PVJL3 calculates the present value of a joint life annuity based on assumptions for interest and mortality for three lives 𝑥, 𝑦, and 𝑧. Payments stop at the first death. This is a simplified function:
·
The only
annuity option is “joint life”, i.e., payments stop at the first death.
·
Cannot
be deferred commencemen.t
·
Ages
must be whole numbers.
·
No years
certain.
·
No COLA
·
CalculationMethod
= 0
·
No StopAge
·
AnnTiming
= 0
Syntax
PVJL3 (AnnuityCode,
CurrentAgeX, CurrentAgeY, CurrentAgeZ, InterestRate, MortalityTableX,
[MortalityTableY] , [MortalityTableZ])
|
Parameter Name |
Description |
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|
CurrentAgeX |
Current age of the primary annuitant 𝑥 (i.e. the age at the valuation date). Must
be an integer. |
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|
CurrentAgeY |
Current age of the secondary annuitant 𝑦
(i.e. the age at the valuation date). Must be an integer. |
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|
CurrentAgeZ |
Current age of the third annuitant 𝑧 (i.e. the age at the valuation date). Must
be an integer. |
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|
InterestRate |
The interest rate(s) to discount future
payments to calculate the present value. May be a number, a percentage, a
text string, a named range, or reference to a range. ·
Rates
can be defined using these interest definitions. ·
Note:
A value that is greater than 25% (i.e. 0.25) will be divided by 100; e.g.
if you enter 2.75 it will be treated as .0275 or 2.75%. |
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|
MortalityTableX |
Mortality
table definition text string for primary annuitant 𝑥. |
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|
MortalityTableY |
Mortality
table definition text string for secondary annuitant 𝑦. |
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|
MortalityTableZ |
Mortality
table definition text string for secondary annuitant 𝑧. |
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|
Frequency |
Number of payments per year:
|
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