為了顯示序列複合選擇權評價模型應用於分期開發之公共建設價值評估的優點，利用 傳統淨現值評估法、單一選擇權評價法，作為序列複合選擇權評價模型在計畫價值評估方 面的對應比較方法。利用三種評估方法，評估案例計畫之價值。隨著資產價值變異標準差(σ) 值的改變，可看出計畫價值之變動情況。
在進行參數資料的整理時，由於不同的參數值之取用，將會對計畫價值產生不同之結 果影響。針對營運收入項之污水處理費率以及評價模型中之無風險利率(r)、資產價值變異 之標準差(σ)等項目進行取值之結果分析。並且，將傳統淨現值法估算的計畫投資價值作為 評估基值，此案例的投資價值經由傳統淨現值法計算為$1,160,726,830 元。將計畫投資價值 的數據進行一般化(normalization)，以方便進行各價值評估方法的比較分析。結果於圖 5-3、
5-4 及 5-5 中呈現。
序列複合選擇權評價模型中之σ參數，本案例之作法為，利用公用事業之瓦斯相關類 股之股價報酬率的年標準差(0.16)作為評價模型的參考數值。此作法僅考量了股價波動對未 來計畫價值所造成之資產變異影響，尚未全面性的涵括所有可能影響計畫價值之報酬率的 標準差。例如：計畫的收入項中，污水處理為收入的主要來源，所以必須考量計畫之預估 污水處理量之變異情況。又污水之處理量乃依照該地區之人口成長率而定，所以，此項條 件中亦包含了人口成長率之變異的標準差。所以，資產變異之標準差的取值，若再考慮其 他可能造成計畫價值變動之相關因素，參數的取值將會有所異動(提高)。這樣，經由序列複 合選權評價模型所評估之專案價值將會有所不同。針對評價模型的參數取值問題，將參數 進行情境分析(scenario analysis)，圖 5-3 顯示標準差取值的變異程度對計畫之總價值所造成 的影響。
82
圖 5-3 計畫價值評估結果之比較(sigma 取值的影響)
圖5-3 所示，由於選擇權評價模型的特性：當資產價值在到期日時大於履約價格，投 資者才會執行選擇權。亦即，利用選擇權評價模型進行專案價值的評估時，選擇權的特性 限制了計畫之下方風險。所以，資產價值之標準差(σ)愈大，亦即風險愈高的專案計畫，經 由選擇權評價模型評估之專案的總價值會愈高。以本案例為例，當資產變異之表準差值大 於0.3 以後，經由序列複合選擇權評價模型評估出的計畫總投資價值將會大於淨現值法所 估算求得之計畫價值。並且當資產變異之表準差值大於0.41 時，單一選擇權法評估之計畫 價值會大於傳統淨現值的評估結果。同一情況下，序列複合選擇權評價法評估出的計畫價 值卻已經比淨現值法評估得到的計畫價值多7%。
再比較不同之選擇權評價方法，經由序列複合選擇權評價模型評估之計畫總價值又會 比單一選擇權評價模型所評估出的計畫價值更高。原因在於，將工程分成數個階段進行，
將會有數個執行選擇權的權利，可以依照當時的投資情況，隨時進行後續計畫投資與否的 調整。因此，相對於淨現金流量法與單一選擇權評價方法，序列複合選擇權評價模型更能
83
顯現出分期開發之專案建設的計畫價值。
圖 5-4 計畫價值評估結果之比較 (無風險利率之取值影響)
圖5-4 顯示，無風險利率對於計畫價值具有負向之影響。計畫價值經由不同評估方法 所得到之結果顯示，無風險利率愈高評估後所得到的計畫投資價值將會愈小。其中，無風 險利率之取值對於淨現值法的敏感程度最高，其次為單一選擇權法，序列複合許擇權評價 法對於無風險利率向參數之敏感度最低。當無風險利率參數值大於7%時，經由序列複合選 擇權評估得到的計畫價值將會高於淨現值法所估算的計畫價值。
84
圖 5-5 計畫價值評估結果之比較 (污水處理費率之取值影響)
污水處理費率之取值，對於計畫價值具有正向之影響。污水處理費率的取值愈高，所 評估出的計畫價值就會愈高。圖5-5 中顯示，在污水處理費率的取值上，以不同的財務評 估方法評估計畫價值，不同的財務評估方法最終得到的計畫價值結果，以此應用案例而言，
三種評估方法皆具有相同的斜率。污水處理費率之取值差異影響程度，各評價方法大致相 同。
5.1.8 小結
利用選擇權評價模型評估專案的價值，由於資料收集的過程不同，評估的結果會受到 這些資料數據的影響。表5-13 中顯示，在其他條件不變的情況下，選擇權評價模型中之無 風險利率參數值愈大，評估的計畫價值就愈小。同樣，在其他條件不變的情況下，資產變 異的標準差之參數取值愈大，經由序列複合選擇權評價模型評估後的計畫總價值會愈大。
85
表 5-13 序列複合選擇權評價模型之計畫價值評估結果
淨現值(NPV) 折現率 無風險利率 0.1 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.2 0.21 0.22 0.23 0.24 0.25 0.26
1,827,440
3.99% 1.00% 1,661,102 1,661,545 1,662,305 1,663,458 1,665,063 1,667,159 1,669,770 1,672,911 1,676,585 1,680,790 1,685,518 1,690,759 1,696,497 1,702,717 1,709,399 1,716,524 1,724,069 1,773,944
4.14% 1.20% 1,617,787 1,618,193 1,618,894 1,619,967 1,621,467 1,623,437 1,625,901 1,628,875 1,632,365 1,636,369 1,640,881 1,645,892 1,651,388 1,657,353 1,663,770 1,670,618 1,677,879 1,722,315
