708 5.s402 4.8442 14.
15 5.9544 5.98i9 5.1778 4.5052 t5
16 6.5608 5.6168 4.8391 4.1918 16,
6.1894 5.2740 4.5225 3.8994 17
18 5. 830i 4.9521 4.2266 3.6273 18
19 5. 5085 4.6499 3 .9501 3.3743 t9
20 5.1967 4.3661 3 "6917 3. i388 2U
21 4.9026 4.0996 3.4502 2.9198 ^1
22 4.6251 3.8404 3.2245 2.1161 22
ZJ 4:3633 3.6145 3.0135 2.5266 ZJ
4.1163 2.8164 2.3504 1A
24 3.3919
?{ 3 .8833 3.1867 2.6321 2.1864 25
26 3.6635 2.9922 2.4599 2.0338 zo
27 3.456r 2.8096 2.2990 1 .8919 27'
28 3.2605 2.6381 2.1486 1 .7600 28
29 3.0759 2.4771 2.0080 1 .6372 )a
30 2.90t8 2.3259 .8767 r {tto 30
JI 2.7376 2.1,840 .7539 1 .4167 3i
JL 2.5826 2.0507 .6392 t.3179 3Z
J-l 2.4364 .9255 .53 19 1.2259 JJ
2.2985 .8080 .43r7 1 .1444 34.
35 2.1684 .6977 r .3380 1 .0608 35
JO 2.0457 .594A l .2505 .9868 JO
JI 1.9299 .4968 1.1687 .9180 JI
38 1 .8206 .4054 t.0922 .8539 38
39 1.71,76 .3196 1 .0208 .7943 39.
40 1.6n4 .239r .9540 .73 89 4A'
41 1.5286 .1635 .8916 .6874 41
ia 1.M21 .0924. .8333 .6394 42
,+J 1.3605 .0258 .778',1 .5948 43,
M 1.2835 .9632 .7218 .5533 44
45 1 .2108 .90M .6802 .51,47 45
46 r.1423 .8492 .6357 .4788 46
A1 1.0776 .7974 .s941 .4454 Al
48 1.0166 .7487 .s552 .4143 48
49 .9591 .7030 .5189 .3854 49
<n .904E .6601 .4850 .3585 50.
.8536 .6198 .4532 .3335
52 .8053 .5820 .4236 .3102 52
53 .7597 .546.5 .3959 .2886 53
54 .7167 .5131 .3700 .2685 )4
55 .6761 .4818 .3458 .,lttv I ))
56 .6378 .4524 .31) | .2323 56
57 .6017 .4248 .3020 .21,61 57
58 .56',77 .3988 .2823 .2014 58
59 .5355 .3745 .2638 .1870 59
60 .5052 .3516 .2465 .1739 60.
61 .4766 .3302 .2304 .1618 61
62. .4497 .3100 .21s3 .1 505 62
63 .AUZ .2911 .2012 .1400 63
64 .4002 t177 .1881 .1303 &
65 .3775 .2567 .1758 .1212 65
 5,1

TABLE Y-eonta.'
Present value of a reversion to a perpetuity of rupee I per annun
after a given number of years

After 6 pcr eot 6* per cent 7 per cont 7| per cent After
years
y@rs

66 .3562 .u10 .1&3 66

67 .3360 .2263 .1535 67
68 .3170 .2125 .1435 68
69 .2990 .1995 .1341 69
70 .L,LI .1873 .1253 7A
71 .2661 .1759 .1171 tt
72 .2511 .1652 .1095 72
IJ .2369 .I )f I .1A23 t)
1A
74 .2235 .1456 .0956
75 .2108 .1367 .0894 75
16 .1989 .1284 .0835 t6
.1876 .1205 .0780 77
78 .r770 .1132 .0729 78
79 .r670 .1063 .0682 79
80 .r575 .0998 .a$7 80
81 .1486 .w37 .0595 81
82 .1402 .0880 .0556 82
83 . LJLJ .0826 .0520 83
84 .1248 .vt to .0486 B4
85 .11',l7 .a728 .a454 85
86 .1111 .0684 .a424 86
87 .1M8 .a642 .0397 87
88 .0988 .0603 .o371, 88
89 .0932 .0566 .a3M 89
90 .0880 .0532 .0324 90
9t .0830 .4499 .0303 91
92 .0783 .a4fg .0283 a)
93 .4739 .a440 .026r'. VJ
94 .4697 .0413 .0247 v4
95 .0657 .0388 .0231 95
96 .0620 .0364 .0216 96
91 .0585 .0342 .0202 97
98 .0552 .0321 .0188 98
99 .0521 .0302 .0r76 99

