Question: “Hi Wilfred, our Prudential insurance agent has recommended PruSelect Vantage to us with the key benefits indicated below. May we have your views on this please? The PruSelect Vantage plan key benefits:
- 100% unit allocation from day one
- First year bonus (applicable for annual premium of $18,000)
- Loyalty Bonus to reward you who invest diligently
- withdrawal of units in the Accumulation Account
- free switching”
Answer: To analyze the product, I need the benefit illustration. Since your Prudential did not give you the benefit illustration but instead a generic product brochure, I can only advice you based on the limited information provided by the brochure that was given to you. In analyzing investments, there are two things you need to find out namely:
- Expense ratio over the intended time horizon and
- Liquidity
Most investors look at the potential return of the investments. This is the wrong approach because market returns cannot be known in advance. However, expense ratio and liquidity risks are stable variables which fluctuate very little with the underlying market volatility. As usual, these two information were not readily available. In the past, ‘expense ratio’ of an investment-linked policy used to be disclosed in the benefit illustration and it was called the Reduction in Yield. Unfortunately, this important information was removed in all the investment linked policy benefit illustrations I have seen. No prize for guessing why this important information was removed.
Calculation of Expense ratio
Ideally, the expense ratio of an investment product should not be more than 1.77% because the average expense ratio of unit trust is 0.81% to 1.77% based on CPFIS Funds Report June 2012. To calculate the expense ratio of PruSelect Vantage, I use the page 6 of the attached product brochure. I would have used the actual benefit illustration if it is available. I reproduce of the example from the brochure here:
The example in the brochure shows two scenarios:
- Scenario 1: At age 60, he will receive $1,095,353 assuming 8%pa returns before cost.
- Scenario 2: At age 70, he will receive $1,911,379 assuming 8% pa returns before cost.
I did some calculation using spreadsheet and I found that in Scenario 1, the actual return is 5.20%. The following is the detail table of my spreadsheet:
| Age | Month | Begin Balance | Cash Flow | Ending | |
|---|---|---|---|---|---|
| 35 | 1 | 0.00 | 2,000 | (0 + 2000) x (1 + 5.2%/12) = | 2,008.67 |
| 35 | 2 | 2,008.67 | 2,000 | (2008.67 + 2000) x (1 + 5.2%/12) = | 4,026.04 |
| 35 | 3 | 4,026.04 | 2,000 | (4026.04 + 2000) x (1 + 5.2%/12) = | 6,052.16 |
| 35 | 4 | 6,052.16 | 2,000 | (6052.16 + 2000) x (1 + 5.2%/12) = | 8,087.05 |
| 35 | 5 | 8,087.05 | 2,000 | (8087.05 + 2000) x (1 + 5.2%/12) = | 10,130.77 |
| 35 | 6 | 10,130.77 | 2,000 | (10130.77 + 2000) x (1 + 5.2%/12) = | 12,183.34 |
| 35 | 7 | 12,183.34 | 2,000 | (12183.34 + 2000) x (1 + 5.2%/12) = | 14,244.81 |
| 35 | 8 | 14,244.81 | 2,000 | (14244.81 + 2000) x (1 + 5.2%/12) = | 16,315.21 |
| 35 | 9 | 16,315.21 | 2,000 | (16315.21 + 2000) x (1 + 5.2%/12) = | 18,394.58 |
| 35 | 10 | 18,394.58 | 2,000 | (18394.58 + 2000) x (1 + 5.2%/12) = | 20,482.97 |
| 35 | 11 | 20,482.97 | 2,000 | (20482.97 + 2000) x (1 + 5.2%/12) = | 22,580.41 |
| 35 | 12 | 22,580.41 | 2,000 | (22580.41 + 2000) x (1 + 5.2%/12) = | 24,686.93 |
| 36 | 1 | 24,686.93 | 2,000 | (24686.93 + 2000) x (1 + 5.2%/12) = | 26,802.59 |
| 36 | 2 | 26,802.59 | 2,000 | (26802.59 + 2000) x (1 + 5.2%/12) = | 28,927.41 |
| 36 | 3 | 28,927.41 | 2,000 | (28927.41 + 2000) x (1 + 5.2%/12) = | 31,061.45 |
| 36 | 4 | 31,061.45 | 2,000 | (31061.45 + 2000) x (1 + 5.2%/12) = | 33,204.73 |
| 36 | 5 | 33,204.73 | 2,000 | (33204.73 + 2000) x (1 + 5.2%/12) = | 35,357.30 |
| 36 | 6 | 35,357.30 | 2,000 | (35357.3 + 2000) x (1 + 5.2%/12) = | 37,519.20 |
| 36 | 7 | 37,519.20 | 2,000 | (37519.2 + 2000) x (1 + 5.2%/12) = | 39,690.47 |
| 36 | 8 | 39,690.47 | 2,000 | (39690.47 + 2000) x (1 + 5.2%/12) = | 41,871.15 |
| 36 | 9 | 41,871.15 | 2,000 | (41871.15 + 2000) x (1 + 5.2%/12) = | 44,061.27 |
| 36 | 10 | 44,061.27 | 2,000 | (44061.27 + 2000) x (1 + 5.2%/12) = | 46,260.89 |
| 36 | 11 | 46,260.89 | 2,000 | (46260.89 + 2000) x (1 + 5.2%/12) = | 48,470.05 |
| 36 | 12 | 48,470.05 | 2,000 | (48470.05 + 2000) x (1 + 5.2%/12) = | 50,688.77 |
| 37 | 1 | 50,688.77 | 2,000 | (50688.77 + 2000) x (1 + 5.2%/12) = | 52,917.12 |
| 37 | 2 | 52,917.12 | 2,000 | (52917.12 + 2000) x (1 + 5.2%/12) = | 55,155.12 |
| 37 | 3 | 55,155.12 | 2,000 | (55155.12 + 2000) x (1 + 5.2%/12) = | 57,402.82 |
| 37 | 4 | 57,402.82 | 2,000 | (57402.82 + 2000) x (1 + 5.2%/12) = | 59,660.26 |
| 37 | 5 | 59,660.26 | 2,000 | (59660.26 + 2000) x (1 + 5.2%/12) = | 61,927.48 |
| 37 | 6 | 61,927.48 | 2,000 | (61927.48 + 2000) x (1 + 5.2%/12) = | 64,204.53 |
| 37 | 7 | 64,204.53 | 2,000 | (64204.53 + 2000) x (1 + 5.2%/12) = | 66,491.45 |
| 37 | 8 | 66,491.45 | 2,000 | (66491.45 + 2000) x (1 + 5.2%/12) = | 68,788.27 |
| 37 | 9 | 68,788.27 | 2,000 | (68788.27 + 2000) x (1 + 5.2%/12) = | 71,095.06 |
| 37 | 10 | 71,095.06 | 2,000 | (71095.06 + 2000) x (1 + 5.2%/12) = | 73,411.84 |
| 37 | 11 | 73,411.84 | 2,000 | (73411.84 + 2000) x (1 + 5.2%/12) = | 75,738.66 |
| 37 | 12 | 75,738.66 | 2,000 | (75738.66 + 2000) x (1 + 5.2%/12) = | 78,075.56 |
| 38 | 1 | 78,075.56 | 2,000 | (78075.56 + 2000) x (1 + 5.2%/12) = | 80,422.59 |
| 38 | 2 | 80,422.59 | 2,000 | (80422.59 + 2000) x (1 + 5.2%/12) = | 82,779.79 |
| 38 | 3 | 82,779.79 | 2,000 | (82779.79 + 2000) x (1 + 5.2%/12) = | 85,147.21 |
| 38 | 4 | 85,147.21 | 2,000 | (85147.21 + 2000) x (1 + 5.2%/12) = | 87,524.89 |
| 38 | 5 | 87,524.89 | 2,000 | (87524.89 + 2000) x (1 + 5.2%/12) = | 89,912.87 |
| 38 | 6 | 89,912.87 | 2,000 | (89912.87 + 2000) x (1 + 5.2%/12) = | 92,311.21 |
| 38 | 7 | 92,311.21 | 2,000 | (92311.21 + 2000) x (1 + 5.2%/12) = | 94,719.93 |
| 38 | 8 | 94,719.93 | 2,000 | (94719.93 + 2000) x (1 + 5.2%/12) = | 97,139.10 |
| 38 | 9 | 97,139.10 | 2,000 | (97139.1 + 2000) x (1 + 5.2%/12) = | 99,568.75 |
| 38 | 10 | 99,568.75 | 2,000 | (99568.75 + 2000) x (1 + 5.2%/12) = | 102,008.93 |
| 38 | 11 | 102,008.93 | 2,000 | (102008.93 + 2000) x (1 + 5.2%/12) = | 104,459.68 |
| 38 | 12 | 104,459.68 | 2,000 | (104459.68 + 2000) x (1 + 5.2%/12) = | 106,921.05 |
| 39 | 1 | 106,921.05 | 2,000 | (106921.05 + 2000) x (1 + 5.2%/12) = | 109,393.10 |
| 39 | 2 | 109,393.10 | 2,000 | (109393.1 + 2000) x (1 + 5.2%/12) = | 111,875.85 |
| 39 | 3 | 111,875.85 | 2,000 | (111875.85 + 2000) x (1 + 5.2%/12) = | 114,369.37 |
| 39 | 4 | 114,369.37 | 2,000 | (114369.37 + 2000) x (1 + 5.2%/12) = | 116,873.69 |
| 39 | 5 | 116,873.69 | 2,000 | (116873.69 + 2000) x (1 + 5.2%/12) = | 119,388.86 |
| 39 | 6 | 119,388.86 | 2,000 | (119388.86 + 2000) x (1 + 5.2%/12) = | 121,914.94 |
| 39 | 7 | 121,914.94 | 2,000 | (121914.94 + 2000) x (1 + 5.2%/12) = | 124,451.96 |
| 39 | 8 | 124,451.96 | 2,000 | (124451.96 + 2000) x (1 + 5.2%/12) = | 126,999.98 |
| 39 | 9 | 126,999.98 | 2,000 | (126999.98 + 2000) x (1 + 5.2%/12) = | 129,559.04 |
| 39 | 10 | 129,559.04 | 2,000 | (129559.04 + 2000) x (1 + 5.2%/12) = | 132,129.19 |
| 39 | 11 | 132,129.19 | 2,000 | (132129.19 + 2000) x (1 + 5.2%/12) = | 134,710.48 |
| 39 | 12 | 134,710.48 | 2,000 | (134710.48 + 2000) x (1 + 5.2%/12) = | 137,302.96 |
| 40 | 1 | 137,302.96 | 2,000 | (137302.96 + 2000) x (1 + 5.2%/12) = | 139,906.67 |
| 40 | 2 | 139,906.67 | 2,000 | (139906.67 + 2000) x (1 + 5.2%/12) = | 142,521.66 |
| 40 | 3 | 142,521.66 | 2,000 | (142521.66 + 2000) x (1 + 5.2%/12) = | 145,147.99 |
| 40 | 4 | 145,147.99 | 2,000 | (145147.99 + 2000) x (1 + 5.2%/12) = | 147,785.70 |
| 40 | 5 | 147,785.70 | 2,000 | (147785.7 + 2000) x (1 + 5.2%/12) = | 150,434.84 |
| 40 | 6 | 150,434.84 | 2,000 | (150434.84 + 2000) x (1 + 5.2%/12) = | 153,095.47 |
| 40 | 7 | 153,095.47 | 2,000 | (153095.47 + 2000) x (1 + 5.2%/12) = | 155,767.62 |
| 40 | 8 | 155,767.62 | 2,000 | (155767.62 + 2000) x (1 + 5.2%/12) = | 158,451.35 |
| 40 | 9 | 158,451.35 | 2,000 | (158451.35 + 2000) x (1 + 5.2%/12) = | 161,146.72 |
