3 1924 002 404 808 HD 7816 U7 N5 1913c New Jersey. Employers' Liability Commission. A table for computing the present value of compensation due under the employers' liability act. THE LIBRARY OF THE NEW YORK STATE SCHOOL OF INDUSTRIAL AND LABOR RELATIONS AT CORNELL UNIVERSITY A TABLE FOR COMPUTING THE PRESENT VALUE OF COMPENSATION DUE UNDER THE EMPLOYERS' LIABILITY ACT OF THE I STATE OF NEW JERSEY Ajeu> rV/jf/ PREPARED BY '"""THE EMPLOYERS' LIABILITY COMMISSION , 1013 TRENTON, N. J. mAcCMiMSH & Quigley, State Printers. 1913- The Following Table Gives the Present Value of any Number of One Dollar Future Weekly Payments Dis- counted at 5 Per Centum Annually. NOTE The present value of any larger sum may be found by multi* plying the tabular figure by such sum. Rules and Examples Appended. TABLE OF PRESENT WORTH VALUES FIRST 52 WEEKS. Weeks. I $0,999 2 i-997 3 2.994 4 3-990 5 4-986 6 5.980 7 6.973 8 7.966 9 8.957 10 9-948 11 io.937 12 11.926 13 12.913 14 $13-900 15 14.886 16 15-871 17 16.855 18 17.838 19 18.820 20 19.801 21 20.781 22 21.761 23 22.739 24 23.717 25 24.693 26 25.669 Weeks. 27. . . . .$26,644 28 27.617 29 28.590 30 29.562 31 30-534 32 3I-504 33 32.473 34 33-442 35 34-409 36 35-376 37 36.341' 38. ■ ... • 37-3°6 39 38.270 Weeks. 40 $39-233 4i 40.195 42 4I-I57 43 42.117 44 43-077 45 44-035 46 44-993 47 45-950 48 46.906 49 47.861 50 48.815 5i 49-769 52 50.721 PROPERTY OF LIBRARY NEW YORK STATE SCHOOL INDUSTRIAL AND LABOR RELATIONS CORNELL UNIVERSITY TABLE OF PRESENT WORTH VALUES SECOND 52 WEEKS. "Weeks, 53 $51-673 54 52-623 55 53-573 56 54-522 57 55-471 58 56.418 59 57-364 60 58.310 61 59-255 62 60.199 63 61.142° 64 62.084 65 63.025 Weeks. 66 $63,966 67 64.905 68 65.844 69 66.782 70 67.719 71 68.655 72 69.591 73 70-525 74 71-459 75 72.392 76 73-324 77 74-255 78 75-i86 Weeks. 79 $76-115 80 77-044 81 77-972 82 78.899 83 79-825 84 80.751 85 81.675 86 82.599 87 83.522 88 84.444 89 85.366 90 86.286 91 87.206 Weeks. 92 $88,125 93 89.043 94 89.960 95 90.877 96 9I-792 97 92.707 98 93-621 99 94-535 100 95-447 101 96.359 102 97.270 103 98.180 104 99.089 TABLE OF PRESENT WORTH VALUES THIRD 52 WEEKS. Week 105 s, — $99,998 Weeks. Il8... $111,737 Week 131 s. .. .$123,346 Week 144 .,. .$134,826 106 ... . 100.906 119... . H2.635 132 M4.233 M5 . . . . 135-704 107 . . . 101.812 120. . . II3-53I 133 . . . 125.120 146 , . . . 136.582 108 . . . 102.719 * 121. . . II4.427 134 . . . I26.0O6 147 • • 137-458 IOg . . . 103.624 122. . . II5-323 135 . . . I26.892 148 • • • 138.334 110 . . . 104.529 123. .. Il6. 217 I36 . . . I27.776 149 . . . 139.209 III . . . 105.432 124. . . 117. Ill 137 . . . 128.660 150 . . . 140.083 112 . . . 106.335 125. .. H8.OO4 138 ■ • ■ 129.543 151 . . . 140.956 113 . . . 107.238 126. . . II8.896 139 . . . 130.426 152 . . . 141.829 114 . . . 108.139 127. . . II9.788 140 . . . 131.307 153 . . . 142.701 "5 . . . 109.040 128. ... 120.678 141 .. . 132.188 154 ■ ■ • 143-573 116 . . . 109.940 129. . . 121.568 142 . . . 133.068 155 ■ ■ • 144-443 117 ... 110.839 130- •■ I22.457 143 ■ • ■ I33-948 156 • ■ • I45-3I3 TABLE OF PRESENT WORTH VALUES FOURTH 52 WEEKS. Weeks. Weeks. Weeks. Weeks. 157- ••• $146,182 170. . . .$157-416 183 . . .$168,529 I96. . . .$179,526 158... 147.051 171.. !. 158.275 184 • • ■ 169.379 197... . 180.367 159- •• 147.918 172. . • • 159-133 185 . . . 