4.30% 1.40% 1,575,849 1,576,219 1,576,867 1,577,863 1,579,267 1,581,118 1,583,444 1,586,260 1,589,575 1,593,388 1,597,695 1,602,487 1,607,751 1,613,473 1,619,636 1,626,221 1,633,208 1,672,476
4.46% 1.60% 1,535,232 1,535,570 1,536,168 1,537,094 1,538,406 1,540,146 1,542,341 1,545,008 1,548,157 1,551,789 1,555,900 1,560,483 1,565,527 1,571,017 1,576,937 1,583,270 1,589,996 1,624,358
4.61% 1.80% 1,495,892 1,496,202 1,496,752 1,497,613 1,498,840 1,500,475 1,502,546 1,505,073 1,508,064 1,511,524 1,515,449 1,519,834 1,524,667 1,529,935 1,535,624 1,541,715 1,548,191 1,577,893
4.77% 2.00% 1,457,783 1,458,066 1,458,573 1,459,373 1,460,520 1,462,056 1,464,011 1,466,404 1,469,247 1,472,543 1,476,291 1,480,487 1,485,119 1,490,176 1,495,642 1,501,503 1,507,739 1,533,016
4.93% 2.20% 1,420,859 1,421,117 1,421,585 1,422,328 1,423,400 1,424,843 1,426,688 1,428,955 1,431,657 1,434,797 1,438,377 1,442,392 1,446,833 1,451,687 1,456,942 1,462,581 1,468,588 1,489,664
5.08% 2.40% 1,385,079 1,385,314 1,385,745 1,386,435 1,387,437 1,388,794 1,390,535 1,392,683 1,395,250 1,398,243 1,401,663 1,405,506 1,409,763 1,414,425 1,419,477 1,424,905 1,430,692 1,447,779
5.24% 2.60% 1,350,399 1,350,614 1,351,011 1,351,652 1,352,588 1,353,863 1,355,506 1,357,541 1,359,982 1,362,835 1,366,102 1,369,781 1,373,864 1,378,341 1,383,199 1,388,425 1,394,002 1,407,304
5.40% 2.80% 1,316,785 1,316,981 1,317,347 1,317,942 1,318,817 1,320,015 1,321,566 1,323,494 1,325,814 1,328,534 1,331,657 1,335,179 1,339,096 1,343,396 1,348,069 1,353,101 1,358,476 1,368,183
5.55% 3.00% 1,284,196 1,284,374 1,284,711 1,285,263 1,286,081 1,287,206 1,288,671 1,290,498 1,292,704 1,295,298 1,298,282 1,301,655 1,305,413 1,309,545 1,314,041 1,318,887 1,324,069 1,330,366
5.71% 3.20% 1,252,597 1,252,759 1,253,069 1,253,582 1,254,346 1,255,404 1,256,786 1,258,518 1,260,616 1,263,089 1,265,942 1,269,174 1,272,779 1,276,750 1,281,077 1,285,745 1,290,742 1,293,801
5.87% 3.40% 1,221,953 1,222,101 1,222,386 1,222,862 1,223,576 1,224,570 1,225,875 1,227,517 1,229,512 1,231,871 1,234,599 1,237,695 1,241,156 1,244,973 1,249,137 1,253,635 1,258,454 1,258,443
6.02% 3.60% 1,192,229 1,192,364 1,192,626 1,193,068 1,193,735 1,194,669 1,195,901 1,197,458 1,199,356 1,201,606 1,204,215 1,207,182 1,210,505 1,214,175 1,218,183 1,222,519 1,227,168 1,224,243
6.18% 3.80% 1,163,395 1,163,517 1,163,759 1,164,168 1,164,792 1,165,669 1,166,833 1,168,309 1,170,115 1,172,262 1,174,758 1,177,602 1,180,792 1,184,322 1,188,182 1,192,361 1,196,847 1,191,160