| 40 | 10 | 161,146.72 | 2,000 | (161146.72 + 2000) x (1 + 5.2%/12) = | 163,853.76 |
| 40 | 11 | 163,853.76 | 2,000 | (163853.76 + 2000) x (1 + 5.2%/12) = | 166,572.54 |
| 40 | 12 | 166,572.54 | 2,000 | (166572.54 + 2000) x (1 + 5.2%/12) = | 169,303.10 |
| 41 | 1 | 169,303.10 | 2,000 | (169303.1 + 2000) x (1 + 5.2%/12) = | 172,045.49 |
| 41 | 2 | 172,045.49 | 2,000 | (172045.49 + 2000) x (1 + 5.2%/12) = | 174,799.77 |
| 41 | 3 | 174,799.77 | 2,000 | (174799.77 + 2000) x (1 + 5.2%/12) = | 177,565.99 |
| 41 | 4 | 177,565.99 | 2,000 | (177565.99 + 2000) x (1 + 5.2%/12) = | 180,344.19 |
| 41 | 5 | 180,344.19 | 2,000 | (180344.19 + 2000) x (1 + 5.2%/12) = | 183,134.43 |
| 41 | 6 | 183,134.43 | 2,000 | (183134.43 + 2000) x (1 + 5.2%/12) = | 185,936.77 |
| 41 | 7 | 185,936.77 | 2,000 | (185936.77 + 2000) x (1 + 5.2%/12) = | 188,751.25 |
| 41 | 8 | 188,751.25 | 2,000 | (188751.25 + 2000) x (1 + 5.2%/12) = | 191,577.93 |
| 41 | 9 | 191,577.93 | 2,000 | (191577.93 + 2000) x (1 + 5.2%/12) = | 194,416.85 |
| 41 | 10 | 194,416.85 | 2,000 | (194416.85 + 2000) x (1 + 5.2%/12) = | 197,268.09 |
| 41 | 11 | 197,268.09 | 2,000 | (197268.09 + 2000) x (1 + 5.2%/12) = | 200,131.67 |
| 41 | 12 | 200,131.67 | 2,000 | (200131.67 + 2000) x (1 + 5.2%/12) = | 203,007.67 |
| 42 | 1 | 203,007.67 | 2,000 | (203007.67 + 2000) x (1 + 5.2%/12) = | 205,896.14 |
| 42 | 2 | 205,896.14 | 2,000 | (205896.14 + 2000) x (1 + 5.2%/12) = | 208,797.12 |
| 42 | 3 | 208,797.12 | 2,000 | (208797.12 + 2000) x (1 + 5.2%/12) = | 211,710.67 |
| 42 | 4 | 211,710.67 | 2,000 | (211710.67 + 2000) x (1 + 5.2%/12) = | 214,636.85 |
| 42 | 5 | 214,636.85 | 2,000 | (214636.85 + 2000) x (1 + 5.2%/12) = | 217,575.71 |
| 42 | 6 | 217,575.71 | 2,000 | (217575.71 + 2000) x (1 + 5.2%/12) = | 220,527.31 |
| 42 | 7 | 220,527.31 | 2,000 | (220527.31 + 2000) x (1 + 5.2%/12) = | 223,491.70 |
| 42 | 8 | 223,491.70 | 2,000 | (223491.7 + 2000) x (1 + 5.2%/12) = | 226,468.93 |
| 42 | 9 | 226,468.93 | 2,000 | (226468.93 + 2000) x (1 + 5.2%/12) = | 229,459.07 |
| 42 | 10 | 229,459.07 | 2,000 | (229459.07 + 2000) x (1 + 5.2%/12) = | 232,462.17 |
| 42 | 11 | 232,462.17 | 2,000 | (232462.17 + 2000) x (1 + 5.2%/12) = | 235,478.28 |
| 42 | 12 | 235,478.28 | 2,000 | (235478.28 + 2000) x (1 + 5.2%/12) = | 238,507.47 |
| 43 | 1 | 238,507.47 | 2,000 | (238507.47 + 2000) x (1 + 5.2%/12) = | 241,549.78 |
| 43 | 2 | 241,549.78 | 2,000 | (241549.78 + 2000) x (1 + 5.2%/12) = | 244,605.27 |
| 43 | 3 | 244,605.27 | 2,000 | (244605.27 + 2000) x (1 + 5.2%/12) = | 247,674.01 |
| 43 | 4 | 247,674.01 | 2,000 | (247674.01 + 2000) x (1 + 5.2%/12) = | 250,756.05 |
| 43 | 5 | 250,756.05 | 2,000 | (250756.05 + 2000) x (1 + 5.2%/12) = | 253,851.44 |
| 43 | 6 | 253,851.44 | 2,000 | (253851.44 + 2000) x (1 + 5.2%/12) = | 256,960.25 |
| 43 | 7 | 256,960.25 | 2,000 | (256960.25 + 2000) x (1 + 5.2%/12) = | 260,082.53 |
| 43 | 8 | 260,082.53 | 2,000 | (260082.53 + 2000) x (1 + 5.2%/12) = | 263,218.35 |
| 43 | 9 | 263,218.35 | 2,000 | (263218.35 + 2000) x (1 + 5.2%/12) = | 266,367.75 |
| 43 | 10 | 266,367.75 | 2,000 | (266367.75 + 2000) x (1 + 5.2%/12) = | 269,530.80 |
| 43 | 11 | 269,530.80 | 2,000 | (269530.8 + 2000) x (1 + 5.2%/12) = | 272,707.57 |
| 43 | 12 | 272,707.57 | 2,000 | (272707.57 + 2000) x (1 + 5.2%/12) = | 275,898.09 |
| 44 | 1 | 275,898.09 | 2,000 | (275898.09 + 2000) x (1 + 5.2%/12) = | 279,102.45 |
| 44 | 2 | 279,102.45 | 2,000 | (279102.45 + 2000) x (1 + 5.2%/12) = | 282,320.69 |
| 44 | 3 | 282,320.69 | 2,000 | (282320.69 + 2000) x (1 + 5.2%/12) = | 285,552.88 |
| 44 | 4 | 285,552.88 | 2,000 | (285552.88 + 2000) x (1 + 5.2%/12) = | 288,799.08 |
| 44 | 5 | 288,799.08 | 2,000 | (288799.08 + 2000) x (1 + 5.2%/12) = | 292,059.34 |
| 44 | 6 | 292,059.34 | 2,000 | (292059.34 + 2000) x (1 + 5.2%/12) = | 295,333.74 |
| 44 | 7 | 295,333.74 | 2,000 | (295333.74 + 2000) x (1 + 5.2%/12) = | 298,622.32 |
| 44 | 8 | 298,622.32 | 2,000 | (298622.32 + 2000) x (1 + 5.2%/12) = | 301,925.16 |
| 44 | 9 | 301,925.16 | 2,000 | (301925.16 + 2000) x (1 + 5.2%/12) = | 305,242.31 |
| 44 | 10 | 305,242.31 | 2,000 | (305242.31 + 2000) x (1 + 5.2%/12) = | 308,573.84 |
| 44 | 11 | 308,573.84 | 2,000 | (308573.84 + 2000) x (1 + 5.2%/12) = | 311,919.80 |
| 44 | 12 | 311,919.80 | 2,000 | (311919.8 + 2000) x (1 + 5.2%/12) = | 315,280.27 |
| 45 | 1 | 315,280.27 | 2,000 | (315280.27 + 2000) x (1 + 5.2%/12) = | 318,655.30 |
| 45 | 2 | 318,655.30 | 2,000 | (318655.3 + 2000) x (1 + 5.2%/12) = | 322,044.96 |
| 45 | 3 | 322,044.96 | 2,000 | (322044.96 + 2000) x (1 + 5.2%/12) = | 325,449.30 |
| 45 | 4 | 325,449.30 | 2,000 | (325449.3 + 2000) x (1 + 5.2%/12) = | 328,868.40 |
| 45 | 5 | 328,868.40 | 2,000 | (328868.4 + 2000) x (1 + 5.2%/12) = | 332,302.32 |
| 45 | 6 | 332,302.32 | 2,000 | (332302.32 + 2000) x (1 + 5.2%/12) = | 335,751.12 |
| 45 | 7 | 335,751.12 | 2,000 | (335751.12 + 2000) x (1 + 5.2%/12) = | 339,214.87 |
| 45 | 8 | 339,214.87 | 2,000 | (339214.87 + 2000) x (1 + 5.2%/12) = | 342,693.62 |
| 45 | 9 | 342,693.62 | 2,000 | (342693.62 + 2000) x (1 + 5.2%/12) = | 346,187.46 |
| 45 | 10 | 346,187.46 | 2,000 | (346187.46 + 2000) x (1 + 5.2%/12) = | 349,696.43 |
| 45 | 11 | 349,696.43 | 2,000 | (349696.43 + 2000) x (1 + 5.2%/12) = | 353,220.61 |
| 45 | 12 | 353,220.61 | 2,000 | (353220.61 + 2000) x (1 + 5.2%/12) = | 356,760.07 |
| 46 | 1 | 356,760.07 | 2,000 | (356760.07 + 2000) x (1 + 5.2%/12) = | 360,314.86 |
| 46 | 2 | 360,314.86 | 2,000 | (360314.86 + 2000) x (1 + 5.2%/12) = | 363,885.07 |
| 46 | 3 | 363,885.07 | 2,000 | (363885.07 + 2000) x (1 + 5.2%/12) = | 367,470.74 |
| 46 | 4 | 367,470.74 | 2,000 | (367470.74 + 2000) x (1 + 5.2%/12) = | 371,071.95 |
| 46 | 5 | 371,071.95 | 2,000 | (371071.95 + 2000) x (1 + 5.2%/12) = | 374,688.77 |
| 46 | 6 | 374,688.77 | 2,000 | (374688.77 + 2000) x (1 + 5.2%/12) = | 378,321.27 |
| 46 | 7 | 378,321.27 | 2,000 | (378321.27 + 2000) x (1 + 5.2%/12) = | 381,969.50 |
| 46 | 8 | 381,969.50 | 2,000 | (381969.5 + 2000) x (1 + 5.2%/12) = | 385,633.55 |
| 46 | 9 | 385,633.55 | 2,000 | (385633.55 + 2000) x (1 + 5.2%/12) = | 389,313.48 |
| 46 | 10 | 389,313.48 | 2,000 | (389313.48 + 2000) x (1 + 5.2%/12) = | 393,009.35 |
| 46 | 11 | 393,009.35 | 2,000 | (393009.35 + 2000) x (1 + 5.2%/12) = | 396,721.24 |
| 46 | 12 | 396,721.24 | 2,000 | (396721.24 + 2000) x (1 + 5.2%/12) = | 400,449.22 |
| 47 | 1 | 400,449.22 | 2,000 | (400449.22 + 2000) x (1 + 5.2%/12) = | 404,193.36 |
| 47 | 2 | 404,193.36 | 2,000 | (404193.36 + 2000) x (1 + 5.2%/12) = | 407,953.72 |
| 47 | 3 | 407,953.72 | 2,000 | (407953.72 + 2000) x (1 + 5.2%/12) = | 411,730.38 |
| 47 | 4 | 411,730.38 | 2,000 | (411730.38 + 2000) x (1 + 5.2%/12) = | 415,523.40 |
| 47 | 5 | 415,523.40 | 2,000 | (415523.4 + 2000) x (1 + 5.2%/12) = | 419,332.86 |
| 47 | 6 | 419,332.86 | 2,000 | (419332.86 + 2000) x (1 + 5.2%/12) = | 423,158.84 |
| 47 | 7 | 423,158.84 | 2,000 | (423158.84 + 2000) x (1 + 5.2%/12) = | 427,001.39 |
| 47 | 8 | 427,001.39 | 2,000 | (427001.39 + 2000) x (1 + 5.2%/12) = | 430,860.60 |
| 47 | 9 | 430,860.60 | 2,000 | (430860.6 + 2000) x (1 + 5.2%/12) = | 434,736.53 |
| 47 | 10 | 434,736.53 | 2,000 | (434736.53 + 2000) x (1 + 5.2%/12) = | 438,629.26 |
| 47 | 11 | 438,629.26 | 2,000 | (438629.26 + 2000) x (1 + 5.2%/12) = | 442,538.86 |
| 47 | 12 | 442,538.86 | 2,000 | (442538.86 + 2000) x (1 + 5.2%/12) = | 446,465.40 |
| 48 | 1 | 446,465.40 | 2,000 | (446465.4 + 2000) x (1 + 5.2%/12) = | 450,408.96 |
| 48 | 2 | 450,408.96 | 2,000 | (450408.96 + 2000) x (1 + 5.2%/12) = | 454,369.61 |
| 48 | 3 | 454,369.61 | 2,000 | (454369.61 + 2000) x (1 + 5.2%/12) = | 458,347.43 |
| 48 | 4 | 458,347.43 | 2,000 | (458347.43 + 2000) x (1 + 5.2%/12) = | 462,342.48 |
| 48 | 5 | 462,342.48 | 2,000 | (462342.48 + 2000) x (1 + 5.2%/12) = | 466,354.85 |
| 48 | 6 | 466,354.85 | 2,000 | (466354.85 + 2000) x (1 + 5.2%/12) = | 470,384.61 |
| 48 | 7 | 470,384.61 | 2,000 | (470384.61 + 2000) x (1 + 5.2%/12) = | 474,431.83 |
| 48 | 8 | 474,431.83 | 2,000 | (474431.83 + 2000) x (1 + 5.2%/12) = | 478,496.59 |
