Contoh 3 : penggunaan komputer digital untuk memberikan nilai tabulasi dari jumlah

akumulasi dengan peracikan bunga terus menerus. Present the digital computer program and
the tabulated print out to six significant figures giving the amount to which an initial principal
of $100 will accumulate year by year from 1 to 20 years with continuous interest
compounding based on a nominal interest rate of 20 percent.
Solution. The equation to be solved on the digital computer is
S = Pern
Where S will be evaluated to six significant figures for
n = 1, 2, 3, , 20
P = $100
r = 0,20
the Fortran IV program and the computer print-out follow:

PRESENT WORTH AND DISCOUNT

It is often necessary to determine the amount of money which must be available at the
present time in order to have a certain amount accumulated at some definite time in the
future. Because the element of time is involved, interest must be taken into consideration.
The present worth (or present value) of a future amount is the present principal which must
be deposited at a given interest rate to yield the desired amount at some future date.
In Equation (5), S represents the amount available after n interest periods if the initial
principal is P and the discrete compound-interest rate is i. Therefore, the present worth can be
determined by merely rearranging Equation (5).

Present worth = P = S

1
n
(1+i)

(17)

The factor 1/(1 + i)n is commonly referred to as the discrete single-payment present-worth
factor.
Similarly, for the case of continuous interest compounding, Equation (12) gives
1
Present worth = P = S ern

(18)

Some types of capital are in the form of bonds having an indicated value at a future date. In
business terminology, the difference between the indicated future value and the present worth
(or present value) is known as a discount.
Example 4 Determination of present worth and discount.
A bond has a maturity value of $1000 and is paying discrete compound interest at an effective
annual rate of 3 percent. Determine the following at a time four years before the bond reaches
maturity value:
a) Present worth
b) Discount
c) Discrete compound rate of effective interest which will be received by a purchaser if
the bond were obtained for $700
d) Reoeat part (a) for the case where the nominal bond interest is 3 percent compounded
continuosly
Solution:
a)
b)
c)

d)

By Equation (17), present worth = S/(1 + i)n = $1000/(1 + 0,03)4 = $888

Discount = future value present worth = $1000 - $888 = $112
Principal = $700 = S/(1 + i)n = $1000/(1 + i)4
i = (1000/700)1/4 1 = 0,0935 or 9,35%
By Equation (18), present worth = S/ern = $1000/e(0,03)(4) = $869

ANNUITIES
An annuity is a series of equal payments occurring at equal time intervals. Payments
of this type can be used to pay off a debt, accumulate a desired amount of capital, or receive a
lump sum of capital that is due in periodic installments as in some life-insurance plans.
Engineer often encounter annuities in depreciation calculations, where the decrease in value
of equipment with time is accounted for by an annuity plan.
The coomon type of annuity involves payments which occur at the end of each
interest period. This is known as an ordinary annuity. Interest is paid on all accumulated
amounts, and the interest is compounded each payment period. An annuity term is the time
from the beginning of the first payment period to the end of the last payment period. The

amount of an annuity is the sum of all the payments plus interest if allowed to accumulate at a
definite rate of interest from the time of initial payment to the end of the annuity term.
Relation between Amount of Ordinary Annuity and the Periodic Payments
Let R represent the uniform periodic payment made during n discrete periods in an ordinary
annuity. The interest rest based on the payment period is i, and S is the amount of the annuity.
The first payment of R is made at the end of the annuity term, this first payment will have
accumulated to an amount of R(1 + i)n-1. The second payment of R is made at the end of the
second period and will bear interest for n - 2 periods giving an accumulated amount of
R(1+i)n-2. Similarly, eachperiodic payment will give an additional accumulated amount until
the last payment of R is made at the end of the annuity term.
By definition, the amount of the annuity is the sum of all the accumulated amounts
from each payment; therefore:
S = R(1 + i)n-1 + R(1+i)n-2 + R(1+i)n-3 + . + R(1+i) + R

(19)

To simplify Equation (19), multiply each side by (1+i) and substract equation (19) from the
resut. This gives
Si = R(1+i) R

(20)

or

S=R

(1+i) 1
i

(21)

the term [(1 + i)n 1]/i is commonlydesignated as the discrete uniform-series compoundamount factor or the series compound-amount factor.
Continuous Cash Flow and Interest Compounding
The expression for the case of continuous cash flow and interest compounding, equivalent to
equation (21) for discrete cash flow and interest compounding, is developed as follows:
As before, let r represent the nominal interest rate with m conversions or interest
periods per year so that i = r/m and the total number of interest period in n years is mn. With
m annuity payments per year, let R represent the total of all ordinary annuity payments
occurring regularly and uniformly throughout the year so that R/m is the uniform annuity
payment at the end of each period. Under these conditions, equation (12) becomes

(22)
For the case of continuous cash flow and interest compounding, m approaches infinity, and
equation (22), by use of equation (11), becomes

S=R

rn

e 1
r

(23)
Present Worth of an Annuity
The present worth of an annuity is defined as the principal which would have to be invested
at the present time at compound interest rate i to yield to a total amount at the end of the
annuity term equal the the amount of the annuity. Combining Equation (5) with Equation (21)
gives, for the case of discrete interest compounding,
i (1+ i)} right )
n
(1+ i) 1
P=R

(24)

The expression [(1 + i)n 1] / [i(1 + i)n] is reffered to as the discrete uniform-series presentworth factor or the series present-worth factor, while the reciprocal [i(1 + i)n] / [i(1 + i)n - 1]
is often called the capital-recovery factor.
For the case of continuous cash flow and interest compounding, combination of
equation (12) and (23) gives the following equation which is analogous to equation (24) :
rn

P=R
(25)

( )
e 1
rn