After 8 per cent I fter 8 per cent After 8 per cent

years years years

12.5000 15 3.9405 30 1.2422

I 11.5741 16 3.6486 JT 1.1502
2 1,4.7rc7 l7 3.3784 J' 1 .0650
5 9.9229 td 3.1281 JJ .986i
4 9.1879 19 2.8964 34 .9131
5 8 .5073 20 2.6818 35 ;8454
6 7.8711 21 2.4832 JO .7828
7 7.2936 22 2.2993 .7248
8 6,7s34 ZJ 2.1289 38 .6711
9 6.2531 u 1.9712 39 .6214
<n<,
10 5.7899 25 1,,8252 4A
11 s.3610 1.6900 .5328
12 4.9639 27 1.5648 t1 .4933
13 4.5962 28 1"M89 4J .4568
l+ 4.2558 to 1"3416 M .4229

I
 52.

TABLE Y-eoncld'

Present value of a reversion to d perpetuity of Re'

I per annutn
after a gben'nwnber of Years
8 por cent Afts 8 pcr cent
After 8.per cqri After
yeafs
years yoafs

@ ,0907 82 .ozn
45 .3916 .0210
65 .0840 83
46 .?626 84 ,0195
.3357 66 ,1778
47 .4720 8,5 .0180
48 .3109 67
.0667 86 ,0167
49 ,2818 68 .0154
69 .a617 87
50 ,2665 .o143
.?468 70 .oi,572 88
T! .or29 89 .0132
52 .2285 .0123
.2116 72 .0490 90
53 91 .0114
.1959 TJ .a454
54 92 .c105
55 .1814 14 .0420
.0389 93 .0c97
56 .i679 75
.0360 94 .0090
)t 76
.0334 9) .0083
58 .1440 77 .0077
.IJJJ
19 .0309 96
59 o7 .0t)72
.1234 70 .0286
50 98 .0066
.1143 BO .uzb)
6't
.a245 99 .006i
62 . i058 B1
63 .0980

9 10
After {: l0 Aftei 9 10 After
yeafs per cent per cent
Y€AfS oar &frt i.19f Cerrt yeals Pei eent per cent

0 ti. i111 i 0.0000 34 .5933 .3914 67 .0345 .0168

.0153
t 10. L937 9.09tJ9 35 ,5443 "3558
:3235
68 .03 17
.0139
2 9.3520 3.2645 36 .4993
.294i
69 .9291
.0in
J 8.5?98 '7.5131 37 .4581
.2613
7A .a267
.oas
4 'l .877,1 5 .8301 38 .4203
.2430
71 ;011 5

7.?215 6.2092 39 .3856

.22{9
72 .0224 .0105
5
o 6.6252. 5.6W 4B .353'.1
.2009
73 .02C6 .0095
7 6.0782 5.1316 4r .3245
.1826
74 .C1B9 .0086
s.5163 4.6651, 42 .2911
.1660
75 .0173 .0479
o 5.1159 4"Z LO 43 .2i32
.1509
76 .0159 .0071
lfi 4.6974 3 .8554 41 .25{6
.1312
77 .0146 .0065
4 " 3S59 3.5049 45 .2299
.174'1 ,
78 .0134 .0059
11
t2 3.9504 3.1863 46 .2109
.1134
79 .0123 .0054
.J.OZ4Z 2.8966 47 .1935
.1031
80 .0I13 .0049
74 3.3250 2 "6333 48 .L775
.aw
81 .0103 .004l.
15 3.05S4 2.3939 49 .1629
.0852
82 .0095 .0040
16 2."i985 2.1763 50 .1,4y1
.0774
83 .0087 .0037
11 .2.567 5 1.9734 51 .1374
.07a4
84 .m80 .0033
18 2.3555 t.7986 52 .1258
.0640
85 .a973 .0030
t9 2.1610 1.6351 53 .1154
.0582
86 .0067 .0028
20 1.9826 1,.4864 54 .1059
.0529
87 .owz .0025
21 1 .8189 I .3513 55 .0971
.0481
88 .0056 .0023
22 1.6687 1.2285 56 .0891
.0437
89 .0052 .w21,
2t 1 .5309 1.1168; 57 .0817
.0397
90
.w
.@48 .0019
24 t.4{,4s i.0153 58 .0750
.0361
91 .oot7
25 I.2885 .9230 59 .0688
.0328
92 .0040 .0016
zo 1.1821 .8390 @ .0631
.0299
% .@37 .0014
27 . 1 .0845 .1628 6l .a579
.0271
94 .@34 .0013
28 .9950 .6934 62 .0531
.02r'.7
95 .0031 .@12
29 .9128 .6304 63 .0487 96 .0028 .001i
30 .8375 .5'l3l
.s210
&
65
,w7
.0410
.022r'-
.o?tu4
97
98
.0026
.00z,
.0010
.0009
.'1683
31
32 .70/.9 .4736 66 .0?76 .0185 99 .aan .0008
33 .6M7 .4306