| 48 | 9 | 478,496.59 | 2,000 | (478496.59 + 2000) x (1 + 5.2%/12) = | 482,578.96 |
| 48 | 10 | 482,578.96 | 2,000 | (482578.96 + 2000) x (1 + 5.2%/12) = | 486,679.03 |
| 48 | 11 | 486,679.03 | 2,000 | (486679.03 + 2000) x (1 + 5.2%/12) = | 490,796.87 |
| 48 | 12 | 490,796.87 | 2,000 | (490796.87 + 2000) x (1 + 5.2%/12) = | 494,932.56 |
| 49 | 1 | 494,932.56 | 2,000 | (494932.56 + 2000) x (1 + 5.2%/12) = | 499,086.16 |
| 49 | 2 | 499,086.16 | 2,000 | (499086.16 + 2000) x (1 + 5.2%/12) = | 503,257.77 |
| 49 | 3 | 503,257.77 | 2,000 | (503257.77 + 2000) x (1 + 5.2%/12) = | 507,447.46 |
| 49 | 4 | 507,447.46 | 2,000 | (507447.46 + 2000) x (1 + 5.2%/12) = | 511,655.30 |
| 49 | 5 | 511,655.30 | 2,000 | (511655.3 + 2000) x (1 + 5.2%/12) = | 515,881.38 |
| 49 | 6 | 515,881.38 | 2,000 | (515881.38 + 2000) x (1 + 5.2%/12) = | 520,125.78 |
| 49 | 7 | 520,125.78 | 2,000 | (520125.78 + 2000) x (1 + 5.2%/12) = | 524,388.57 |
| 49 | 8 | 524,388.57 | 2,000 | (524388.57 + 2000) x (1 + 5.2%/12) = | 528,669.83 |
| 49 | 9 | 528,669.83 | 2,000 | (528669.83 + 2000) x (1 + 5.2%/12) = | 532,969.65 |
| 49 | 10 | 532,969.65 | 2,000 | (532969.65 + 2000) x (1 + 5.2%/12) = | 537,288.10 |
| 49 | 11 | 537,288.10 | 2,000 | (537288.1 + 2000) x (1 + 5.2%/12) = | 541,625.27 |
| 49 | 12 | 541,625.27 | 2,000 | (541625.27 + 2000) x (1 + 5.2%/12) = | 545,981.23 |
| 50 | 1 | 545,981.23 | 2,000 | (545981.23 + 2000) x (1 + 5.2%/12) = | 550,356.07 |
| 50 | 2 | 550,356.07 | 2,000 | (550356.07 + 2000) x (1 + 5.2%/12) = | 554,749.87 |
| 50 | 3 | 554,749.87 | 2,000 | (554749.87 + 2000) x (1 + 5.2%/12) = | 559,162.72 |
| 50 | 4 | 559,162.72 | 2,000 | (559162.72 + 2000) x (1 + 5.2%/12) = | 563,594.68 |
| 50 | 5 | 563,594.68 | 2,000 | (563594.68 + 2000) x (1 + 5.2%/12) = | 568,045.86 |
| 50 | 6 | 568,045.86 | 2,000 | (568045.86 + 2000) x (1 + 5.2%/12) = | 572,516.32 |
| 50 | 7 | 572,516.32 | 2,000 | (572516.32 + 2000) x (1 + 5.2%/12) = | 577,006.16 |
| 50 | 8 | 577,006.16 | 2,000 | (577006.16 + 2000) x (1 + 5.2%/12) = | 581,515.46 |
| 50 | 9 | 581,515.46 | 2,000 | (581515.46 + 2000) x (1 + 5.2%/12) = | 586,044.30 |
| 50 | 10 | 586,044.30 | 2,000 | (586044.3 + 2000) x (1 + 5.2%/12) = | 590,592.77 |
| 50 | 11 | 590,592.77 | 2,000 | (590592.77 + 2000) x (1 + 5.2%/12) = | 595,160.95 |
| 50 | 12 | 595,160.95 | 2,000 | (595160.95 + 2000) x (1 + 5.2%/12) = | 599,748.92 |
| 51 | 1 | 599,748.92 | 2,000 | (599748.92 + 2000) x (1 + 5.2%/12) = | 604,356.78 |
| 51 | 2 | 604,356.78 | 2,000 | (604356.78 + 2000) x (1 + 5.2%/12) = | 608,984.61 |
| 51 | 3 | 608,984.61 | 2,000 | (608984.61 + 2000) x (1 + 5.2%/12) = | 613,632.50 |
| 51 | 4 | 613,632.50 | 2,000 | (613632.5 + 2000) x (1 + 5.2%/12) = | 618,300.53 |
| 51 | 5 | 618,300.53 | 2,000 | (618300.53 + 2000) x (1 + 5.2%/12) = | 622,988.79 |
| 51 | 6 | 622,988.79 | 2,000 | (622988.79 + 2000) x (1 + 5.2%/12) = | 627,697.37 |
| 51 | 7 | 627,697.37 | 2,000 | (627697.37 + 2000) x (1 + 5.2%/12) = | 632,426.35 |
| 51 | 8 | 632,426.35 | 2,000 | (632426.35 + 2000) x (1 + 5.2%/12) = | 637,175.83 |
| 51 | 9 | 637,175.83 | 2,000 | (637175.83 + 2000) x (1 + 5.2%/12) = | 641,945.89 |
| 51 | 10 | 641,945.89 | 2,000 | (641945.89 + 2000) x (1 + 5.2%/12) = | 646,736.62 |
| 51 | 11 | 646,736.62 | 2,000 | (646736.62 + 2000) x (1 + 5.2%/12) = | 651,548.12 |
| 51 | 12 | 651,548.12 | 2,000 | (651548.12 + 2000) x (1 + 5.2%/12) = | 656,380.46 |
| 52 | 1 | 656,380.46 | 2,000 | (656380.46 + 2000) x (1 + 5.2%/12) = | 661,233.75 |
| 52 | 2 | 661,233.75 | 2,000 | (661233.75 + 2000) x (1 + 5.2%/12) = | 666,108.08 |
| 52 | 3 | 666,108.08 | 2,000 | (666108.08 + 2000) x (1 + 5.2%/12) = | 671,003.53 |
| 52 | 4 | 671,003.53 | 2,000 | (671003.53 + 2000) x (1 + 5.2%/12) = | 675,920.19 |
| 52 | 5 | 675,920.19 | 2,000 | (675920.19 + 2000) x (1 + 5.2%/12) = | 680,858.16 |
| 52 | 6 | 680,858.16 | 2,000 | (680858.16 + 2000) x (1 + 5.2%/12) = | 685,817.53 |
| 52 | 7 | 685,817.53 | 2,000 | (685817.53 + 2000) x (1 + 5.2%/12) = | 690,798.40 |
| 52 | 8 | 690,798.40 | 2,000 | (690798.4 + 2000) x (1 + 5.2%/12) = | 695,800.85 |
| 52 | 9 | 695,800.85 | 2,000 | (695800.85 + 2000) x (1 + 5.2%/12) = | 700,824.98 |
| 52 | 10 | 700,824.98 | 2,000 | (700824.98 + 2000) x (1 + 5.2%/12) = | 705,870.88 |
| 52 | 11 | 705,870.88 | 2,000 | (705870.88 + 2000) x (1 + 5.2%/12) = | 710,938.65 |
| 52 | 12 | 710,938.65 | 2,000 | (710938.65 + 2000) x (1 + 5.2%/12) = | 716,028.39 |
| 53 | 1 | 716,028.39 | 2,000 | (716028.39 + 2000) x (1 + 5.2%/12) = | 721,140.18 |
| 53 | 2 | 721,140.18 | 2,000 | (721140.18 + 2000) x (1 + 5.2%/12) = | 726,274.12 |
| 53 | 3 | 726,274.12 | 2,000 | (726274.12 + 2000) x (1 + 5.2%/12) = | 731,430.32 |
| 53 | 4 | 731,430.32 | 2,000 | (731430.32 + 2000) x (1 + 5.2%/12) = | 736,608.86 |
| 53 | 5 | 736,608.86 | 2,000 | (736608.86 + 2000) x (1 + 5.2%/12) = | 741,809.85 |
| 53 | 6 | 741,809.85 | 2,000 | (741809.85 + 2000) x (1 + 5.2%/12) = | 747,033.37 |
| 53 | 7 | 747,033.37 | 2,000 | (747033.37 + 2000) x (1 + 5.2%/12) = | 752,279.53 |
| 53 | 8 | 752,279.53 | 2,000 | (752279.53 + 2000) x (1 + 5.2%/12) = | 757,548.43 |
| 53 | 9 | 757,548.43 | 2,000 | (757548.43 + 2000) x (1 + 5.2%/12) = | 762,840.16 |
| 53 | 10 | 762,840.16 | 2,000 | (762840.16 + 2000) x (1 + 5.2%/12) = | 768,154.83 |
| 53 | 11 | 768,154.83 | 2,000 | (768154.83 + 2000) x (1 + 5.2%/12) = | 773,492.52 |
| 53 | 12 | 773,492.52 | 2,000 | (773492.52 + 2000) x (1 + 5.2%/12) = | 778,853.35 |
| 54 | 1 | 778,853.35 | 2,000 | (778853.35 + 2000) x (1 + 5.2%/12) = | 784,237.42 |
| 54 | 2 | 784,237.42 | 2,000 | (784237.42 + 2000) x (1 + 5.2%/12) = | 789,644.81 |
| 54 | 3 | 789,644.81 | 2,000 | (789644.81 + 2000) x (1 + 5.2%/12) = | 795,075.65 |
| 54 | 4 | 795,075.65 | 2,000 | (795075.65 + 2000) x (1 + 5.2%/12) = | 800,530.01 |
| 54 | 5 | 800,530.01 | 2,000 | (800530.01 + 2000) x (1 + 5.2%/12) = | 806,008.02 |
| 54 | 6 | 806,008.02 | 2,000 | (806008.02 + 2000) x (1 + 5.2%/12) = | 811,509.76 |
| 54 | 7 | 811,509.76 | 2,000 | (811509.76 + 2000) x (1 + 5.2%/12) = | 817,035.35 |
| 54 | 8 | 817,035.35 | 2,000 | (817035.35 + 2000) x (1 + 5.2%/12) = | 822,584.89 |
| 54 | 9 | 822,584.89 | 2,000 | (822584.89 + 2000) x (1 + 5.2%/12) = | 828,158.48 |
| 54 | 10 | 828,158.48 | 2,000 | (828158.48 + 2000) x (1 + 5.2%/12) = | 833,756.22 |
| 54 | 11 | 833,756.22 | 2,000 | (833756.22 + 2000) x (1 + 5.2%/12) = | 839,378.22 |
| 54 | 12 | 839,378.22 | 2,000 | (839378.22 + 2000) x (1 + 5.2%/12) = | 845,024.59 |
| 55 | 1 | 845,024.59 | 0 | (845024.59 + 0) x (1 + 5.2%/12) = | 848,686.75 |
| 55 | 2 | 848,686.75 | 0 | (848686.75 + 0) x (1 + 5.2%/12) = | 852,364.79 |
| 55 | 3 | 852,364.79 | 0 | (852364.79 + 0) x (1 + 5.2%/12) = | 856,058.77 |
| 55 | 4 | 856,058.77 | 0 | (856058.77 + 0) x (1 + 5.2%/12) = | 859,768.76 |
| 55 | 5 | 859,768.76 | 0 | (859768.76 + 0) x (1 + 5.2%/12) = | 863,494.83 |
| 55 | 6 | 863,494.83 | 0 | (863494.83 + 0) x (1 + 5.2%/12) = | 867,237.04 |
| 55 | 7 | 867,237.04 | 0 | (867237.04 + 0) x (1 + 5.2%/12) = | 870,995.48 |
| 55 | 8 | 870,995.48 | 0 | (870995.48 + 0) x (1 + 5.2%/12) = | 874,770.20 |
| 55 | 9 | 874,770.20 | 0 | (874770.2 + 0) x (1 + 5.2%/12) = | 878,561.28 |
| 55 | 10 | 878,561.28 | 0 | (878561.28 + 0) x (1 + 5.2%/12) = | 882,368.79 |
| 55 | 11 | 882,368.79 | 0 | (882368.79 + 0) x (1 + 5.2%/12) = | 886,192.80 |
| 55 | 12 | 886,192.80 | 0 | (886192.8 + 0) x (1 + 5.2%/12) = | 890,033.38 |
| 56 | 1 | 890,033.38 | 0 | (890033.38 + 0) x (1 + 5.2%/12) = | 893,890.61 |
| 56 | 2 | 893,890.61 | 0 | (893890.61 + 0) x (1 + 5.2%/12) = | 897,764.56 |
| 56 | 3 | 897,764.56 | 0 | (897764.56 + 0) x (1 + 5.2%/12) = | 901,655.29 |
| 56 | 4 | 901,655.29 | 0 | (901655.29 + 0) x (1 + 5.2%/12) = | 905,562.88 |
| 56 | 5 | 905,562.88 | 0 | (905562.88 + 0) x (1 + 5.2%/12) = | 909,487.41 |
| 56 | 6 | 909,487.41 | 0 | (909487.41 + 0) x (1 + 5.2%/12) = | 913,428.95 |
| 56 | 7 | 913,428.95 | 0 | (913428.95 + 0) x (1 + 5.2%/12) = | 917,387.57 |
| 56 | 8 | 917,387.57 | 0 | (917387.57 + 0) x (1 + 5.2%/12) = | 921,363.35 |
| 56 | 9 | 921,363.35 | 0 | (921363.35 + 0) x (1 + 5.2%/12) = | 925,356.35 |
