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1、Chapter3PrinciplesofCorporateFinanceNinthEditionHowToCalculatePresentValuesTopicsCoveredValuingLong-LivedAssetsLookingforShortcuts–PerpetuitiesandAnnuitiesMoreShortcuts–GrowingPerpetuitiesandAnnuitiesPresentValuesDiscountFactorscanbeusedtocomputethepresentvalueofanycash
2、flow.PresentValuesExampleYoujustboughtanewcomputerfor$3,000.Thepaymenttermsare2yearssameascash.Ifyoucanearn8%onyourmoney,howmuchmoneyshouldyousetasidetodayinordertomakethepaymentwhendueintwoyears?PresentValuesReplacing“1”with“t”allowstheformulatobeusedforcashflowsthatex
3、istatanypointintimePresentValuesExampleYouwillreceive$200riskfreeintwoyears.Iftheannualrateofinterestonatwoyeartreasurynoteis7.7%,whatisthepresentvalueofthe$200?ExampleYouwillreceive$200riskfreeintwoyears.Iftheannualrateofinterestonatwoyeartreasurynoteis7.7%,whatisthepr
4、esentvalueofthe$200?ExampleYouwillreceive$200riskfreeintwoyears.Iftheannualrateofinterestonatwoyeartreasurynoteis7.7%,whatisthepresentvalueofthe$200?ExampleYouwillreceive$200riskfreeintwoyears.Iftheannualrateofinterestonatwoyeartreasurynoteis7.7%,whatisthepresentvalueof
5、the$200?ExampleYouareconsideringaninvestmentthatwillpayyou$100inoneyearand$200intwoyears.Ifyouwanttoearn7%onyourmoneyinthefirstyearand7.7%inthe2ndyear,howmuchwouldyoubewillingtopay?PresentValuesPVscanbeaddedtogethertoevaluatemultiplecashflows.PresentValuesPVscanbeaddedt
6、ogethertoevaluatemultiplecashflows.PresentValuesPresentValueYear0100/1.07200/1.0772Total=$93.46=$172.42=$265.88$100$200Year012PresentValuesExampleAssumethatthecashflowsfromtheconstructionandsaleofanofficebuildingisasfollows.Givena5%requiredrateofreturn,createapresentval
7、ueworksheetandshowthenetpresentvalue.PresentValuesExample-continuedAssumethatthecashflowsfromtheconstructionandsaleofanofficebuildingisasfollows.Givena5%requiredrateofreturn,createapresentvalueworksheetandshowthenetpresentvalue.PresentValuesPresentValueYear0-170,000-100
8、,000/1.05320,000/1.052Total=NPV-$170,000=-$170,000=$95,238=$290,249=$25,011-$100,000+$320,000Year012Example-co
