COBOL Manual for TNS and TNS/R Programs

Intrinsic Functions
HP COBOL Manual for TNS and TNS/R Programs—522555-006
14-47
PRESENT-VALUE Function
PRESENT-VALUE Function
PRESENT-VALUE, a numeric function, returns a value that approximates the present
value of a specified series of future period-end amounts at a specified discount rate.
discount-rate
is a numeric argument whose value is greater than -1.
period-end-amount
is a numeric argument.
period-end-amount can be an array; for example,
FUNCTION PRESENT-VALUE (DISCOUNT-RATE ARRAY1(ALL))
uses the elements of the array ARRAY1 as a series of numeric arguments.
The returned value is approximately
where n is the number of period-end-amount s.
( )
PRESENT-VALUEFUNCTION
period-end-amountdiscount-rate
VST455.vsd
period-end-amount
i
1 discount-rate+()
i
-----------------------------------
i 1=
n
∑