| 56 | 10 | 925,356.35 | 0 | (925356.35 + 0) x (1 + 5.2%/12) = | 929,366.66 |
| 56 | 11 | 929,366.66 | 0 | (929366.66 + 0) x (1 + 5.2%/12) = | 933,394.35 |
| 56 | 12 | 933,394.35 | 0 | (933394.35 + 0) x (1 + 5.2%/12) = | 937,439.50 |
| 57 | 1 | 937,439.50 | 0 | (937439.5 + 0) x (1 + 5.2%/12) = | 941,502.17 |
| 57 | 2 | 941,502.17 | 0 | (941502.17 + 0) x (1 + 5.2%/12) = | 945,582.46 |
| 57 | 3 | 945,582.46 | 0 | (945582.46 + 0) x (1 + 5.2%/12) = | 949,680.42 |
| 57 | 4 | 949,680.42 | 0 | (949680.42 + 0) x (1 + 5.2%/12) = | 953,796.15 |
| 57 | 5 | 953,796.15 | 0 | (953796.15 + 0) x (1 + 5.2%/12) = | 957,929.71 |
| 57 | 6 | 957,929.71 | 0 | (957929.71 + 0) x (1 + 5.2%/12) = | 962,081.19 |
| 57 | 7 | 962,081.19 | 0 | (962081.19 + 0) x (1 + 5.2%/12) = | 966,250.66 |
| 57 | 8 | 966,250.66 | 0 | (966250.66 + 0) x (1 + 5.2%/12) = | 970,438.20 |
| 57 | 9 | 970,438.20 | 0 | (970438.2 + 0) x (1 + 5.2%/12) = | 974,643.88 |
| 57 | 10 | 974,643.88 | 0 | (974643.88 + 0) x (1 + 5.2%/12) = | 978,867.80 |
| 57 | 11 | 978,867.80 | 0 | (978867.8 + 0) x (1 + 5.2%/12) = | 983,110.01 |
| 57 | 12 | 983,110.01 | 0 | (983110.01 + 0) x (1 + 5.2%/12) = | 987,370.62 |
| 58 | 1 | 987,370.62 | 0 | (987370.62 + 0) x (1 + 5.2%/12) = | 991,649.69 |
| 58 | 2 | 991,649.69 | 0 | (991649.69 + 0) x (1 + 5.2%/12) = | 995,947.30 |
| 58 | 3 | 995,947.30 | 0 | (995947.3 + 0) x (1 + 5.2%/12) = | 1,000,263.54 |
| 58 | 4 | 1,000,263.54 | 0 | (1000263.54 + 0) x (1 + 5.2%/12) = | 1,004,598.48 |
| 58 | 5 | 1,004,598.48 | 0 | (1004598.48 + 0) x (1 + 5.2%/12) = | 1,008,952.21 |
| 58 | 6 | 1,008,952.21 | 0 | (1008952.21 + 0) x (1 + 5.2%/12) = | 1,013,324.81 |
| 58 | 7 | 1,013,324.81 | 0 | (1013324.81 + 0) x (1 + 5.2%/12) = | 1,017,716.36 |
| 58 | 8 | 1,017,716.36 | 0 | (1017716.36 + 0) x (1 + 5.2%/12) = | 1,022,126.94 |
| 58 | 9 | 1,022,126.94 | 0 | (1022126.94 + 0) x (1 + 5.2%/12) = | 1,026,556.63 |
| 58 | 10 | 1,026,556.63 | 0 | (1026556.63 + 0) x (1 + 5.2%/12) = | 1,031,005.52 |
| 58 | 11 | 1,031,005.52 | 0 | (1031005.52 + 0) x (1 + 5.2%/12) = | 1,035,473.70 |
| 58 | 12 | 1,035,473.70 | 0 | (1035473.7 + 0) x (1 + 5.2%/12) = | 1,039,961.23 |
| 59 | 1 | 1,039,961.23 | 0 | (1039961.23 + 0) x (1 + 5.2%/12) = | 1,044,468.22 |
| 59 | 2 | 1,044,468.22 | 0 | (1044468.22 + 0) x (1 + 5.2%/12) = | 1,048,994.74 |
| 59 | 3 | 1,048,994.74 | 0 | (1048994.74 + 0) x (1 + 5.2%/12) = | 1,053,540.87 |
| 59 | 4 | 1,053,540.87 | 0 | (1053540.87 + 0) x (1 + 5.2%/12) = | 1,058,106.71 |
| 59 | 5 | 1,058,106.71 | 0 | (1058106.71 + 0) x (1 + 5.2%/12) = | 1,062,692.33 |
| 59 | 6 | 1,062,692.33 | 0 | (1062692.33 + 0) x (1 + 5.2%/12) = | 1,067,297.83 |
| 59 | 7 | 1,067,297.83 | 0 | (1067297.83 + 0) x (1 + 5.2%/12) = | 1,071,923.29 |
| 59 | 8 | 1,071,923.29 | 0 | (1071923.29 + 0) x (1 + 5.2%/12) = | 1,076,568.79 |
| 59 | 9 | 1,076,568.79 | 0 | (1076568.79 + 0) x (1 + 5.2%/12) = | 1,081,234.42 |
| 59 | 10 | 1,081,234.42 | 0 | (1081234.42 + 0) x (1 + 5.2%/12) = | 1,085,920.28 |
| 59 | 11 | 1,085,920.28 | 0 | (1085920.28 + 0) x (1 + 5.2%/12) = | 1,090,626.44 |
| 59 | 12 | 1,090,626.44 | 0 | (1090626.44 + 0) x (1 + 5.2%/12) = | 1,095,353.00 |
| 60 | 1 | 1,095,353.00 | - | - | - |
| Age | Month | Begin Balance | Cash Flow | - | Ending |
|---|---|---|---|---|---|
| 35 | 1 | 0.00 | 2,000 | (0 + 2000) x (1 + 5.34%/12) = | 2,008.90 |
| 35 | 2 | 2,008.90 | 2,000 | (2008.9 + 2000) x (1 + 5.34%/12) = | 4,026.75 |
| 35 | 3 | 4,026.75 | 2,000 | (4026.75 + 2000) x (1 + 5.34%/12) = | 6,053.58 |
| 35 | 4 | 6,053.58 | 2,000 | (6053.58 + 2000) x (1 + 5.34%/12) = | 8,089.44 |
| 35 | 5 | 8,089.44 | 2,000 | (8089.44 + 2000) x (1 + 5.34%/12) = | 10,134.36 |
| 35 | 6 | 10,134.36 | 2,000 | (10134.36 + 2000) x (1 + 5.34%/12) = | 12,188.38 |
| 35 | 7 | 12,188.38 | 2,000 | (12188.38 + 2000) x (1 + 5.34%/12) = | 14,251.55 |
| 35 | 8 | 14,251.55 | 2,000 | (14251.55 + 2000) x (1 + 5.34%/12) = | 16,323.90 |
| 35 | 9 | 16,323.90 | 2,000 | (16323.9 + 2000) x (1 + 5.34%/12) = | 18,405.48 |
| 35 | 10 | 18,405.48 | 2,000 | (18405.48 + 2000) x (1 + 5.34%/12) = | 20,496.33 |
| 35 | 11 | 20,496.33 | 2,000 | (20496.33 + 2000) x (1 + 5.34%/12) = | 22,596.48 |
| 35 | 12 | 22,596.48 | 2,000 | (22596.48 + 2000) x (1 + 5.34%/12) = | 24,705.99 |
| 36 | 1 | 24,705.99 | 2,000 | (24705.99 + 2000) x (1 + 5.34%/12) = | 26,824.88 |
| 36 | 2 | 26,824.88 | 2,000 | (26824.88 + 2000) x (1 + 5.34%/12) = | 28,953.21 |
| 36 | 3 | 28,953.21 | 2,000 | (28953.21 + 2000) x (1 + 5.34%/12) = | 31,091.02 |
| 36 | 4 | 31,091.02 | 2,000 | (31091.02 + 2000) x (1 + 5.34%/12) = | 33,238.34 |
| 36 | 5 | 33,238.34 | 2,000 | (33238.34 + 2000) x (1 + 5.34%/12) = | 35,395.23 |
| 36 | 6 | 35,395.23 | 2,000 | (35395.23 + 2000) x (1 + 5.34%/12) = | 37,561.71 |
| 36 | 7 | 37,561.71 | 2,000 | (37561.71 + 2000) x (1 + 5.34%/12) = | 39,737.84 |
| 36 | 8 | 39,737.84 | 2,000 | (39737.84 + 2000) x (1 + 5.34%/12) = | 41,923.66 |
| 36 | 9 | 41,923.66 | 2,000 | (41923.66 + 2000) x (1 + 5.34%/12) = | 44,119.21 |
| 36 | 10 | 44,119.21 | 2,000 | (44119.21 + 2000) x (1 + 5.34%/12) = | 46,324.54 |
| 36 | 11 | 46,324.54 | 2,000 | (46324.54 + 2000) x (1 + 5.34%/12) = | 48,539.68 |
| 36 | 12 | 48,539.68 | 2,000 | (48539.68 + 2000) x (1 + 5.34%/12) = | 50,764.69 |
| 37 | 1 | 50,764.69 | 2,000 | (50764.69 + 2000) x (1 + 5.34%/12) = | 52,999.60 |
| 37 | 2 | 52,999.60 | 2,000 | (52999.6 + 2000) x (1 + 5.34%/12) = | 55,244.46 |
| 37 | 3 | 55,244.46 | 2,000 | (55244.46 + 2000) x (1 + 5.34%/12) = | 57,499.32 |
| 37 | 4 | 57,499.32 | 2,000 | (57499.32 + 2000) x (1 + 5.34%/12) = | 59,764.22 |
| 37 | 5 | 59,764.22 | 2,000 | (59764.22 + 2000) x (1 + 5.34%/12) = | 62,039.19 |
| 37 | 6 | 62,039.19 | 2,000 | (62039.19 + 2000) x (1 + 5.34%/12) = | 64,324.30 |
| 37 | 7 | 64,324.30 | 2,000 | (64324.3 + 2000) x (1 + 5.34%/12) = | 66,619.58 |
| 37 | 8 | 66,619.58 | 2,000 | (66619.58 + 2000) x (1 + 5.34%/12) = | 68,925.08 |
| 37 | 9 | 68,925.08 | 2,000 | (68925.08 + 2000) x (1 + 5.34%/12) = | 71,240.84 |
| 37 | 10 | 71,240.84 | 2,000 | (71240.84 + 2000) x (1 + 5.34%/12) = | 73,566.92 |
| 37 | 11 | 73,566.92 | 2,000 | (73566.92 + 2000) x (1 + 5.34%/12) = | 75,903.34 |
| 37 | 12 | 75,903.34 | 2,000 | (75903.34 + 2000) x (1 + 5.34%/12) = | 78,250.17 |
| 38 | 1 | 78,250.17 | 2,000 | (78250.17 + 2000) x (1 + 5.34%/12) = | 80,607.45 |
| 38 | 2 | 80,607.45 | 2,000 | (80607.45 + 2000) x (1 + 5.34%/12) = | 82,975.23 |
| 38 | 3 | 82,975.23 | 2,000 | (82975.23 + 2000) x (1 + 5.34%/12) = | 85,353.54 |
| 38 | 4 | 85,353.54 | 2,000 | (85353.54 + 2000) x (1 + 5.34%/12) = | 87,742.45 |
| 38 | 5 | 87,742.45 | 2,000 | (87742.45 + 2000) x (1 + 5.34%/12) = | 90,141.99 |
| 38 | 6 | 90,141.99 | 2,000 | (90141.99 + 2000) x (1 + 5.34%/12) = | 92,552.21 |
| 38 | 7 | 92,552.21 | 2,000 | (92552.21 + 2000) x (1 + 5.34%/12) = | 94,973.16 |
| 38 | 8 | 94,973.16 | 2,000 | (94973.16 + 2000) x (1 + 5.34%/12) = | 97,404.89 |
| 38 | 9 | 97,404.89 | 2,000 | (97404.89 + 2000) x (1 + 5.34%/12) = | 99,847.45 |
| 38 | 10 | 99,847.45 | 2,000 | (99847.45 + 2000) x (1 + 5.34%/12) = | 102,300.88 |
| 38 | 11 | 102,300.88 | 2,000 | (102300.88 + 2000) x (1 + 5.34%/12) = | 104,765.23 |
| 38 | 12 | 104,765.23 | 2,000 | (104765.23 + 2000) x (1 + 5.34%/12) = | 107,240.56 |
| 39 | 1 | 107,240.56 | 2,000 | (107240.56 + 2000) x (1 + 5.34%/12) = | 109,726.91 |
| 39 | 2 | 109,726.91 | 2,000 | (109726.91 + 2000) x (1 + 5.34%/12) = | 112,224.32 |
| 39 | 3 | 112,224.32 | 2,000 | (112224.32 + 2000) x (1 + 5.34%/12) = | 114,732.86 |
| 39 | 4 | 114,732.86 | 2,000 | (114732.86 + 2000) x (1 + 5.34%/12) = | 117,252.56 |
| 39 | 5 | 117,252.56 | 2,000 | (117252.56 + 2000) x (1 + 5.34%/12) = | 119,783.48 |
| 39 | 6 | 119,783.48 | 2,000 | (119783.48 + 2000) x (1 + 5.34%/12) = | 122,325.67 |
| 39 | 7 | 122,325.67 | 2,000 | (122325.67 + 2000) x (1 + 5.34%/12) = | 124,879.17 |
| 39 | 8 | 124,879.17 | 2,000 | (124879.17 + 2000) x (1 + 5.34%/12) = | 127,444.05 |
| 39 | 9 | 127,444.05 | 2,000 | (127444.05 + 2000) x (1 + 5.34%/12) = | 130,020.34 |
| 39 | 10 | 130,020.34 | 2,000 | (130020.34 + 2000) x (1 + 5.34%/12) = | 132,608.10 |
| 39 | 11 | 132,608.10 | 2,000 | (132608.1 + 2000) x (1 + 5.34%/12) = | 135,207.39 |