6.34% 4.00% 1,135,419 1,135,531 1,135,753 1,136,133 1,136,715 1,137,540 1,138,639 1,140,039 1,141,757 1,143,807 1,146,194 1,148,921 1,151,985 1,155,380 1,159,098 1,163,128 1,167,457 1,159,151
6.49% 4.20% 1,108,272 1,108,374 1,108,578 1,108,930 1,109,475 1,110,250 1,111,288 1,112,615 1,114,251 1,116,208 1,118,492 1,121,107 1,124,051 1,127,318 1,130,899 1,134,786 1,138,965 1,128,176
6.65% 4.40% 1,081,925 1,082,018 1,082,205 1,082,532 1,083,041 1,083,769 1,084,750 1,086,009 1,087,566 1,089,435 1,091,622 1,094,130 1,096,959 1,100,102 1,103,554 1,107,303 1,111,339 1,098,196
6.81% 4.60% 1,056,351 1,056,435 1,056,607 1,056,910 1,057,385 1,058,070 1,058,997 1,060,192 1,061,674 1,063,459 1,065,553 1,067,959 1,070,678 1,073,704 1,077,031 1,080,648 1,084,546 1,069,174
6.96% 4.80% 1,031,523 1,031,600 1,031,758 1,032,039 1,032,483 1,033,127 1,034,003 1,035,137 1,036,549 1,038,253 1,040,259 1,042,568 1,045,182 1,048,096 1,051,303 1,054,794 1,058,560 1,041,075
7.12% 5.00% 1,007,418 1,007,487 1,007,633 1,007,893 1,008,308 1,008,913 1,010,817 1,012,163 1,012,163 1,013,791 1,015,712 1,017,930 1,020,443 1,023,249 1,026,342 1,029,713 1,033,351 1,013,865
7.28% 5.20% 984,008 984,070 984,204 984,446 984,833 985,403 986,185 987,207 988,489 990,046 991,887 994,016 996,433 999,137 1,002,120 1,005,374 1,008,891 987,511
7.43% 5.40% 961,271 961,328 961,451 961,675 962,037 962,573 963,312 964,283 965,505 966,993 968,758 970,802 973,129 975,733 978,611 981,755 985,154 961,982
7.59% 5.60% 939,184 939,236 939,349 939,557 939,895 940,399 941,099 942,021 943,186 944,609 946,300 948,265 950,504 953,014 955,792 958,829 962,116 937,249
7.75% 5.80% 917,728 917,775 917,879 918,071 918,388 918,861 919,523 920,400 921,511 922,872 924,494 926,382 928,538 930,958 933,639 936,574 939,753 913,282
7.90% 6.00% 896,879 896,921 897,016 897,195 897,491 897,937 898,563 899,396 900,456 901,759 903,315 905,130 907,205 909,539 912,128 914,965 918,041 890,053
8.06% 6.20% 876,616 876,654 876,741 876,907 877,184 877,604 878,197 878,988 880,000 881,247 882,740 884,485 886,484 888,736 891,236 893,979 896,955 867,537
8.22% 6.40% 856,923 856,958 857,038 857,192 857,451 857,846 858,408 859,161 860,127 861,321 862,754 864,432 866,359 868,531 870,947 873,599 876,480 845,708
8.37% 6.60% 834,778 834,810 834,884 835,027 835,270 835,644 836,179 836,899 837,827 838,977 840,360 841,984 843,850 845,957 848,302 850,879 853,680 824,542
