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An Advanced Present Value Formula

At present, accounting textbooks miss a quick calculation of the present value of an annuity with variable payments. The current approach is to calculate the present value of each payment separately. In this paper, we present different ways to calculate the present value of such an annuity when the differences between successive payments are fixed. We show that the annuity can be broken into two sub-series whose present values are easily calculated, and we then apply this approach to revise the current formula of present value. Because a formula is time-saving and elegant, this paper is valuable to educators and practitioners.