| 39 | 12 | 135,207.39 | 2,000 | (135207.39 + 2000) x (1 + 5.34%/12) = | 137,818.24 |
| 40 | 1 | 137,818.24 | 2,000 | (137818.24 + 2000) x (1 + 5.34%/12) = | 140,440.72 |
| 40 | 2 | 140,440.72 | 2,000 | (140440.72 + 2000) x (1 + 5.34%/12) = | 143,074.88 |
| 40 | 3 | 143,074.88 | 2,000 | (143074.88 + 2000) x (1 + 5.34%/12) = | 145,720.76 |
| 40 | 4 | 145,720.76 | 2,000 | (145720.76 + 2000) x (1 + 5.34%/12) = | 148,378.42 |
| 40 | 5 | 148,378.42 | 2,000 | (148378.42 + 2000) x (1 + 5.34%/12) = | 151,047.92 |
| 40 | 6 | 151,047.92 | 2,000 | (151047.92 + 2000) x (1 + 5.34%/12) = | 153,729.30 |
| 40 | 7 | 153,729.30 | 2,000 | (153729.3 + 2000) x (1 + 5.34%/12) = | 156,422.62 |
| 40 | 8 | 156,422.62 | 2,000 | (156422.62 + 2000) x (1 + 5.34%/12) = | 159,127.92 |
| 40 | 9 | 159,127.92 | 2,000 | (159127.92 + 2000) x (1 + 5.34%/12) = | 161,845.28 |
| 40 | 10 | 161,845.28 | 2,000 | (161845.28 + 2000) x (1 + 5.34%/12) = | 164,574.73 |
| 40 | 11 | 164,574.73 | 2,000 | (164574.73 + 2000) x (1 + 5.34%/12) = | 167,316.33 |
| 40 | 12 | 167,316.33 | 2,000 | (167316.33 + 2000) x (1 + 5.34%/12) = | 170,070.13 |
| 41 | 1 | 170,070.13 | 2,000 | (170070.13 + 2000) x (1 + 5.34%/12) = | 172,836.20 |
| 41 | 2 | 172,836.20 | 2,000 | (172836.2 + 2000) x (1 + 5.34%/12) = | 175,614.58 |
| 41 | 3 | 175,614.58 | 2,000 | (175614.58 + 2000) x (1 + 5.34%/12) = | 178,405.34 |
| 41 | 4 | 178,405.34 | 2,000 | (178405.34 + 2000) x (1 + 5.34%/12) = | 181,208.51 |
| 41 | 5 | 181,208.51 | 2,000 | (181208.51 + 2000) x (1 + 5.34%/12) = | 184,024.17 |
| 41 | 6 | 184,024.17 | 2,000 | (184024.17 + 2000) x (1 + 5.34%/12) = | 186,852.36 |
| 41 | 7 | 186,852.36 | 2,000 | (186852.36 + 2000) x (1 + 5.34%/12) = | 189,693.14 |
| 41 | 8 | 189,693.14 | 2,000 | (189693.14 + 2000) x (1 + 5.34%/12) = | 192,546.57 |
| 41 | 9 | 192,546.57 | 2,000 | (192546.57 + 2000) x (1 + 5.34%/12) = | 195,412.71 |
| 41 | 10 | 195,412.71 | 2,000 | (195412.71 + 2000) x (1 + 5.34%/12) = | 198,291.60 |
| 41 | 11 | 198,291.60 | 2,000 | (198291.6 + 2000) x (1 + 5.34%/12) = | 201,183.31 |
| 41 | 12 | 201,183.31 | 2,000 | (201183.31 + 2000) x (1 + 5.34%/12) = | 204,087.90 |
| 42 | 1 | 204,087.90 | 2,000 | (204087.9 + 2000) x (1 + 5.34%/12) = | 207,005.42 |
| 42 | 2 | 207,005.42 | 2,000 | (207005.42 + 2000) x (1 + 5.34%/12) = | 209,935.92 |
| 42 | 3 | 209,935.92 | 2,000 | (209935.92 + 2000) x (1 + 5.34%/12) = | 212,879.47 |
| 42 | 4 | 212,879.47 | 2,000 | (212879.47 + 2000) x (1 + 5.34%/12) = | 215,836.13 |
| 42 | 5 | 215,836.13 | 2,000 | (215836.13 + 2000) x (1 + 5.34%/12) = | 218,805.95 |
| 42 | 6 | 218,805.95 | 2,000 | (218805.95 + 2000) x (1 + 5.34%/12) = | 221,789.00 |
| 42 | 7 | 221,789.00 | 2,000 | (221789 + 2000) x (1 + 5.34%/12) = | 224,785.32 |
| 42 | 8 | 224,785.32 | 2,000 | (224785.32 + 2000) x (1 + 5.34%/12) = | 227,794.98 |
| 42 | 9 | 227,794.98 | 2,000 | (227794.98 + 2000) x (1 + 5.34%/12) = | 230,818.04 |
| 42 | 10 | 230,818.04 | 2,000 | (230818.04 + 2000) x (1 + 5.34%/12) = | 233,854.57 |
| 42 | 11 | 233,854.57 | 2,000 | (233854.57 + 2000) x (1 + 5.34%/12) = | 236,904.61 |
| 42 | 12 | 236,904.61 | 2,000 | (236904.61 + 2000) x (1 + 5.34%/12) = | 239,968.22 |
| 43 | 1 | 239,968.22 | 2,000 | (239968.22 + 2000) x (1 + 5.34%/12) = | 243,045.48 |
| 43 | 2 | 243,045.48 | 2,000 | (243045.48 + 2000) x (1 + 5.34%/12) = | 246,136.44 |
| 43 | 3 | 246,136.44 | 2,000 | (246136.44 + 2000) x (1 + 5.34%/12) = | 249,241.16 |
| 43 | 4 | 249,241.16 | 2,000 | (249241.16 + 2000) x (1 + 5.34%/12) = | 252,359.70 |
| 43 | 5 | 252,359.70 | 2,000 | (252359.7 + 2000) x (1 + 5.34%/12) = | 255,492.13 |
| 43 | 6 | 255,492.13 | 2,000 | (255492.13 + 2000) x (1 + 5.34%/12) = | 258,638.50 |
| 43 | 7 | 258,638.50 | 2,000 | (258638.5 + 2000) x (1 + 5.34%/12) = | 261,798.88 |
| 43 | 8 | 261,798.88 | 2,000 | (261798.88 + 2000) x (1 + 5.34%/12) = | 264,973.33 |
| 43 | 9 | 264,973.33 | 2,000 | (264973.33 + 2000) x (1 + 5.34%/12) = | 268,161.91 |
| 43 | 10 | 268,161.91 | 2,000 | (268161.91 + 2000) x (1 + 5.34%/12) = | 271,364.69 |
| 43 | 11 | 271,364.69 | 2,000 | (271364.69 + 2000) x (1 + 5.34%/12) = | 274,581.73 |
| 43 | 12 | 274,581.73 | 2,000 | (274581.73 + 2000) x (1 + 5.34%/12) = | 277,813.09 |
| 44 | 1 | 277,813.09 | 2,000 | (277813.09 + 2000) x (1 + 5.34%/12) = | 281,058.84 |
| 44 | 2 | 281,058.84 | 2,000 | (281058.84 + 2000) x (1 + 5.34%/12) = | 284,319.03 |
| 44 | 3 | 284,319.03 | 2,000 | (284319.03 + 2000) x (1 + 5.34%/12) = | 287,593.74 |
| 44 | 4 | 287,593.74 | 2,000 | (287593.74 + 2000) x (1 + 5.34%/12) = | 290,883.03 |
| 44 | 5 | 290,883.03 | 2,000 | (290883.03 + 2000) x (1 + 5.34%/12) = | 294,186.97 |
| 44 | 6 | 294,186.97 | 2,000 | (294186.97 + 2000) x (1 + 5.34%/12) = | 297,505.61 |
| 44 | 7 | 297,505.61 | 2,000 | (297505.61 + 2000) x (1 + 5.34%/12) = | 300,839.03 |
| 44 | 8 | 300,839.03 | 2,000 | (300839.03 + 2000) x (1 + 5.34%/12) = | 304,187.29 |
| 44 | 9 | 304,187.29 | 2,000 | (304187.29 + 2000) x (1 + 5.34%/12) = | 307,550.46 |
| 44 | 10 | 307,550.46 | 2,000 | (307550.46 + 2000) x (1 + 5.34%/12) = | 310,928.59 |
| 44 | 11 | 310,928.59 | 2,000 | (310928.59 + 2000) x (1 + 5.34%/12) = | 314,321.77 |
| 44 | 12 | 314,321.77 | 2,000 | (314321.77 + 2000) x (1 + 5.34%/12) = | 317,730.06 |
| 45 | 1 | 317,730.06 | 2,000 | (317730.06 + 2000) x (1 + 5.34%/12) = | 321,153.52 |
| 45 | 2 | 321,153.52 | 2,000 | (321153.52 + 2000) x (1 + 5.34%/12) = | 324,592.22 |
| 45 | 3 | 324,592.22 | 2,000 | (324592.22 + 2000) x (1 + 5.34%/12) = | 328,046.23 |
| 45 | 4 | 328,046.23 | 2,000 | (328046.23 + 2000) x (1 + 5.34%/12) = | 331,515.62 |
| 45 | 5 | 331,515.62 | 2,000 | (331515.62 + 2000) x (1 + 5.34%/12) = | 335,000.45 |
| 45 | 6 | 335,000.45 | 2,000 | (335000.45 + 2000) x (1 + 5.34%/12) = | 338,500.80 |
| 45 | 7 | 338,500.80 | 2,000 | (338500.8 + 2000) x (1 + 5.34%/12) = | 342,016.73 |
| 45 | 8 | 342,016.73 | 2,000 | (342016.73 + 2000) x (1 + 5.34%/12) = | 345,548.31 |
| 45 | 9 | 345,548.31 | 2,000 | (345548.31 + 2000) x (1 + 5.34%/12) = | 349,095.62 |
| 45 | 10 | 349,095.62 | 2,000 | (349095.62 + 2000) x (1 + 5.34%/12) = | 352,658.72 |
| 45 | 11 | 352,658.72 | 2,000 | (352658.72 + 2000) x (1 + 5.34%/12) = | 356,237.69 |
| 45 | 12 | 356,237.69 | 2,000 | (356237.69 + 2000) x (1 + 5.34%/12) = | 359,832.58 |
| 46 | 1 | 359,832.58 | 2,000 | (359832.58 + 2000) x (1 + 5.34%/12) = | 363,443.49 |
| 46 | 2 | 363,443.49 | 2,000 | (363443.49 + 2000) x (1 + 5.34%/12) = | 367,070.46 |
| 46 | 3 | 367,070.46 | 2,000 | (367070.46 + 2000) x (1 + 5.34%/12) = | 370,713.59 |
| 46 | 4 | 370,713.59 | 2,000 | (370713.59 + 2000) x (1 + 5.34%/12) = | 374,372.94 |
| 46 | 5 | 374,372.94 | 2,000 | (374372.94 + 2000) x (1 + 5.34%/12) = | 378,048.57 |
| 46 | 6 | 378,048.57 | 2,000 | (378048.57 + 2000) x (1 + 5.34%/12) = | 381,740.57 |
| 46 | 7 | 381,740.57 | 2,000 | (381740.57 + 2000) x (1 + 5.34%/12) = | 385,449.01 |
| 46 | 8 | 385,449.01 | 2,000 | (385449.01 + 2000) x (1 + 5.34%/12) = | 389,173.96 |
| 46 | 9 | 389,173.96 | 2,000 | (389173.96 + 2000) x (1 + 5.34%/12) = | 392,915.49 |
| 46 | 10 | 392,915.49 | 2,000 | (392915.49 + 2000) x (1 + 5.34%/12) = | 396,673.68 |
| 46 | 11 | 396,673.68 | 2,000 | (396673.68 + 2000) x (1 + 5.34%/12) = | 400,448.60 |
| 46 | 12 | 400,448.60 | 2,000 | (400448.6 + 2000) x (1 + 5.34%/12) = | 404,240.33 |
| 47 | 1 | 404,240.33 | 2,000 | (404240.33 + 2000) x (1 + 5.34%/12) = | 408,048.94 |
| 47 | 2 | 408,048.94 | 2,000 | (408048.94 + 2000) x (1 + 5.34%/12) = | 411,874.50 |
| 47 | 3 | 411,874.50 | 2,000 | (411874.5 + 2000) x (1 + 5.34%/12) = | 415,717.10 |
| 47 | 4 | 415,717.10 | 2,000 | (415717.1 + 2000) x (1 + 5.34%/12) = | 419,576.81 |
| 47 | 5 | 419,576.81 | 2,000 | (419576.81 + 2000) x (1 + 5.34%/12) = | 423,453.69 |
| 47 | 6 | 423,453.69 | 2,000 | (423453.69 + 2000) x (1 + 5.34%/12) = | 427,347.84 |
| 47 | 7 | 427,347.84 | 2,000 | (427347.84 + 2000) x (1 + 5.34%/12) = | 431,259.33 |
| 47 | 8 | 431,259.33 | 2,000 | (431259.33 + 2000) x (1 + 5.34%/12) = | 435,188.22 |
| 47 | 9 | 435,188.22 | 2,000 | (435188.22 + 2000) x (1 + 5.34%/12) = | 439,134.61 |