8.53% 6.80% 819,166 819,195 819,263 819,395 819,621 819,972 820,476 821,158 822,039 823,135 824,457 826,012 827,801 829,826 832,082 834,565 837,266 804,014
8.69% 7.00% 801,068 801,094 801,156 801,279 801,491 801,822 802,299 802,949 803,791 804,841 806,111 807,608 809,334 811,289 813,471 815,873 818,490
86
表 5-13 序列複合選擇權評價模型之計畫價值評估結果 (續)
淨現值(NPV) 折現率 無風險利率 0.27 0.28 0.29 0.3 0.31 0.32 0.33 0.34 0.35 0.36 0.37 0.38 0.39 0.4 0.41 0.42 0.43
1,827,440
3.99% 1.00% 1,732,014 1,740,337 1,749,016 1,758,029 1,767,355 1,776,973 1,786,863 1,797,005 1,807,380 1,817,970 1,828,759 1,839,729 1,850,865 1,862,151 1,873,574 1,885,120 1,896,775 1,773,944
4.14% 1.20% 1,685,530 1,693,551 1,701,920 1,710,616 1,719,619 1,728,907 1,738,462 1,748,264 1,758,295 1,768,537 1,778,973 1,789,588 1,800,365 1,811,290 1,822,349 1,833,529 1,844,817 1,722,315
4.30% 1.40% 1,640,578 1,648,309 1,656,381 1,664,773 1,673,466 1,682,438 1,691,672 1,701,147 1,710,847 1,720,754 1,730,852 1,741,124 1,751,556 1,762,134 1,772,843 1,783,671 1,794,606 1,672,476
4.46% 1.60% 1,597,096 1,604,550 1,612,337 1,620,438 1,628,832 1,637,501 1,646,426 1,655,588 1,664,970 1,674,555 1,684,327 1,694,270 1,704,371 1,714,614 1,724,987 1,735,477 1,746,071 1,624,358
4.61% 1.80% 1,555,032 1,562,220 1,569,734 1,577,555 1,585,664 1,594,041 1,602,669 1,611,530 1,620,606 1,629,882 1,639,341 1,648,968 1,658,749 1,668,671 1,678,720 1,688,884 1,699,151 1,577,893
4.77% 2.00% 1,514,333 1,521,265 1,528,517 1,536,070 1,543,904 1,552,002 1,560,345 1,568,916 1,577,699 1,586,676 1,595,834 1,605,157 1,614,631 1,624,243 1,633,981 1,643,831 1,653,783 1,533,016
4.93% 2.20% 1,474,945 1,481,633 1,488,633 1,495,928 1,503,499 1,511,328 1,519,397 1,527,690 1,536,190 1,544,882 1,553,750 1,562,780 1,571,959 1,581,273 1,590,710 1,600,258 1,609,907 1,489,664
5.08% 2.40% 1,436,821 1,443,275 1,450,034 1,457,082 1,464,399 1,471,970 1,479,776 1,487,801 1,496,030 1,504,446 1,513,035 1,521,784 1,530,678 1,539,706 1,548,854 1,558,112 1,567,468 1,447,779
5.24% 2.60% 1,399,913 1,406,141 1,412,669 1,419,479 1,426,554 1,433,876 1,441,429 1,449,197 1,457,164 1,465,315 1,473,637 1,482,114 1,490,735 1,499,486 1,508,356 1,517,334 1,526,408 1,407,304
5.40% 2.80% 1,364,178 1,370,191 1,376,497 1,383,078 1,389,920 1,397,003 1,404,313 1,411,834 1,419,549 1,427,446 1,435,509 1,443,725 1,452,082 1,460,568 1,469,170 1,477,878 1,486,681 1,368,183