-- .-.
 53

TABLE VI
Annual sinking Fund for redemption of Re. l capitar invested at varying
_the
rates ofinterest ranging from 5 per cent to g per cent.

.t:..x.an!!e.-The annual sinking fund for the repayment of loaa of Rs, 20,000
within 30 years at 5| per cent is-

Rs.
Sinking fund for Re. I .c) 138
Sinking fund for Rs. 20,000=20,000'X .01-?g a1a

*/
 54

TABLE YI-contd.

Annual sinlcing F'nd /tr tlt: redemptio, o.f Rupee I c.,pircl investted

5+ 6* -lt2
Years 5 per cent per cent 6 per cent per cent 7 per cent per cent 8 percent Years

1 L0000 1.0000 1 .0c00 i.0000 1.0000 1.0000 1 0000

2 0.4878 0,4866 0.4854 0.4843 0.4831 0.4819 0.4808 2
7

3 0.3173 0.3157 0.3142 0.3126 0.3110 0.3095 0.3081 3

4 0.2320 0.2303 0.2286 0.227A 0.2252 0.2236 0.2219 4
5 0.1810 0.1792 0.1774 A.n56 4.1739 0.1722 0.1704 5
6 0.1478 0.1452 a.u34 a.&16 i398
0. 0.1380 0.1363 6
7 4.1228 0.12i0 0.1191 0.1173 0.1i56 0.1138 0.1121 7
8 0.1047 0.1029 0.1010 0.0992 0.0975 0.0957 0.0940 8
o 0.09a7 0.0888 0.0870 0.0852 0.0835 0.08r8 0.0801 9
10 0.0795 0.0777 0.a7s9 0.a741 0.0724 0.a707 0.0690 l0
1I 0.0704 0.0686 0.0668 0.0651 0.0635 0.a6fi 0.0601 11
12 4.0628 0.0610 4.0592 0.0576 0.0560 0.0543 0.0s27 12
!-) 0.0565 0.a547 0.0530 0.0513 0.4496 0.0481 0.0465
14 0.05i0 0.0493 0.4476 0.0459 0.444 0.a428 0.0413 13
l5 0.44$ 0.0446 0.043a 0.0411 0.0398 0.0383 0.0368 i5
14
16 0.0423 0.0406 0.0390 0.0373 0.0359 0.0344 0.0330 16
17 0.0387 0.0370 0.0355 A.$39 0.0324 0.03i0 4.0296 17
18 0.0355 0.0339 0.0324 0.0309 0.0294 0.0280 4.4267 18
19 J.0328 0.0312 0.0296 0.0282 0.0268 0.0254 0.0241 19
20 a,%02 0.0287 0.0272 A.0256 0.0244 0.ax1 0.0219 20
2l 0.0280 0.026s 0.0250 A .A?36 0.0223 0.0210 0.0198 2r
22 0.4259 a.0245 0.0230 A.0217 0.0204 0.0192 0.0180 22
23 4.0241, 0.0213 0.0200 0.0187 0.0175 4.0164 23
)4 r ]225 0.0227
A.0210 o.4197 0.0i84 0.0172 0.0161 0.0150 24
25 0.t2i0 0.c196 0.0182 0.0170 0.0158 0.0147 c.0137 25
zo 0.0i96 0.0182 0.0169 0.0157 0.0146 0.0135 0.0125 26
27 0.0183 0.0170 0.0157 0.0i45 0.01,34 0.0124 0.0114 27
28 4.ofi1 0.0158 0.0146 0.0135 0.0124 0.0114 0.010s 28
29 0.0160 0.0i48 0.0i36 0.0125 0.01i4 0.0105 0.0096 29
JU 0.0150 0.0138 4.0]26 0.0116 0.0106 0.0097 0.0088 30
31 o.01,41 0.An9 0.0118 0.0i08 0.0098 0.0089 0.0081 31
32 0.0133 0.0121 0.01i0 0.0100 0.0091 0.0082 0.0075 32
JJ 0.0125 0.0113 0.0103 0.0093 0.0084 0.0076 0.0069 33
34 0.0118 0.0106 0.0096 0.0087 0.0078 0.0070 0.0063 34
35 0.0111 0.0099 0.0089 0.0081 0.0072 0.0065 0.00s8 35
JO 0.0104 0.0094 0.0084 0.0075 0.0057 0.0060 0.0052 36
JI 0.0098 0.0088 0.0079 0.0070 4.4052 0.0055 0.0049 37
38 0.0093 0.0083 0.0074 0.0065 0.0058 0.0051 0.0045 38
39 0.0088 0.0078 0.0069 0.0061 0.0054 0.0048 0.w42 39
40 0.0083 0.0073 0.0065 0.0060 0.0050 0.0044 0.0039 40
/l 0.0078 0.0069 0.0061 0.0053 0.0047 0.0041 0.0036 41
+L 0.0074 0.0065 0.0057 0.0050 0.0043 0.0038 0.0033
43 0.0070 0.0061
0.0066 0.0058
0.0053 0.0046 0.0040 0.0035 0.m30 42 43
44 0.0050 0.0043 0.0038 0.0032 0.0028 4
45 0.0063 0.0054 0.0047 0.0041 0.0035 0.0030 0.N26 4s
46 0.0059 0.0051 0.w44 0.0038 0.0033 0.0028 4.ffi24 46
47 0.0056 0.0048 o.m,42 0.0036 0.0030 0.0026 0.N22 41
48 0.0053 0.0046 0.0039 0.0033 0.0028 0.N24 0.0020 48
49 0.0050 0.0043 0.0037 0.0031 0.0026 0.0022 0.0019 49
50 0.0048 0.0041 0.0034 0.m29 0.0025 0.0021 0.0017
5l 0.0045 0.0038 0.M32 0.0027 0.0023 0.0019 0.0016 50 5t
52 0.0043 0.0036 0.0030 0.@26 0.0021 0.0018 0.0015 s2
53 0.0041 0.0034 0.w29 0.w24 0.0020 0.@17 0.0014 53
51 0.@39 0.0032 0.@27 0.0022 0.0019 0.0015 0.0013 s4
55 0.0037 0.0031 0.0025 0.0021 0.0017 0.0014 0.@12 55
56 0.@35 0.0029 0.00u 0.0020 p.0016 0.0013 0.0011
57 0.0033 0.0028 0.ffi22 0.0018 0.0015 0.0012 0.0010 s7 56
58 0.0031 0.0026 0.0021 0.@17 0.0014 0.0011 0.0009 58
59 0.@30 0.0024 0.@20 0.0016 0.0013 0.001I 0.0009 59
 "' 55 I