170.229 198. . . . l8l.207 160. . . 148.785 173- • ■ • 159-991 186 . . . . 171.077 199... . 182.O47 161... 149.652 174.. . . 160.848 I8 7 . . . 171.925 200. . . . 182.886 162. . . 150.517 175- ■ . . 161.704 188 • • • 172.773 201. . . • 183.725 163. .. 151-382 176. . . . 162.560 189 .. . 173.619 202. . . . 184.562 164. . . . 152.246 177.. .. 163.415 igo • • • I74-465 203 .. . • 185.399 165... 153-iog 178.. . . 164.269 igi • • • 175-310 204 . . . . 186.236 166... 153-972 179. . . . 165.122 ig2 ... 176.155 205. .. . 187.O72 167 . . . I54-834 180. . ■ ■ 165.975 193 ■ • • 176.999 206. . . . 187.907 168... I55-695 181.. . . 166.827 194 ... I77.842 207 . . . . 188.74I 169. . . I56-556 182. . . . 167.679 195 . . . 178.684 208 .. . • 189.575 TABLE OF PRESENT WORTH VALUES FIFTH 52 WEEKS. Week 20g s. . . .$190,408 Weeks. 222. . .$201,177 Weeks. 235 ■• .$211,837 Weeks. 248. . .$222,388 210 . . . 191.240 223. . . 202.001 236. . . 212.652 249.. • 223.195 211 . . . I92.O72 224. . . 202.824 237- • . 213.467 250. . . 224.002 212 . . . 192.903 225. . ■ 203.647 238.. . 214.281 251.. . 224.808 213 • • • 193-733 226. . . 204.469 239- ■ • 215.094 252.. • 225.613 214 • ■ • I94-563 227. . . 205.29O 240. . • 215.907 253- • . 226.418 215 • • • 195-392 228. . . 206.H0 241. . . 216.720 254- • . 227.222 2l6 . . . 196.220 229. . . 206.93O 242. . • 217.531 255- • . 228.026 217 . . . 197.048 230. . . 207.750 243- • . 218.342 256. . . 228.829 2l8 • • ■ I97-875 231. . . 208.568 244. . ■ 219.153 257- •■ . 229.631 2ig . . . 198.702 232. . . 209.386 245- • . 219.963 258... ■ 230.433 220 . . . 199.528 233- • . 210.204 246. . . 220.772 259-. . 231.234 221 . . . 200.353 234- •■ . 211.020 247.. . 221.580 260. . . . 232.034 TABLE OF PRESENT WORTH VALUES SIXTH 52 WEEKS. Weeks. Weeks. Weeks. Weeks. 26l . . .$232,834 274... $243,176 287.. $253417 300. . .$263,558 262. ■ 233.633 275- ■'■ • 243.967 288. . . 254.200 301... • ■ 264.334 263. . ■ • 234.432 276. . . ■ 244.758 289. . • 254.983 302. . . 265.109 264. . . 235-230 277... • 245.548 2go. . . 255.766 3°3- ■ . 265.884 265. . 236.O27 278. .. ■ 246.338 291 . . • 256.547 304- • . 266.658 266. . . 236.824 279... 247.127 292. . • 257.329 305- ■ • 267.432 267. . . 237.62O 280 .. . 247.915 293 • ■ . 258.109 306. . . 268.205 268. . . 238.415 281. . . 248.703 294.. . 258.889 307- • . 268.978 269. . . 239.2IO 282. .. 249.490 295- ■ 259.669 308.. . 269.750 270. . . 24O.OO5 283... 250.276 296. . . 260.448 309.. . 270.521 271. . . 24O.798 284 .. . 251.062 297. . . 261.226 310- • . 271.292 272. . • 241.592 285 .. . 251.848 298. .. . 262.004 311... . 272.062 273- ■■ ■ 242.384 286 252.632 299 • • • . 262.781 312. . . . 272.832 TABLE OF PRESENT WORTH VALUES SEVENTH 52 WEEKS. Week 313- ...$273,601 Week 326. 3. ■ • .$283,549 Week 339- .. .$293,402 Week 352 3. . . .$303,164 314 • ■ • 274.37O 327 . . . 284.310 340- . . . 294.156 353 ,. . 303-9II 315 ... 275.138 328 . . . 285.071 34* • . . . 294.910 354 ••• 304-657 316 • ■ • 275.905 329 ... 285.831 342 . . . 295.663 355 • • • 305-403 317 . . . 276.672 330 . . . 286.590 343 . . . 296.415 356 ■ ■ • 306.149 318 ■ ■ ■ 277.438 331 . . . 287.350 344 . . . 297.167 357 . . . 306.894 319 . . . 278.204 332 . . . 288.108 345 • • ■ 297.919 358 . . . 307.638 320 . . . 278.969 333 . . . 