For a cash flow in which the payment period and the compounding period are not the same, the following method can be applied:

a) convert the non-standard cash flow into geometric gradient series

b) convert the non-standard cash flow into standard by changing the compounding period

c) convert the non-standard cash flow into standard arithmetic gradient series

d) convert the non-standard cash flow into standard by changing the interest rate

e) treat each payment in the cash flow as constant