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If you like to calculate annuities of a mortality table you have a bunch of choices:
1. [Worst] Apply a complex one-cell array formula
The names are defined as follows:
This one-cell array formula was suggested in a LinkedIn Excel forum. The approach has also been described at a Google site.
2. [Better] A better way by far is a simple VBA function
3. [Maybe best] The fastest and maybe best approach seems to be a pre-calculated sumproduct table and an NPV formula
If you are interested in downloading a 200 KB Excel 2010 © sample file which contains the approaches shown here, go to my Download page, please.
With FastExcel © you can profile your worksheet. In this case we see that the NPV approach is about 45 times faster than the suboptimal array formula and about 27 times faster than the VBA solution: