North Carolina § 8-47 - Present worth of annuities.

§ 8-47. Present worth of annuities.

Whenever it is necessary to establish the present worth or cash value of an annuity to a person, payable annually during the person's life, such present worth or cash value may be ascertained by the use of the following table in connection with the mortality tables established by law, the first column representing the number of years the annuity is to run and the second column representing the present cash value of an annuity of one dollar for such number of years, respectively: No. of Years Annuity Cash Value of the Annuity is to Run of $1 1 ................................................ $ 0.943 2 ................................................. 1.833 3 ................................................. 2.673 4 ................................................. 3.465 5 ................................................. 4.212 6 ................................................. 4.917 7 ................................................. 5.582 8 ................................................. 6.210 9 ................................................. 6.802 10 ................................................ 7.360 11 ................................................ 7.887 12 ................................................ 8.384 13 ................................................ 8.853 14 ................................................ 9.295 15 ................................................ 9.712 16 ............................................... 10.106 17 ............................................... 10.477 18 ............................................... 10.828 19 ............................................... 11.158 20 ............................................... 11.470 21 ............................................... 11.764 22 ............................................... 12.042 23 ............................................... 12.303 24 ............................................... 12.550 25 ............................................... 12.783 26 ............................................... 13.003 27 ............................................... 13.211 28 ............................................... 13.406 29 ............................................... 13.591 30 ............................................... 13.765 31 ............................................... 13.929 32 ............................................... 14.084 33 ............................................... 14.230 34 ............................................... 14.368 35 ............................................... 14.498 36 ............................................... 14.621 37 ............................................... 14.737 38 ............................................... 14.846 39 ............................................... 14.949 40 ............................................... 15.046 41 ............................................... 15.138 42 ............................................... 15.225 43 ............................................... 15.306 44 ............................................... 15.383 45 ............................................... 15.456 46 ............................................... 15.524 47 ............................................... 15.589 48 ............................................... 15.650 49 ............................................... 15.708 50 ............................................... 15.762 51 ............................................... 15.813 52 ............................................... 15.861 53 ............................................... 15.907 54 ............................................... 15.950 55 ............................................... 15.991 56 ............................................... 16.029 57 ............................................... 16.065 58 ............................................... 16.099 59 ............................................... 16.131 60 ............................................... 16.161 61 ............................................... 16.190 62 ............................................... 16.217 63 ............................................... 16.242 64 ............................................... 16.266 65 ............................................... 16.289 66 ............................................... 16.310 67 ................................................ 16.331 The present cash value of the annuity for a fraction of a year may be ascertained as follows: Multiply the difference between the cash value of the annuities for the preceding and succeeding full years by the fraction of the year in decimals and add the sum to the present cash value for the preceding full year. When a person is entitled to the use of a sum of money for life, or for a given time, the interest thereon for one year, computed at four and one half percent (4 1/2%), may be considered as an annuity and the present cash value be ascertained as herein provided: Provided, the interest rate in computing the present cash value of a life interest in land shall be six percent (6%). Whenever the mortality tables set out in G.S. 8-46 are admissible in evidence in any action or proceeding to establish the expectancy of continued life of any person from any period of the person's life, whether the person is living at the time or not, the annuity tables herein set forth shall be evidence, but not conclusive, of the loss of income during the period of life expectancy of the person. History (1905, c. 347; Rev., s. 1627; C.S., s. 1791; 1927, c. 215; 1943, c. 543; 1957, c. 497; 1959, c. 879, s. 3; 1965, c. 991; 1997-133, s. 2.) Legal Periodicals. - For 1997 legislative survey, see 20 Campbell L. Rev. 389.