Is PruSelect Vantage plan a good or bad product?

Last Updated on 20, January 2015

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	-	-	-

Similarly, the return for Scenario 2 is 5.34% and 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 + 5.34%/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	-	-	-

Therefore, the following is the table of summary which shows the expense ratio.

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%

As it can be seen that PruSelect Vantage's expense ratio of 2.66% to 2.80% is extremely high. It is interesting to note that the extremely high expense ratio has already took into account of PruSelect Vantage's first year bonus and the 5 yearly loyalty bonuses. This is a common marketing gimmick. Most consumers just look narrowly at specific benefits such as bonuses or discounts but fail to look at the overall picture.

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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