I
TABLE Yl*'concld. I
i
i.

Annual Sink@ Fund for the redemption of Rupee I capital invested

<I 6* 41
t1,
Years 5 per cent per cent 6 per cent per cent 7 per cent per cent 8 per cent Years

60 0.0028 0.0023 0.0019 0.0015 0.0012 0.0010 0.0008 60

61 o.002i 0.0022 0.00i8 0.0014 0.0021 0.0009 0.0007 61
62 4.4026 0.0021 0.0017 0.0013 0.0011 0.00c9 0.0007 6)
o-f a.aa24 0.0020 0.0016 0.0013 0.0010 0.0008 0.0006 OJ
64 a.agn 0.0018 0.0015 0.0412 0.0009 0.0007 0.0006 o+
0.0022 0.0017 0.0014 0.0011 0.0009 0.0007 0.0005 65
66 0.002i 0.0017 0.0013 0.0010 0.0008 0.0006 0.0005 66
67 0.0020 0.0016 0.0012 0.0010 0.0008 0.0006 0.0005 67
68 0.0019 0.00I5 0.0a1.2 0.0009 0.0007 0.0006 0.0004 68
ov 0.0018 0.0014 0.0011 0.0009 0.0007 0.0005 0.0004 69
70 0.0017 0.0013 0.0c10 0.0008 0.0005 0.0005 0.0004 70
71 0.0016 0.0013 0.0c10 0.0008 0.0006 0.0004 0.0003
72 0.0015 0.0011 0.0009 0.0007 0.0005 0.0004 0.0003 72
73 0.0015 0.0011 0.0009 0.0007 0.0005 0.0004 0.0c03 73
74 0.00i4 0.0011 0.0008 0.0006 0.c00t 0.0004 0.c003 74
75 0.0013 0.00i0 0.0008 0.0006 0.c004 0.0003 0.0003 75
76 0.0013 0.00i0 0.0007 0.0005 0.0004 0.0003 0.00023 76
,,,7
0.0012 0.0009 0.0007 0.0005 0.00038 0.00029 0.00021 77
78 0.0011 0.000s 0.0006 0.0005 0.00036 0.04027 0.00020 78
?o 0.0011 0.0008 0.0006 0.0005 0.00034 0.00025 0.00018 79
80 0.0010 0.0008 0.0006 0.0004 0.00031 0.00023 0.0c017 80
81 0.0010 0.0007 0.0005 0.0004 0.00029 0.00021 0.000i6 81
82 0.0009 0.0007 0.0005 0.0004 0.a0027 0.00020 0.00015 82
83 0.0009 0.0007 0.000s 0.0004 0.00026 0.00019 0.00013 83
84 0.0008 0.0006 0.0005 0.0003 0.00024 0.00017 0.00012 B4
85 0.0008 0.0006 0.0004 0.0003 0.00022 0.00016 0.00012 85
86 0.0008 0.0005 0.0004 0.0003 0.00021 0.00015 0.00011 86
87 0.0007 0.0005 0.0004 0.0003 0.00019 0.00014 0.00010 87
88 0.0007 0.0005 0.0004 0.0003 0.00018 0.00013 0.00009 88
89 0.0007 0.0005 0.0003 0.0002 0.00017 0.40012 0.00009 89
90 0.0006 0.0004 0.0003 0.0002 0.00016 0.00011 0.00011 qn
91 0.0006 0.0004 0.0003 0.0002 0.00015 0.00010 0.000c7 9l
92 0.0006 0.0004 0.0003 0.0002 0.00014 0.00010 0.00007 92
93 0.0005 0.0004 0.0003 0.0002 0.000i3 0.00009 0.00006 93
94 0.000_5 0.0004 0.0003 0.0002 0.00012 0.00008 0.00006 94
95 0.0005 0.0003 0.0002 0.0002 0.00011 0.00008 0.00005 95
96 0.0005 0.0003 0.0002 0.0002 0.00011 0.00007 0.00007 96
97 0.0004 0.0003 0.0002 0.0001 0.00010 0.00007 0.00007 97
98 0.0004 0.0003 0.0002 0.0001 0.00009 0.00006 0.0000i 9B \'.
99 0.0004 0.0003 0.0002 0.0001 0.00009 0.00006 0.00004 99
100 0.0004 0.0003 0.0002 0.0001 0.00008 0.00005 0.00004 100

r
 56

TABLE VII
The sam payable each year whetz it is desired to pay offc loan by equal annuat
instslments to inchde interest and Stnking futnd

,Sse Tabie for present value of Re. 1 per annum arrd apply as below :
-
Example.-A Muuicipality has bciror,/ed Rs. 10,00C aird ciesires to p3y off the-
anr,runt -* iirterest and sinkiag fund by equal anniral instahnents in thil't:r years.
lnteresi at 5 per cent sinking fund to be at the rr.tc of $pcr cer,t.
Turn up Tablc No. III,FagcZl.
Y. P. foi 30 yeais at 5 per cent ailo',viug for rede mption rt 4! par cent I 5 ' 063.
Diviie R.s. i0,030 by inis frg.rre and th-. resrlt is rh-- aqn*+l pryme,rt, rVhich
rvill haveta be made during each of the thiriy yer.rs viz. Rs,663'9.

TABLE VIII
Tlze number of years in which an &mount is doubled by accu,rnnlation at simole
and compotmd interest

Rate At simple At compound Rate Atsimple At compound

p€r cent interest intef€st per cent interest interest

100.00 69.66 3* 26.67 18 .83

fx 80.00 55.80 25.00 17.67
1+ 66.67 46.56 4+ 22.22 15.75
r3 57.14 39.95 5 20.00 14.21
2 50.00 35.00 5t 18.18 12.95
al M.44 31 .15 6 16.67 11 .9G
LE 40.00 28.W 6+ 15 .38 11.01
n3
.E 36.36 25.55 14.29 10.2A
J 33 .33 23.45 8 12.50 9.01
30.77 21.67 9 11.11 8.04
36 28.57 2Q.t5 10 10.00 7.27

Approximately the number of,years a_sum of money takes to double itself at compo und
interest is the number 72 divided by thc rateper cont not exc,eeding 10 per cent.

BOMBAY : PRINTED AT TI{E GOVER,NMENT CENTML PRASS

- -&..--