5.55% 3.00% 1,329,571 1,335,376 1,341,468 1,347,831 1,354,448 1,361,302 1,368,379 1,375,661 1,383,135 1,390,786 1,398,601 1,406,566 1,414,669 1,422,898 1,431,242 1,439,690 1,448,232 1,330,366
5.71% 3.20% 1,296,051 1,301,658 1,307,546 1,313,698 1,320,099 1,326,733 1,333,584 1,340,638 1,347,879 1,355,294 1,362,869 1,370,592 1,378,451 1,386,433 1,394,528 1,402,726 1,411,016 1,293,801
5.87% 3.40% 1,263,580 1,268,996 1,274,687 1,280,637 1,286,831 1,293,253 1,299,887 1,306,720 1,313,738 1,320,925 1,328,270 1,335,760 1,343,383 1,351,128 1,358,983 1,366,939 1,374,986 1,258,443
6.02% 3.60% 1,232,116 1,237,349 1,242,851 1,248,607 1,254,602 1,260,820 1,267,246 1,273,867 1,280,669 1,287,638 1,294,761 1,302,026 1,309,422 1,316,937 1,324,562 1,332,285 1,340,098 1,224,243
6.18% 3.80% 1,201,626 1,206,683 1,212,004 1,217,573 1,223,376 1,229,398 1,235,624 1,242,041 1,248,635 1,255,392 1,262,302 1,269,351 1,276,528 1,283,823 1,291,224 1,298,723 1,306,310 1,191,160
6.34% 4.00% 1,172,073 1,176,962 1,182,108 1,187,498 1,193,117 1,198,950 1,204,983 1,211,204 1,217,597 1,224,152 1,230,856 1,237,696 1,244,662 1,251,744 1,258,931 1,266,213 1,273,582 1,159,151
6.49% 4.20% 1,143,425 1,148,151 1,153,130 1,158,348 1,163,789 1,169,441 1,175,289 1,181,320 1,187,521 1,193,880 1,200,385 1,207,024 1,213,787 1,220,664 1,227,643 1,234,717 1,241,876 1,128,176
6.65% 4.40% 1,115,648 1,120,219 1,125,037 1,130,088 1,135,359 1,140,836 1,146,505 1,152,354 1,158,370 1,164,541 1,170,854 1,177,300 1,183,867 1,190,545 1,197,325 1,204,197 1,211,153 1,098,196
6.81% 4.60% 1,088,712 1,093,133 1,097,796 1,102,688 1,107,795 1,113,104 1,118,601 1,124,274 1,130,111 1,136,100 1,142,229 1,148,488 1,154,866 1,161,353 1,167,940 1,174,618 1,181,378 1,069,174
6.96% 4.80% 1,062,587 1,066,865 1,071,379 1,076,118 1,081,067 1,086,213 1,091,545 1,097,049 1,102,714 1,108,527 1,114,479 1,120,557 1,126,753 1,133,056 1,139,457 1,145,947 1,152,519 1,041,075
7.12% 5.00% 1,037,246 1,041,385 1,045,757 1,050,348 1,055,145 1,060,135 1,065,307 1,070,648 1,076,147 1,081,792 1,087,572 1,093,476 1,099,496 1,105,621 1,111,842 1,118,151 1,124,541 1,013,865
7.28% 5.20% 1,012,658 1,016,665 1,020,899 1,025,348 1,029,998 1,034,839 1,039,857 1,045,041 1,050,380 1,055,861 1,061,476 1,067,213 1,073,063 1,079,016 1,085,064 1,091,199 1,097,412 987,511
7.43% 5.40% 988,800 992,679 996,780 1,001,092 1,005,602 1,010,298 1,015,168 1,020,201 1,025,385 1,030,710 1,036,165 1,041,740 1,047,426 1,053,213 1,059,094 1,065,060 1,071,103 961,982