| 47 | 10 | 439,134.61 | 2,000 | (439134.61 + 2000) x (1 + 5.34%/12) = | 443,098.57 |
| 47 | 11 | 443,098.57 | 2,000 | (443098.57 + 2000) x (1 + 5.34%/12) = | 447,080.18 |
| 47 | 12 | 447,080.18 | 2,000 | (447080.18 + 2000) x (1 + 5.34%/12) = | 451,079.52 |
| 48 | 1 | 451,079.52 | 2,000 | (451079.52 + 2000) x (1 + 5.34%/12) = | 455,096.66 |
| 48 | 2 | 455,096.66 | 2,000 | (455096.66 + 2000) x (1 + 5.34%/12) = | 459,131.68 |
| 48 | 3 | 459,131.68 | 2,000 | (459131.68 + 2000) x (1 + 5.34%/12) = | 463,184.67 |
| 48 | 4 | 463,184.67 | 2,000 | (463184.67 + 2000) x (1 + 5.34%/12) = | 467,255.70 |
| 48 | 5 | 467,255.70 | 2,000 | (467255.7 + 2000) x (1 + 5.34%/12) = | 471,344.86 |
| 48 | 6 | 471,344.86 | 2,000 | (471344.86 + 2000) x (1 + 5.34%/12) = | 475,452.22 |
| 48 | 7 | 475,452.22 | 2,000 | (475452.22 + 2000) x (1 + 5.34%/12) = | 479,577.87 |
| 48 | 8 | 479,577.87 | 2,000 | (479577.87 + 2000) x (1 + 5.34%/12) = | 483,721.89 |
| 48 | 9 | 483,721.89 | 2,000 | (483721.89 + 2000) x (1 + 5.34%/12) = | 487,884.35 |
| 48 | 10 | 487,884.35 | 2,000 | (487884.35 + 2000) x (1 + 5.34%/12) = | 492,065.35 |
| 48 | 11 | 492,065.35 | 2,000 | (492065.35 + 2000) x (1 + 5.34%/12) = | 496,264.96 |
| 48 | 12 | 496,264.96 | 2,000 | (496264.96 + 2000) x (1 + 5.34%/12) = | 500,483.27 |
| 49 | 1 | 500,483.27 | 2,000 | (500483.27 + 2000) x (1 + 5.34%/12) = | 504,720.36 |
| 49 | 2 | 504,720.36 | 2,000 | (504720.36 + 2000) x (1 + 5.34%/12) = | 508,976.31 |
| 49 | 3 | 508,976.31 | 2,000 | (508976.31 + 2000) x (1 + 5.34%/12) = | 513,251.21 |
| 49 | 4 | 513,251.21 | 2,000 | (513251.21 + 2000) x (1 + 5.34%/12) = | 517,545.14 |
| 49 | 5 | 517,545.14 | 2,000 | (517545.14 + 2000) x (1 + 5.34%/12) = | 521,858.19 |
| 49 | 6 | 521,858.19 | 2,000 | (521858.19 + 2000) x (1 + 5.34%/12) = | 526,190.44 |
| 49 | 7 | 526,190.44 | 2,000 | (526190.44 + 2000) x (1 + 5.34%/12) = | 530,541.98 |
| 49 | 8 | 530,541.98 | 2,000 | (530541.98 + 2000) x (1 + 5.34%/12) = | 534,912.89 |
| 49 | 9 | 534,912.89 | 2,000 | (534912.89 + 2000) x (1 + 5.34%/12) = | 539,303.26 |
| 49 | 10 | 539,303.26 | 2,000 | (539303.26 + 2000) x (1 + 5.34%/12) = | 543,713.18 |
| 49 | 11 | 543,713.18 | 2,000 | (543713.18 + 2000) x (1 + 5.34%/12) = | 548,142.73 |
| 49 | 12 | 548,142.73 | 2,000 | (548142.73 + 2000) x (1 + 5.34%/12) = | 552,592.00 |
| 50 | 1 | 552,592.00 | 2,000 | (552592 + 2000) x (1 + 5.34%/12) = | 557,061.08 |
| 50 | 2 | 557,061.08 | 2,000 | (557061.08 + 2000) x (1 + 5.34%/12) = | 561,550.06 |
| 50 | 3 | 561,550.06 | 2,000 | (561550.06 + 2000) x (1 + 5.34%/12) = | 566,059.02 |
| 50 | 4 | 566,059.02 | 2,000 | (566059.02 + 2000) x (1 + 5.34%/12) = | 570,588.06 |
| 50 | 5 | 570,588.06 | 2,000 | (570588.06 + 2000) x (1 + 5.34%/12) = | 575,137.26 |
| 50 | 6 | 575,137.26 | 2,000 | (575137.26 + 2000) x (1 + 5.34%/12) = | 579,706.71 |
| 50 | 7 | 579,706.71 | 2,000 | (579706.71 + 2000) x (1 + 5.34%/12) = | 584,296.51 |
| 50 | 8 | 584,296.51 | 2,000 | (584296.51 + 2000) x (1 + 5.34%/12) = | 588,906.74 |
| 50 | 9 | 588,906.74 | 2,000 | (588906.74 + 2000) x (1 + 5.34%/12) = | 593,537.49 |
| 50 | 10 | 593,537.49 | 2,000 | (593537.49 + 2000) x (1 + 5.34%/12) = | 598,188.87 |
| 50 | 11 | 598,188.87 | 2,000 | (598188.87 + 2000) x (1 + 5.34%/12) = | 602,860.95 |
| 50 | 12 | 602,860.95 | 2,000 | (602860.95 + 2000) x (1 + 5.34%/12) = | 607,553.83 |
| 51 | 1 | 607,553.83 | 2,000 | (607553.83 + 2000) x (1 + 5.34%/12) = | 612,267.60 |
| 51 | 2 | 612,267.60 | 2,000 | (612267.6 + 2000) x (1 + 5.34%/12) = | 617,002.36 |
| 51 | 3 | 617,002.36 | 2,000 | (617002.36 + 2000) x (1 + 5.34%/12) = | 621,758.20 |
| 51 | 4 | 621,758.20 | 2,000 | (621758.2 + 2000) x (1 + 5.34%/12) = | 626,535.21 |
| 51 | 5 | 626,535.21 | 2,000 | (626535.21 + 2000) x (1 + 5.34%/12) = | 631,333.49 |
| 51 | 6 | 631,333.49 | 2,000 | (631333.49 + 2000) x (1 + 5.34%/12) = | 636,153.13 |
| 51 | 7 | 636,153.13 | 2,000 | (636153.13 + 2000) x (1 + 5.34%/12) = | 640,994.23 |
| 51 | 8 | 640,994.23 | 2,000 | (640994.23 + 2000) x (1 + 5.34%/12) = | 645,856.88 |
| 51 | 9 | 645,856.88 | 2,000 | (645856.88 + 2000) x (1 + 5.34%/12) = | 650,741.19 |
| 51 | 10 | 650,741.19 | 2,000 | (650741.19 + 2000) x (1 + 5.34%/12) = | 655,647.23 |
| 51 | 11 | 655,647.23 | 2,000 | (655647.23 + 2000) x (1 + 5.34%/12) = | 660,575.12 |
| 51 | 12 | 660,575.12 | 2,000 | (660575.12 + 2000) x (1 + 5.34%/12) = | 665,524.95 |
| 52 | 1 | 665,524.95 | 2,000 | (665524.95 + 2000) x (1 + 5.34%/12) = | 670,496.81 |
| 52 | 2 | 670,496.81 | 2,000 | (670496.81 + 2000) x (1 + 5.34%/12) = | 675,490.81 |
| 52 | 3 | 675,490.81 | 2,000 | (675490.81 + 2000) x (1 + 5.34%/12) = | 680,507.05 |
| 52 | 4 | 680,507.05 | 2,000 | (680507.05 + 2000) x (1 + 5.34%/12) = | 685,545.61 |
| 52 | 5 | 685,545.61 | 2,000 | (685545.61 + 2000) x (1 + 5.34%/12) = | 690,606.61 |
| 52 | 6 | 690,606.61 | 2,000 | (690606.61 + 2000) x (1 + 5.34%/12) = | 695,690.14 |
| 52 | 7 | 695,690.14 | 2,000 | (695690.14 + 2000) x (1 + 5.34%/12) = | 700,796.30 |
| 52 | 8 | 700,796.30 | 2,000 | (700796.3 + 2000) x (1 + 5.34%/12) = | 705,925.20 |
| 52 | 9 | 705,925.20 | 2,000 | (705925.2 + 2000) x (1 + 5.34%/12) = | 711,076.93 |
| 52 | 10 | 711,076.93 | 2,000 | (711076.93 + 2000) x (1 + 5.34%/12) = | 716,251.59 |
| 52 | 11 | 716,251.59 | 2,000 | (716251.59 + 2000) x (1 + 5.34%/12) = | 721,449.30 |
| 52 | 12 | 721,449.30 | 2,000 | (721449.3 + 2000) x (1 + 5.34%/12) = | 726,670.14 |
| 53 | 1 | 726,670.14 | 2,000 | (726670.14 + 2000) x (1 + 5.34%/12) = | 731,914.23 |
| 53 | 2 | 731,914.23 | 2,000 | (731914.23 + 2000) x (1 + 5.34%/12) = | 737,181.66 |
| 53 | 3 | 737,181.66 | 2,000 | (737181.66 + 2000) x (1 + 5.34%/12) = | 742,472.55 |
| 53 | 4 | 742,472.55 | 2,000 | (742472.55 + 2000) x (1 + 5.34%/12) = | 747,786.99 |
| 53 | 5 | 747,786.99 | 2,000 | (747786.99 + 2000) x (1 + 5.34%/12) = | 753,125.09 |
| 53 | 6 | 753,125.09 | 2,000 | (753125.09 + 2000) x (1 + 5.34%/12) = | 758,486.95 |
| 53 | 7 | 758,486.95 | 2,000 | (758486.95 + 2000) x (1 + 5.34%/12) = | 763,872.69 |
| 53 | 8 | 763,872.69 | 2,000 | (763872.69 + 2000) x (1 + 5.34%/12) = | 769,282.41 |
| 53 | 9 | 769,282.41 | 2,000 | (769282.41 + 2000) x (1 + 5.34%/12) = | 774,716.21 |
| 53 | 10 | 774,716.21 | 2,000 | (774716.21 + 2000) x (1 + 5.34%/12) = | 780,174.20 |
| 53 | 11 | 780,174.20 | 2,000 | (780174.2 + 2000) x (1 + 5.34%/12) = | 785,656.49 |
| 53 | 12 | 785,656.49 | 2,000 | (785656.49 + 2000) x (1 + 5.34%/12) = | 791,163.19 |
| 54 | 1 | 791,163.19 | 2,000 | (791163.19 + 2000) x (1 + 5.34%/12) = | 796,694.40 |
| 54 | 2 | 796,694.40 | 2,000 | (796694.4 + 2000) x (1 + 5.34%/12) = | 802,250.24 |
| 54 | 3 | 802,250.24 | 2,000 | (802250.24 + 2000) x (1 + 5.34%/12) = | 807,830.82 |
| 54 | 4 | 807,830.82 | 2,000 | (807830.82 + 2000) x (1 + 5.34%/12) = | 813,436.24 |
| 54 | 5 | 813,436.24 | 2,000 | (813436.24 + 2000) x (1 + 5.34%/12) = | 819,066.61 |
| 54 | 6 | 819,066.61 | 2,000 | (819066.61 + 2000) x (1 + 5.34%/12) = | 824,722.06 |
| 54 | 7 | 824,722.06 | 2,000 | (824722.06 + 2000) x (1 + 5.34%/12) = | 830,402.68 |
| 54 | 8 | 830,402.68 | 2,000 | (830402.68 + 2000) x (1 + 5.34%/12) = | 836,108.59 |
| 54 | 9 | 836,108.59 | 2,000 | (836108.59 + 2000) x (1 + 5.34%/12) = | 841,839.90 |
| 54 | 10 | 841,839.90 | 2,000 | (841839.9 + 2000) x (1 + 5.34%/12) = | 847,596.73 |
| 54 | 11 | 847,596.73 | 2,000 | (847596.73 + 2000) x (1 + 5.34%/12) = | 853,379.19 |
| 54 | 12 | 853,379.19 | 2,000 | (853379.19 + 2000) x (1 + 5.34%/12) = | 859,187.40 |
| 55 | 1 | 859,187.40 | 0 | (859187.4 + 0) x (1 + 5.34%/12) = | 863,012.56 |
| 55 | 2 | 863,012.56 | 0 | (863012.56 + 0) x (1 + 5.34%/12) = | 866,854.74 |
| 55 | 3 | 866,854.74 | 0 | (866854.74 + 0) x (1 + 5.34%/12) = | 870,714.04 |
| 55 | 4 | 870,714.04 | 0 | (870714.04 + 0) x (1 + 5.34%/12) = | 874,590.51 |
| 55 | 5 | 874,590.51 | 0 | (874590.51 + 0) x (1 + 5.34%/12) = | 878,484.25 |
| 55 | 6 | 878,484.25 | 0 | (878484.25 + 0) x (1 + 5.34%/12) = | 882,395.32 |
| 55 | 7 | 882,395.32 | 0 | (882395.32 + 0) x (1 + 5.34%/12) = | 886,323.80 |
| 55 | 8 | 886,323.80 | 0 | (886323.8 + 0) x (1 + 5.34%/12) = | 890,269.77 |