288.866 346 . . . 298.670 359 . . . 308.382 321 ■ • • 279.734 334 . . . 289.623 347 . . . 299.420 360 . . . 309-125 322 . . . . 28O.498 335 . . . . 290.380 348 . . . 300.170 361 . . . 309.868 323 . . . . 281.261 336 . . . . 291.137 349 . . . 300.919 362 . . . 310.611 324 . . . . 282.024 337 . . . . 291.892 350 . . . 301.668 363 . . . 311-352 325 282.787 338 292.648 351 . . . 302.416,364 . . . 312.094 10 TABLE OF PRESENT WORTH VALUES REMAINING 36 WEEKS. Weeks. Weeks, Weeks. Weeks, 365- • .$312-834 374 • • -$319-477 383. ■■ $326,078 392.. .$332,638 366.. ■ 3I3-575 375 . . . 320.213 384- .. 326.809 393- • • 333-364 367 ■■ • • 3I4-3I4 376 . . . 320.948 385... 327-540 394- • • 334-090 368 . . ■ 3I5-053 377 . . . 321.682 386... 328.270 395- ■ • 334-815 369.. • 3I5-792 378 . . . 322.416 387. .. 328.999 396... • 335-540 37°- • • 316.530 379 . . . 323.150 388. . . 329.728 397 ■■ • . 336.264 371 ■• . 317.268 380 ... 323-883 389 ■•■ 330.456 398.. . 336.988 372.. • 318.005 381 .. . 324.615 390. . . 331-184 399 •■ ■ • 337-7" 373- • • 318.741 382 • •• 325-347,391- - • 331-911 400. . • 338.434 RULES AND EXAMPLES ILLUSTRATING THE USE OF THE TABLE OF PRESENT WORTH VALUES ii 13 RULES FOR COMPUTING COMMUTED COMPENSATION. I. To compute, for any given date, the Present Value of any number of uniform weekly payments : 'Multiply the number found in the table, following the given number of weekly payments to be commuted, by the amount of weekly compensation, and the product will be the Present Value for the given date. See example IV. II. To compute for any given date, the Present Worth of any number of weekly payments when the amount of such weekly payment decreases one or more times during the course thereof: Compute the Present Value of the smallest of the weekly pay- ments for the entire number of weeks of all payments due, also the Present Value of the difference between each weekly pay- ment and the next larger, for the number of weeks from the Initial Date to the termination of such larger payment. The sum of all such Present Values will be the Present Value of all the weekly payments. See examples II and III. III. If for any reason the amount of weekly compensation shall increase (instead of decrease) during the course thereof, compute as above but likewise compute the amount for the time elapsing between the Initial Date and the date of the increase, and deduct the Present Value so resulting from the sum of the other present values. See examples II and III. IV. If a commuted compensation is not paid on the fourteenth day after the accident, or at the time of discontinuing regular weekly payments (such time to be known as the Initial Date), simple interest at 5 per cent, on the Present Value at such time shall be added thereto and shall be computed as follows : Multiply the Present Value at the Initial Date by .00096 (weekly equivalent of 5 per cent, yearly rate) and this product by the number of weeks between the Initial Date and the date of the final settlement; to this product add the 'Present Value, and the sum will be the amount due at the date of settlement. See examples I, II, III. J4 EXAMPLE I. A man was killed Aug. 7, 1912, leaving a wife and two chil- dren. On Dec. 31, 1912, compensation was ordered commuted. Wages were $9 per week ; 45 per cent, of $9 would be less than $5 (the lowest compensation rate) ; therefore, $5 equals the rate of compensation. By the table, the Present Worth of $1 for 300 weeks at 5 per cent, yearly discount is $263,558, and of $5 is equal to 5 X $263,558, or $1,317.79. Rule I. From the Initial Date (two weeks after the accident) to Dec. 31, 1912, the date the order for commutation was given, is 186/7 weeks, and since compensation was not paid on the Initial Date, the heirs are entitled to 5 per cent, on the Present Value during those 186/7 weeks. Therefore : $1,317.79 Present Worth. .00096 Weekly rate at 5 per cent. 790674 1186011 $1.2650784 Interest for one week. $1,265 Interest for one week. 186/7 Number of weeks to date of order 1084 10120 1265 $23,854 Interest @ 5 per cent, for 18 6/7 wks. $1,317.79 Present Value, plus 23.85 Interest thereon. $1,341.64 Amount due at date of settlement. Rule IV. is EXAMPLE II. A man dies July 16, 1912, leaving a widow and one child; on Aug. 8, 1912, a second child was born and died Sept. 14, 1912. On Jan. 31, 1913, compensation was ordered, paid to date; in lump sum, after whioh weekly payments were made. Wages were $11.95 per week. A. From the Initial Date (two weeks after the accident), or July 30, 1912, to Jan. 31, 1913 (date of the order), is 263/7 weeks. Forty per cent, (rate of compensation for two dependents) being $4.78, the sum of $5 (lowest compensation rate) must be paid. The Present Value of $1 for 26 weeks is $25,669, and of $5 is 5 X $25-669, or $128,345. Rule I. At the 27th week the Present Worth is $26,644 27 wks. — 25.669 26 wks. The Present Worth for the 27th week $ .975 on $1 and of — five dollars is five times $.975, or $4,875. 3/7 of $4,875 is $2,089. $128,345 Present Value 26 wks. plus 2.089 Present Value 3/7 wk. $130,434 Present Value 26 3/7 wks. B. 1 1/7 wks. ~~ $-38 6 4/7 wks. 26 3/7 wks. $5 The smallest weekly payment is $5, the next larger payment is 45 per cent, of $11.95, or $5.38, the difference being $.38. From July 30 (Initial Date) to Sept. 14 (death of child) is 6 4/7 wks. $1 for 64/7 wks. has Present Value of $6,549. i6 The Present Value of $.38 for 64/7 wks. is .38 X $ 6 -549, which is $2,488. Rule I. From July 30 (Initial Date) to Aug. 8 (birth of child) is 1 1/7 wks., in which the extra $.38 was not paid. Present Value of $1 for 1 1/7 wks. is $1,141. The value of $.38 for 1 1/7 wks. is .38 X $i-Hi, or $.434. C. $130,434 Present Value for 26 3/7 wks. plus 2.488 Present Value of $.38 for 64/7 wks. $132,922 Rule II. less .434 Present Value of $.38 for 1 1/7 wks. $132,488 Present Value. Rule III. D. The time that has elapsed between the Initial Date and the date of the order is 26 3/7 wks. and interest at 5 per cent, for that time must be allowed. Hence : $132,488 Present Value. .00096 Five per cent, for 1 wk. 794928 1 192392 $ .12718848 Interest for 1 wk. Interest for 26 3/7 wks. is 26 3/7 X $-127, or $3,356. $132,488 Present Value, plus 3-356 Interest thereon. $i35-844 Amount due at date of settlement. Rule IV. 17 EXAMPLE III. A man earning $16.98 per week, dies July 24, 191 1. The widow re-marries April 10, 1912. The Court orders compensa- tion June 20, 1912. Other dependents as follows : 1 son born July 5, 1895 (18 yrs.), July 5, 1913. 1 son born April 15, 1897 (18 yrs.), April 15, 1915. 1 daughter born June 25, 1907, 1 daughter born Nov. 23, 1909. 1 daughter born Nov. 26, 191 1, 18 wks. after death A. From Aug. 7, 191 1 (2 wks. after death), to July 5, 1913, is 1004/7 wks. From Aug. 7, 191 1, to April 15, 1915, is 193 2/3 wks. Coming of Age of Sons. From Aug. 7, 191 1, to Nov. 26, 191 1 (birth of child), is 16 wks. From Aug. 7, 1911, to April 10, 1912 (re-marriage), is 45 wks. 16 wks. $.66 45 wks. "$.85 100 4/7 wks. 193 2/7 wks. ~$.8 5 300 wks. $7-64 Scale of compensation : 3 dependents — 45 per cent, of wages, or $7.64. 4 dependents — 50 per cent, of wages, or $8.49 5 dependents — 55 per cent, of wages, or $9.34 6 dependents — 60 per cent, of wages, or $10.19, but $10 is maximum. i8 B. The Present Worth of $i for 300 weeks @ 5 per cent, discount is $263,558. The Present Value of $7.64 is 7.64 X $263,558, or $2,013,583 for three dependents. Rule I. $8.49 — $7.64 is $.85 per wk. increase for 4 dependents. For 193 2/7 wks. there were 4 dependents. The Present Worth of $1 for 193 2/7 wks. is $177.24 and the Present Worth of $.85 is .85 X $177-24, or $150,654, which is the amount of increase for 4 dependents. Rule II. $9.34 — $8.49 is $.85 per wk. increase for 5 dependent's. For 100 4/7 wks. there were 5 dependents. The Present Worth of $1 for 1004/7 wks - is $95-96 and the Present Worth of $.85 is .85 X $95-96, or $81,566, which is the amount of increase for 5 dependents. Rule II. $10 — $9.34 is $.66 per wk. increase for 6 dependents. For 45 wks. we figure on 6 dependents. The Present Worth of $1 for 45 wks. is $44,035 and the Present Worth of $.66 is .66 X $44-°35, or $29-063, which is the amount of increase for 6 dependents. Rule II. But 16 wks. elapsed before the birth of the fifth child ; there- fore : The Present Worth of $1 for 16 wks. is. $15,871, and the Pres- ent Worth of $.66 is .66 X $15-871, or $10,475, which is the amount of decrease, there being but 5 dependents for the first 16 weeks. Rule III. C. $2013.583 Sum for 3 dependents. 150.654 Increase for 4 dependents. 81.566 Increase for 5 dependents. 29.063 Increase for 6 dependents. $2274.866 less 10.475 Decrease for 16 wks. $2264.391 Total Present Worth due. 19 But— D - 55 wks. elapsed from the Initial Date to the date the Court ordered payment — Therefore : , Interest at 5 per cent, on the amount due must be allowed and is found as follows : .00096 (rate @ 5 per cent, for 1 wk.) x $2264.401, or $2,174, which is the interest for one week. The interest for 55 wks. is 55 X $2,174, or $119.57. $2264.391 Present Value, plus 119.570 Interest thereon. $2383.961 Entire amount due. Rule IV. EXAMPLE IV. On June 6, 1912, a man receives injuries which totally disable him. On June 20 the firm starts to pay a weekly com- pensation of $9 (1/2 wage) and continues this for 10 wks., when the case is brought to Court to be commuted. The Initial Date in this instance is when the weekly compen- sations stop or the day it is brought to Court. Ten weeks com- pensation being paid, there remain but 390 weeks to commute payments. The Present Value of $1 for 390 wks. is $331,184. $9 is worth 9 X $33i-!84, or $2,980,656, which is the amount due. Rule I. DATE DUE GAYLORD PRINTED IN U.S-A. Cornell University Library HD7816.U7N5 1913c A table for computing the present value 3 1924 002 404 808