7.59% 5.60% 965,643 969,400 973,375 977,555 981,929 986,486 991,213 996,100 1,001,135 1,006,308 1,011,609 1,017,028 1,022,556 1,028,183 1,033,902 1,039,705 1,045,584 937,249
7.75% 5.80% 943,168 946,806 950,658 954,712 958,956 963,378 967,968 972,714 977,605 982,632 987,785 993,053 998,428 1,003,901 1,009,464 1,015,109 1,020,829 913,282
7.90% 6.00% 921,346 924,872 928,606 932,538 936,656 940,949 945,406 950,016 954,769 959,655 964,664 969,786 975,014 980,337 985,750 991,243 996,809 890,053
8.06% 6.20% 900,157 903,573 907,194 911,008 915,005 919,173 923,503 927,982 932,601 937,351 942,221 947,203 952,288 957,468 962,734 968,080 973,499 867,537
8.22% 6.40% 879,581 882,893 886,404 890,105 893,985 898,033 902,239 906,592 911,083 915,701 920,437 925,283 930,231 935,271 940,397 945,601 950,876 845,708
8.37% 6.60% 856,697 859,920 863,339 866,944 870,723 874,667 878,766 883,009 887,386 891,888 896,506 901,231 906,056 910,971 915,970 921,045 926,190 824,542
8.53% 6.80% 840,178 843,291 846,597 850,084 853,743 857,563 861,535 865,649 869,894 874,263 878,746 883,334 888,020 892,796 897,654 902,587 907,590 804,014
8.69% 7.00% 821,313 824,333 827,541 830,927 834,481 838,194 842,055 846,055 850,185 854,435 858,797 863,263 867,825 872,475 877,206 882,011 886,884
87
表 5-13 序列複合選擇權評價模型之計畫價值評估結果 (續)
淨現值(NPV) 折現率 無風險利率 0.44 0.45 0.46 0.47 0.48 0.49 0.5 0.51 0.52 0.53 0.54 0.55 0.56 0.57 0.58 0.59 0.6
1,827,440
3.99% 1.00% 1,908,529 1,920,368 1,932,283 1,944,263 1,956,297 1,968,378 1,980,495 1,992,641 2,004,807 2,016,987 2,029,173 2,041,359 2,053,537 2,065,703 2,077,851 2,089,975 2,102,070 1,773,944
4.14% 1.20% 1,856,202 1,867,671 1,879,215 1,890,824 1,902,487 1,914,195 1,925,940 1,937,715 1,949,510 1,961,319 1,973,135 1,984,952 1,996,763 2,008,563 2,020,345 2,032,106 2,043,840 1,722,315
4.30% 1.40% 1,805,636 1,816,750 1,827,937 1,839,188 1,850,493 1,861,843 1,873,230 1,884,647 1,896,085 1,907,537 1,918,997 1,930,459 1,941,915 1,953,362 1,964,793 1,976,203 1,987,588 1,672,476
4.46% 1.60% 1,756,759 1,767,531 1,778,374 1,789,281 1,800,241 1,811,247 1,822,289 1,833,361 1,844,455 1,855,563 1,866,680 1,877,800 1,888,915 1,900,022 1,911,114 1,922,187 1,933,236 1,624,358
4.61% 1.80% 1,709,511 1,719,952 1,730,465 1,741,040 1,751,668 1,762,342 1,773,052 1,783,792 1,794,554 1,805,331 1,816,118 1,826,908 1,837,694 1,848,473 1,859,239 1,869,986 1,880,712 1,577,893