| 55 | 9 | 890,269.77 | 0 | (890269.77 + 0) x (1 + 5.34%/12) = | 894,233.31 |
| 55 | 10 | 894,233.31 | 0 | (894233.31 + 0) x (1 + 5.34%/12) = | 898,214.50 |
| 55 | 11 | 898,214.50 | 0 | (898214.5 + 0) x (1 + 5.34%/12) = | 902,213.41 |
| 55 | 12 | 902,213.41 | 0 | (902213.41 + 0) x (1 + 5.34%/12) = | 906,230.12 |
| 56 | 1 | 906,230.12 | 0 | (906230.12 + 0) x (1 + 5.34%/12) = | 910,264.71 |
| 56 | 2 | 910,264.71 | 0 | (910264.71 + 0) x (1 + 5.34%/12) = | 914,317.27 |
| 56 | 3 | 914,317.27 | 0 | (914317.27 + 0) x (1 + 5.34%/12) = | 918,387.87 |
| 56 | 4 | 918,387.87 | 0 | (918387.87 + 0) x (1 + 5.34%/12) = | 922,476.60 |
| 56 | 5 | 922,476.60 | 0 | (922476.6 + 0) x (1 + 5.34%/12) = | 926,583.52 |
| 56 | 6 | 926,583.52 | 0 | (926583.52 + 0) x (1 + 5.34%/12) = | 930,708.73 |
| 56 | 7 | 930,708.73 | 0 | (930708.73 + 0) x (1 + 5.34%/12) = | 934,852.31 |
| 56 | 8 | 934,852.31 | 0 | (934852.31 + 0) x (1 + 5.34%/12) = | 939,014.33 |
| 56 | 9 | 939,014.33 | 0 | (939014.33 + 0) x (1 + 5.34%/12) = | 943,194.89 |
| 56 | 10 | 943,194.89 | 0 | (943194.89 + 0) x (1 + 5.34%/12) = | 947,394.05 |
| 56 | 11 | 947,394.05 | 0 | (947394.05 + 0) x (1 + 5.34%/12) = | 951,611.91 |
| 56 | 12 | 951,611.91 | 0 | (951611.91 + 0) x (1 + 5.34%/12) = | 955,848.55 |
| 57 | 1 | 955,848.55 | 0 | (955848.55 + 0) x (1 + 5.34%/12) = | 960,104.05 |
| 57 | 2 | 960,104.05 | 0 | (960104.05 + 0) x (1 + 5.34%/12) = | 964,378.50 |
| 57 | 3 | 964,378.50 | 0 | (964378.5 + 0) x (1 + 5.34%/12) = | 968,671.97 |
| 57 | 4 | 968,671.97 | 0 | (968671.97 + 0) x (1 + 5.34%/12) = | 972,984.57 |
| 57 | 5 | 972,984.57 | 0 | (972984.57 + 0) x (1 + 5.34%/12) = | 977,316.36 |
| 57 | 6 | 977,316.36 | 0 | (977316.36 + 0) x (1 + 5.34%/12) = | 981,667.43 |
| 57 | 7 | 981,667.43 | 0 | (981667.43 + 0) x (1 + 5.34%/12) = | 986,037.88 |
| 57 | 8 | 986,037.88 | 0 | (986037.88 + 0) x (1 + 5.34%/12) = | 990,427.79 |
| 57 | 9 | 990,427.79 | 0 | (990427.79 + 0) x (1 + 5.34%/12) = | 994,837.24 |
| 57 | 10 | 994,837.24 | 0 | (994837.24 + 0) x (1 + 5.34%/12) = | 999,266.32 |
| 57 | 11 | 999,266.32 | 0 | (999266.32 + 0) x (1 + 5.34%/12) = | 1,003,715.11 |
| 57 | 12 | 1,003,715.11 | 0 | (1003715.11 + 0) x (1 + 5.34%/12) = | 1,008,183.72 |
| 58 | 1 | 1,008,183.72 | 0 | (1008183.72 + 0) x (1 + 5.34%/12) = | 1,012,672.22 |
| 58 | 2 | 1,012,672.22 | 0 | (1012672.22 + 0) x (1 + 5.34%/12) = | 1,017,180.70 |
| 58 | 3 | 1,017,180.70 | 0 | (1017180.7 + 0) x (1 + 5.34%/12) = | 1,021,709.26 |
| 58 | 4 | 1,021,709.26 | 0 | (1021709.26 + 0) x (1 + 5.34%/12) = | 1,026,257.98 |
| 58 | 5 | 1,026,257.98 | 0 | (1026257.98 + 0) x (1 + 5.34%/12) = | 1,030,826.94 |
| 58 | 6 | 1,030,826.94 | 0 | (1030826.94 + 0) x (1 + 5.34%/12) = | 1,035,416.25 |
| 58 | 7 | 1,035,416.25 | 0 | (1035416.25 + 0) x (1 + 5.34%/12) = | 1,040,025.99 |
| 58 | 8 | 1,040,025.99 | 0 | (1040025.99 + 0) x (1 + 5.34%/12) = | 1,044,656.26 |
| 58 | 9 | 1,044,656.26 | 0 | (1044656.26 + 0) x (1 + 5.34%/12) = | 1,049,307.14 |
| 58 | 10 | 1,049,307.14 | 0 | (1049307.14 + 0) x (1 + 5.34%/12) = | 1,053,978.72 |
| 58 | 11 | 1,053,978.72 | 0 | (1053978.72 + 0) x (1 + 5.34%/12) = | 1,058,671.10 |
| 58 | 12 | 1,058,671.10 | 0 | (1058671.1 + 0) x (1 + 5.34%/12) = | 1,063,384.37 |
| 59 | 1 | 1,063,384.37 | 0 | (1063384.37 + 0) x (1 + 5.34%/12) = | 1,068,118.63 |
| 59 | 2 | 1,068,118.63 | 0 | (1068118.63 + 0) x (1 + 5.34%/12) = | 1,072,873.97 |
| 59 | 3 | 1,072,873.97 | 0 | (1072873.97 + 0) x (1 + 5.34%/12) = | 1,077,650.47 |
| 59 | 4 | 1,077,650.47 | 0 | (1077650.47 + 0) x (1 + 5.34%/12) = | 1,082,448.24 |
| 59 | 5 | 1,082,448.24 | 0 | (1082448.24 + 0) x (1 + 5.34%/12) = | 1,087,267.37 |
| 59 | 6 | 1,087,267.37 | 0 | (1087267.37 + 0) x (1 + 5.34%/12) = | 1,092,107.96 |
| 59 | 7 | 1,092,107.96 | 0 | (1092107.96 + 0) x (1 + 5.34%/12) = | 1,096,970.09 |
| 59 | 8 | 1,096,970.09 | 0 | (1096970.09 + 0) x (1 + 5.34%/12) = | 1,101,853.88 |
| 59 | 9 | 1,101,853.88 | 0 | (1101853.88 + 0) x (1 + 5.34%/12) = | 1,106,759.40 |
| 59 | 10 | 1,106,759.40 | 0 | (1106759.4 + 0) x (1 + 5.34%/12) = | 1,111,686.77 |
| 59 | 11 | 1,111,686.77 | 0 | (1111686.77 + 0) x (1 + 5.34%/12) = | 1,116,636.07 |
| 59 | 12 | 1,116,636.07 | 0 | (1116636.07 + 0) x (1 + 5.34%/12) = | 1,121,607.41 |
| 60 | 1 | 1,121,607.41 | 0 | (1121607.41 + 0) x (1 + 5.34%/12) = | 1,126,600.88 |
| 60 | 2 | 1,126,600.88 | 0 | (1126600.88 + 0) x (1 + 5.34%/12) = | 1,131,616.58 |
| 60 | 3 | 1,131,616.58 | 0 | (1131616.58 + 0) x (1 + 5.34%/12) = | 1,136,654.61 |
| 60 | 4 | 1,136,654.61 | 0 | (1136654.61 + 0) x (1 + 5.34%/12) = | 1,141,715.07 |
| 60 | 5 | 1,141,715.07 | 0 | (1141715.07 + 0) x (1 + 5.34%/12) = | 1,146,798.06 |
| 60 | 6 | 1,146,798.06 | 0 | (1146798.06 + 0) x (1 + 5.34%/12) = | 1,151,903.68 |
| 60 | 7 | 1,151,903.68 | 0 | (1151903.68 + 0) x (1 + 5.34%/12) = | 1,157,032.03 |
| 60 | 8 | 1,157,032.03 | 0 | (1157032.03 + 0) x (1 + 5.34%/12) = | 1,162,183.21 |
| 60 | 9 | 1,162,183.21 | 0 | (1162183.21 + 0) x (1 + 5.34%/12) = | 1,167,357.33 |
| 60 | 10 | 1,167,357.33 | 0 | (1167357.33 + 0) x (1 + 5.34%/12) = | 1,172,554.48 |
| 60 | 11 | 1,172,554.48 | 0 | (1172554.48 + 0) x (1 + 5.34%/12) = | 1,177,774.77 |
| 60 | 12 | 1,177,774.77 | 0 | (1177774.77 + 0) x (1 + 5.34%/12) = | 1,183,018.30 |
| 61 | 1 | 1,183,018.30 | 0 | (1183018.3 + 0) x (1 + 5.34%/12) = | 1,188,285.18 |
| 61 | 2 | 1,188,285.18 | 0 | (1188285.18 + 0) x (1 + 5.34%/12) = | 1,193,575.50 |
| 61 | 3 | 1,193,575.50 | 0 | (1193575.5 + 0) x (1 + 5.34%/12) = | 1,198,889.38 |
| 61 | 4 | 1,198,889.38 | 0 | (1198889.38 + 0) x (1 + 5.34%/12) = | 1,204,226.91 |
| 61 | 5 | 1,204,226.91 | 0 | (1204226.91 + 0) x (1 + 5.34%/12) = | 1,209,588.21 |
| 61 | 6 | 1,209,588.21 | 0 | (1209588.21 + 0) x (1 + 5.34%/12) = | 1,214,973.37 |
| 61 | 7 | 1,214,973.37 | 0 | (1214973.37 + 0) x (1 + 5.34%/12) = | 1,220,382.51 |
| 61 | 8 | 1,220,382.51 | 0 | (1220382.51 + 0) x (1 + 5.34%/12) = | 1,225,815.74 |
| 61 | 9 | 1,225,815.74 | 0 | (1225815.74 + 0) x (1 + 5.34%/12) = | 1,231,273.15 |
| 61 | 10 | 1,231,273.15 | 0 | (1231273.15 + 0) x (1 + 5.34%/12) = | 1,236,754.86 |
| 61 | 11 | 1,236,754.86 | 0 | (1236754.86 + 0) x (1 + 5.34%/12) = | 1,242,260.97 |
| 61 | 12 | 1,242,260.97 | 0 | (1242260.97 + 0) x (1 + 5.34%/12) = | 1,247,791.60 |
| 62 | 1 | 1,247,791.60 | 0 | (1247791.6 + 0) x (1 + 5.34%/12) = | 1,253,346.85 |
| 62 | 2 | 1,253,346.85 | 0 | (1253346.85 + 0) x (1 + 5.34%/12) = | 1,258,926.83 |
| 62 | 3 | 1,258,926.83 | 0 | (1258926.83 + 0) x (1 + 5.34%/12) = | 1,264,531.66 |
| 62 | 4 | 1,264,531.66 | 0 | (1264531.66 + 0) x (1 + 5.34%/12) = | 1,270,161.43 |
| 62 | 5 | 1,270,161.43 | 0 | (1270161.43 + 0) x (1 + 5.34%/12) = | 1,275,816.27 |
| 62 | 6 | 1,275,816.27 | 0 | (1275816.27 + 0) x (1 + 5.34%/12) = | 1,281,496.29 |
| 62 | 7 | 1,281,496.29 | 0 | (1281496.29 + 0) x (1 + 5.34%/12) = | 1,287,201.60 |
| 62 | 8 | 1,287,201.60 | 0 | (1287201.6 + 0) x (1 + 5.34%/12) = | 1,292,932.30 |
| 62 | 9 | 1,292,932.30 | 0 | (1292932.3 + 0) x (1 + 5.34%/12) = | 1,298,688.52 |
| 62 | 10 | 1,298,688.52 | 0 | (1298688.52 + 0) x (1 + 5.34%/12) = | 1,304,470.37 |
| 62 | 11 | 1,304,470.37 | 0 | (1304470.37 + 0) x (1 + 5.34%/12) = | 1,310,277.96 |
| 62 | 12 | 1,310,277.96 | 0 | (1310277.96 + 0) x (1 + 5.34%/12) = | 1,316,111.40 |
| 63 | 1 | 1,316,111.40 | 0 | (1316111.4 + 0) x (1 + 5.34%/12) = | 1,321,970.81 |
| 63 | 2 | 1,321,970.81 | 0 | (1321970.81 + 0) x (1 + 5.34%/12) = | 1,327,856.32 |
| 63 | 3 | 1,327,856.32 | 0 | (1327856.32 + 0) x (1 + 5.34%/12) = | 1,333,768.02 |
| 63 | 4 | 1,333,768.02 | 0 | (1333768.02 + 0) x (1 + 5.34%/12) = | 1,339,706.04 |
| 63 | 5 | 1,339,706.04 | 0 | (1339706.04 + 0) x (1 + 5.34%/12) = | 1,345,670.50 |
| 63 | 6 | 1,345,670.50 | 0 | (1345670.5 + 0) x (1 + 5.34%/12) = | 1,351,661.51 |
| 63 | 7 | 1,351,661.51 | 0 | (1351661.51 + 0) x (1 + 5.34%/12) = | 1,357,679.20 |
| 63 | 8 | 1,357,679.20 | 0 | (1357679.2 + 0) x (1 + 5.34%/12) = | 1,363,723.68 |
| 63 | 9 | 1,363,723.68 | 0 | (1363723.68 + 0) x (1 + 5.34%/12) = | 1,369,795.06 |
| 63 | 10 | 1,369,795.06 | 0 | (1369795.06 + 0) x (1 + 5.34%/12) = | 1,375,893.48 |
