**Introduction**

This calculator determines the present value for income streams that can be fixed over time, but can also be specified to grow over time.

**Parameters**

The discount rate **R** applies to all payment streams.

Click "New" to create a payment stream. (The limit is four payment streams.) Click "Edit" to modify the parameters of an existing payment stream.

For each payment stream, the nominal value is **V** for period **T**.
Enter **T = 0** for a current (not discounted) value. If the growth
rate **PI** is nonzero, the nominal values grow at that rate over time.
The payment stream begins in period **M** and continues for **N** periods.
Enter **M = 1** and **N = 30** for a 30-year mortgage with annual
end-of-period payments

**Table**

The "Help" pull-down menu has an option to show a table giving the present value calculations per period.

**Examples**

The "Help" pull-down menu also has options to show four examples: a coupon bond, a mortgage, an investment in college education, and a stock with growing dividends. The latter two examples illustrate the calculations for a growing income stream.

**Clear**

To start over, clear.