4.77% 2.00% 1,663,826 1,673,949 1,684,144 1,694,400 1,704,709 1,715,062 1,725,453 1,735,873 1,746,315 1,756,773 1,767,241 1,777,713 1,788,183 1,798,646 1,809,097 1,819,531 1,829,944 1,533,016
4.93% 2.20% 1,619,645 1,629,462 1,639,350 1,649,298 1,659,299 1,669,345 1,679,427 1,689,538 1,699,673 1,709,824 1,719,984 1,730,150 1,740,314 1,750,473 1,760,620 1,770,752 1,780,864 1,489,664
5.08% 2.40% 1,576,912 1,586,435 1,596,027 1,605,679 1,615,383 1,625,131 1,634,916 1,644,731 1,654,568 1,664,422 1,674,287 1,684,158 1,694,027 1,703,892 1,713,747 1,723,587 1,733,409 1,447,779
5.24% 2.60% 1,535,570 1,544,809 1,554,116 1,563,482 1,572,900 1,582,362 1,591,861 1,601,389 1,610,940 1,620,508 1,630,088 1,639,673 1,649,259 1,658,841 1,668,413 1,677,972 1,687,514 1,407,304
5.40% 2.80% 1,495,570 1,504,535 1,513,567 1,522,659 1,531,801 1,540,987 1,550,209 1,559,461 1,568,736 1,578,029 1,587,333 1,596,644 1,605,956 1,615,264 1,624,564 1,633,852 1,643,124 1,368,183
5.55% 3.00% 1,456,858 1,465,559 1,474,327 1,483,153 1,492,029 1,500,949 1,509,905 1,518,891 1,527,900 1,536,926 1,545,965 1,555,011 1,564,058 1,573,103 1,582,140 1,591,167 1,600,177 1,330,366
5.71% 3.20% 1,419,389 1,427,836 1,436,348 1,444,918 1,453,538 1,462,201 1,470,900 1,479,629 1,488,381 1,497,151 1,505,934 1,514,724 1,523,516 1,532,307 1,541,091 1,549,864 1,558,623 1,293,801
5.87% 3.40% 1,383,115 1,391,317 1,399,583 1,407,907 1,416,279 1,424,695 1,433,146 1,441,627 1,450,131 1,458,653 1,467,189 1,475,732 1,484,278 1,492,823 1,501,362 1,509,892 1,518,408 1,258,443
6.02% 3.60% 1,347,991 1,355,957 1,363,986 1,372,071 1,380,205 1,388,381 1,396,593 1,404,835 1,413,100 1,421,384 1,429,680 1,437,985 1,446,294 1,454,602 1,462,905 1,471,199 1,479,481 1,224,243
6.18% 3.80% 1,313,976 1,321,713 1,329,513 1,337,369 1,345,273 1,353,219 1,361,200 1,369,211 1,377,245 1,385,298 1,393,364 1,401,439 1,409,519 1,417,598 1,425,672 1,433,739 1,441,795 1,191,160
6.34% 4.00% 1,281,030 1,288,546 1,296,126 1,303,759 1,311,441 1,319,165 1,326,923 1,334,711 1,342,522 1,350,353 1,358,197 1,366,050 1,373,907 1,381,765 1,389,620 1,397,467 1,405,304 1,159,151
6.49% 4.20% 1,249,112 1,256,416 1,263,782 1,271,202 1,278,669 1,286,178 1,293,721 1,301,294 1,308,890 1,316,505 1,324,134 1,331,773 1,339,416 1,347,061 1,354,703 1,362,338 1,369,963 1,128,176
6.65% 4.40% 1,218,185 1,225,285 1,232,445 1,239,658 1,246,918 1,254,219 1,261,555 1,268,920 1,276,308 1,283,716 1,291,137 1,298,569 1,306,006 1,313,444 1,320,880 1,328,310 1,335,731 1,098,196