| 63 | 11 | 1,375,893.48 | 0 | (1375893.48 + 0) x (1 + 5.34%/12) = | 1,382,019.05 |
| 63 | 12 | 1,382,019.05 | 0 | (1382019.05 + 0) x (1 + 5.34%/12) = | 1,388,171.89 |
| 64 | 1 | 1,388,171.89 | 0 | (1388171.89 + 0) x (1 + 5.34%/12) = | 1,394,352.12 |
| 64 | 2 | 1,394,352.12 | 0 | (1394352.12 + 0) x (1 + 5.34%/12) = | 1,400,559.87 |
| 64 | 3 | 1,400,559.87 | 0 | (1400559.87 + 0) x (1 + 5.34%/12) = | 1,406,795.25 |
| 64 | 4 | 1,406,795.25 | 0 | (1406795.25 + 0) x (1 + 5.34%/12) = | 1,413,058.40 |
| 64 | 5 | 1,413,058.40 | 0 | (1413058.4 + 0) x (1 + 5.34%/12) = | 1,419,349.43 |
| 64 | 6 | 1,419,349.43 | 0 | (1419349.43 + 0) x (1 + 5.34%/12) = | 1,425,668.46 |
| 64 | 7 | 1,425,668.46 | 0 | (1425668.46 + 0) x (1 + 5.34%/12) = | 1,432,015.63 |
| 64 | 8 | 1,432,015.63 | 0 | (1432015.63 + 0) x (1 + 5.34%/12) = | 1,438,391.06 |
| 64 | 9 | 1,438,391.06 | 0 | (1438391.06 + 0) x (1 + 5.34%/12) = | 1,444,794.87 |
| 64 | 10 | 1,444,794.87 | 0 | (1444794.87 + 0) x (1 + 5.34%/12) = | 1,451,227.19 |
| 64 | 11 | 1,451,227.19 | 0 | (1451227.19 + 0) x (1 + 5.34%/12) = | 1,457,688.15 |
| 64 | 12 | 1,457,688.15 | 0 | (1457688.15 + 0) x (1 + 5.34%/12) = | 1,464,177.87 |
| 65 | 1 | 1,464,177.87 | 0 | (1464177.87 + 0) x (1 + 5.34%/12) = | 1,470,696.49 |
| 65 | 2 | 1,470,696.49 | 0 | (1470696.49 + 0) x (1 + 5.34%/12) = | 1,477,244.13 |
| 65 | 3 | 1,477,244.13 | 0 | (1477244.13 + 0) x (1 + 5.34%/12) = | 1,483,820.91 |
| 65 | 4 | 1,483,820.91 | 0 | (1483820.91 + 0) x (1 + 5.34%/12) = | 1,490,426.98 |
| 65 | 5 | 1,490,426.98 | 0 | (1490426.98 + 0) x (1 + 5.34%/12) = | 1,497,062.46 |
| 65 | 6 | 1,497,062.46 | 0 | (1497062.46 + 0) x (1 + 5.34%/12) = | 1,503,727.48 |
| 65 | 7 | 1,503,727.48 | 0 | (1503727.48 + 0) x (1 + 5.34%/12) = | 1,510,422.17 |
| 65 | 8 | 1,510,422.17 | 0 | (1510422.17 + 0) x (1 + 5.34%/12) = | 1,517,146.67 |
| 65 | 9 | 1,517,146.67 | 0 | (1517146.67 + 0) x (1 + 5.34%/12) = | 1,523,901.11 |
| 65 | 10 | 1,523,901.11 | 0 | (1523901.11 + 0) x (1 + 5.34%/12) = | 1,530,685.62 |
| 65 | 11 | 1,530,685.62 | 0 | (1530685.62 + 0) x (1 + 5.34%/12) = | 1,537,500.33 |
| 65 | 12 | 1,537,500.33 | 0 | (1537500.33 + 0) x (1 + 5.34%/12) = | 1,544,345.38 |
| 66 | 1 | 1,544,345.38 | 0 | (1544345.38 + 0) x (1 + 5.34%/12) = | 1,551,220.91 |
| 66 | 2 | 1,551,220.91 | 0 | (1551220.91 + 0) x (1 + 5.34%/12) = | 1,558,127.05 |
| 66 | 3 | 1,558,127.05 | 0 | (1558127.05 + 0) x (1 + 5.34%/12) = | 1,565,063.93 |
| 66 | 4 | 1,565,063.93 | 0 | (1565063.93 + 0) x (1 + 5.34%/12) = | 1,572,031.70 |
| 66 | 5 | 1,572,031.70 | 0 | (1572031.7 + 0) x (1 + 5.34%/12) = | 1,579,030.48 |
| 66 | 6 | 1,579,030.48 | 0 | (1579030.48 + 0) x (1 + 5.34%/12) = | 1,586,060.43 |
| 66 | 7 | 1,586,060.43 | 0 | (1586060.43 + 0) x (1 + 5.34%/12) = | 1,593,121.68 |
| 66 | 8 | 1,593,121.68 | 0 | (1593121.68 + 0) x (1 + 5.34%/12) = | 1,600,214.36 |
| 66 | 9 | 1,600,214.36 | 0 | (1600214.36 + 0) x (1 + 5.34%/12) = | 1,607,338.62 |
| 66 | 10 | 1,607,338.62 | 0 | (1607338.62 + 0) x (1 + 5.34%/12) = | 1,614,494.60 |
| 66 | 11 | 1,614,494.60 | 0 | (1614494.6 + 0) x (1 + 5.34%/12) = | 1,621,682.43 |
| 66 | 12 | 1,621,682.43 | 0 | (1621682.43 + 0) x (1 + 5.34%/12) = | 1,628,902.27 |
| 67 | 1 | 1,628,902.27 | 0 | (1628902.27 + 0) x (1 + 5.34%/12) = | 1,636,154.25 |
| 67 | 2 | 1,636,154.25 | 0 | (1636154.25 + 0) x (1 + 5.34%/12) = | 1,643,438.51 |
| 67 | 3 | 1,643,438.51 | 0 | (1643438.51 + 0) x (1 + 5.34%/12) = | 1,650,755.21 |
| 67 | 4 | 1,650,755.21 | 0 | (1650755.21 + 0) x (1 + 5.34%/12) = | 1,658,104.48 |
| 67 | 5 | 1,658,104.48 | 0 | (1658104.48 + 0) x (1 + 5.34%/12) = | 1,665,486.47 |
| 67 | 6 | 1,665,486.47 | 0 | (1665486.47 + 0) x (1 + 5.34%/12) = | 1,672,901.32 |
| 67 | 7 | 1,672,901.32 | 0 | (1672901.32 + 0) x (1 + 5.34%/12) = | 1,680,349.19 |
| 67 | 8 | 1,680,349.19 | 0 | (1680349.19 + 0) x (1 + 5.34%/12) = | 1,687,830.22 |
| 67 | 9 | 1,687,830.22 | 0 | (1687830.22 + 0) x (1 + 5.34%/12) = | 1,695,344.55 |
| 67 | 10 | 1,695,344.55 | 0 | (1695344.55 + 0) x (1 + 5.34%/12) = | 1,702,892.33 |
| 67 | 11 | 1,702,892.33 | 0 | (1702892.33 + 0) x (1 + 5.34%/12) = | 1,710,473.72 |
| 67 | 12 | 1,710,473.72 | 0 | (1710473.72 + 0) x (1 + 5.34%/12) = | 1,718,088.86 |
| 68 | 1 | 1,718,088.86 | 0 | (1718088.86 + 0) x (1 + 5.34%/12) = | 1,725,737.90 |
| 68 | 2 | 1,725,737.90 | 0 | (1725737.9 + 0) x (1 + 5.34%/12) = | 1,733,421.00 |
| 68 | 3 | 1,733,421.00 | 0 | (1733421 + 0) x (1 + 5.34%/12) = | 1,741,138.31 |
| 68 | 4 | 1,741,138.31 | 0 | (1741138.31 + 0) x (1 + 5.34%/12) = | 1,748,889.97 |
| 68 | 5 | 1,748,889.97 | 0 | (1748889.97 + 0) x (1 + 5.34%/12) = | 1,756,676.14 |
| 68 | 6 | 1,756,676.14 | 0 | (1756676.14 + 0) x (1 + 5.34%/12) = | 1,764,496.98 |
| 68 | 7 | 1,764,496.98 | 0 | (1764496.98 + 0) x (1 + 5.34%/12) = | 1,772,352.63 |
| 68 | 8 | 1,772,352.63 | 0 | (1772352.63 + 0) x (1 + 5.34%/12) = | 1,780,243.26 |
| 68 | 9 | 1,780,243.26 | 0 | (1780243.26 + 0) x (1 + 5.34%/12) = | 1,788,169.02 |
| 68 | 10 | 1,788,169.02 | 0 | (1788169.02 + 0) x (1 + 5.34%/12) = | 1,796,130.07 |
| 68 | 11 | 1,796,130.07 | 0 | (1796130.07 + 0) x (1 + 5.34%/12) = | 1,804,126.56 |
| 68 | 12 | 1,804,126.56 | 0 | (1804126.56 + 0) x (1 + 5.34%/12) = | 1,812,158.65 |
| 69 | 1 | 1,812,158.65 | 0 | (1812158.65 + 0) x (1 + 5.34%/12) = | 1,820,226.50 |
| 69 | 2 | 1,820,226.50 | 0 | (1820226.5 + 0) x (1 + 5.34%/12) = | 1,828,330.27 |
| 69 | 3 | 1,828,330.27 | 0 | (1828330.27 + 0) x (1 + 5.34%/12) = | 1,836,470.11 |
| 69 | 4 | 1,836,470.11 | 0 | (1836470.11 + 0) x (1 + 5.34%/12) = | 1,844,646.20 |
| 69 | 5 | 1,844,646.20 | 0 | (1844646.2 + 0) x (1 + 5.34%/12) = | 1,852,858.68 |
| 69 | 6 | 1,852,858.68 | 0 | (1852858.68 + 0) x (1 + 5.34%/12) = | 1,861,107.73 |
| 69 | 7 | 1,861,107.73 | 0 | (1861107.73 + 0) x (1 + 5.34%/12) = | 1,869,393.50 |
| 69 | 8 | 1,869,393.50 | 0 | (1869393.5 + 0) x (1 + 5.34%/12) = | 1,877,716.17 |
| 69 | 9 | 1,877,716.17 | 0 | (1877716.17 + 0) x (1 + 5.34%/12) = | 1,886,075.88 |
| 69 | 10 | 1,886,075.88 | 0 | (1886075.88 + 0) x (1 + 5.34%/12) = | 1,894,472.82 |
| 69 | 11 | 1,894,472.82 | 0 | (1894472.82 + 0) x (1 + 5.34%/12) = | 1,902,907.13 |
| 69 | 12 | 1,902,907.13 | 0 | (1902907.13 + 0) x (1 + 5.34%/12) = | 1,911,379.00 |
| 70 | 1 | 1,911,379.00 | - | - | - |
| Scenarios | Assumed return (before cost) per annum | Realised return (after cost) per annum | Expense ratio per annum |
|---|---|---|---|
| Scenario 1 | 8% | 5.20% | 2.80% |
| Scenario 2 | 8% | 5.34% | 2.66% |
Liquidity
The example showed a PruSelect Vantage 20 years premium term. This means, you must not terminate the product nor stop your premium during this 20 years period otherwise you will incur high charges. Hence, the product has very poor liquidity. In this modern age, do not commit to any long-term plan because you cannot be assured of your job and health. My conclusion is that PruSelect Vantage is not a good product based on expense ratio and liquidity. Many insurance agents will tell their clients that such a product is good because there is a high assurance that the projected 8% (before cost) will be achieved through Mercer. Apparently, Mercer is able to provide asset allocation decision making if the client opts for it. Under Singapore’s regulation, it is prohibited for any financial advisers to provide the clients with any form of promises and projections such as “assurances of high return”. This is because in reality it is impossible to predict future returns. It is strange that you were not given the benefit illustration but instead with a product brochure. Under Singapore’s law, all potential clients must receive the benefit illustration. (Background: as a fee-based financial planner, it is my duty to advice clients when they ask for financial advice such as this. I am able to provide independent and objective advice because of being paid by clients.)
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8% growth rate is totally unrealistic in a 2% inflation world. More realistic would be 3-4% which means Pru would take around 75% of all gains. Horrible product – shame on pro but I don’t think they have any shame.