Life Annuity Calculator
While there are other apps on the App Store to calculate the value of a term certain annuity, this is the only app which can calculate the value of a life contingent annuity (but it can do term certain annuities too - you get two apps in one!)
What is a life contingent annuity you ask? It's an agreement where you will receive payments at selected periods for the rest of your life, in exchange for a lump sum amount. This app can calculate the fair value of the premium given the assumed payments, or the fair value of the payments given the assumed premium.
Practical uses for this app include the following: Assume you win the lottery (wouldn't that be nice!), and you are offered $10,000 a year for the rest of your life, or a lump sum amount paid up front. This app allows you to figure out the fair value given YOUR age and gender! (But why wait to actually win the lottery to calculate this, when you can dream now about how you're going to spend your winnings!)
The Life Annuity Calculator is very flexible, allowing for different interest rate patterns and guarantee terms to be entered. It will also express currency based on your regional preferences (Dollars, Pounds, Euro, Yen, etc.).
Designed for use by both laypersons and professionals!
All suggestions for future features and enhancements to the calculator are welcome.