6.81% 4.60% 1,188,213 1,195,115 1,202,076 1,209,090 1,216,150 1,223,251 1,230,386 1,237,550 1,244,738 1,251,945 1,259,166 1,266,397 1,273,634 1,280,873 1,288,111 1,295,343 1,302,566 1,069,174
6.96% 4.80% 1,159,163 1,165,874 1,172,643 1,179,465 1,186,332 1,193,239 1,200,180 1,207,151 1,214,144 1,221,157 1,228,185 1,235,223 1,242,267 1,249,313 1,256,358 1,263,399 1,270,432 1,041,075
7.12% 5.00% 1,131,002 1,137,528 1,144,112 1,150,747 1,157,428 1,164,148 1,170,902 1,177,685 1,184,492 1,191,317 1,198,157 1,205,008 1,211,866 1,218,726 1,225,585 1,232,441 1,239,289 1,013,865
7.28% 5.20% 1,103,696 1,110,043 1,116,448 1,122,904 1,129,405 1,135,944 1,142,517 1,149,119 1,155,744 1,162,389 1,169,048 1,175,718 1,182,395 1,189,075 1,195,755 1,202,432 1,209,102 987,511
7.43% 5.40% 1,077,215 1,083,391 1,089,623 1,095,905 1,102,232 1,108,596 1,114,995 1,121,421 1,127,872 1,134,341 1,140,825 1,147,320 1,153,823 1,160,329 1,166,835 1,173,339 1,179,837 961,982
7.59% 5.60% 1,051,531 1,057,541 1,063,605 1,069,720 1,075,878 1,082,074 1,088,303 1,094,560 1,100,841 1,107,141 1,113,457 1,119,783 1,126,117 1,132,454 1,138,793 1,145,129 1,151,459 937,249
7.75% 5.80% 1,026,616 1,032,465 1,038,368 1,044,320 1,050,316 1,056,349 1,062,414 1,068,508 1,074,625 1,080,762 1,086,913 1,093,076 1,099,246 1,105,421 1,111,597 1,117,771 1,123,940 913,282
7.90% 6.00% 1,002,442 1,008,135 1,013,883 1,019,678 1,025,516 1,031,391 1,037,299 1,043,234 1,049,193 1,055,171 1,061,164 1,067,169 1,073,181 1,079,199 1,085,217 1,091,235 1,097,248 890,053
8.06% 6.20% 978,982 984,525 990,122 995,765 1,001,451 1,007,174 1,012,928 1,018,711 1,024,516 1,030,341 1,036,181 1,042,033 1,047,892 1,053,757 1,059,624 1,065,489 1,071,351 867,537
8.22% 6.40% 956,215 961,613 967,063 972,560 978,099 983,674 989,281 994,915 1,000,572 1,006,248 1,011,940 1,017,644 1,023,356 1,029,073 1,034,792 1,040,511 1,046,226 845,708
8.37% 6.60% 931,398 936,663 941,980 947,342 952,745 958,183 963,653 969,150 974,669 980,207 985,760 991,325 996,898 1,002,476 1,008,056 1,013,636 1,019,213 824,542
8.53% 6.80% 912,655 917,776 922,948 928,166 933,425 938,719 944,044 949,396 954,771 960,165 965,574 970,996 976,426 981,862 987,300 992,739 998,175 804,014
8.69% 7.00% 891,818 896,808 901,848 906,933 912,058 917,218 922,409 927,627 932,868 938,127 943,402 948,689 953,985 959,287 964,592 969,897 975,200
88