《货币时间价值英语》PPT课件

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1、TheTimeValueofMoneyWhatisTimeValue?WesaythatmoneyhasatimevaluebecausethatmoneycanbeinvestedwiththeexpectationofearningapositiverateofreturnInotherwords,“adollarreceivedtodayisworthmorethanadollartobereceivedtomorrow”Thatisbecausetoday’sdollarcanbeinvestedsothatw

2、ehavemorethanonedollartomorrowTheTerminologyofTimeValuePresentValue-Anamountofmoneytoday,orthecurrentvalueofafuturecashflowFutureValue-AnamountofmoneyatsomefuturetimeperiodPeriod-Alengthoftime(oftenayear,butcanbeamonth,week,day,hour,etc.)InterestRate-Thecompensa

3、tionpaidtoalender(orsaver)fortheuseoffundsexpressedasapercentageforaperiod(normallyexpressedasanannualrate)AbbreviationsPV-PresentvalueFV-FuturevaluePmt-PerperiodpaymentamountN-Eitherthetotalnumberofcashflowsorthenumberofaspecificperiodi-Theinterestrateperperiod

4、Timelines012345PVFVTodayAtimelineisagraphicaldeviceusedtoclarifythetimingofthecashflowsforaninvestmentEachtickrepresentsonetimeperiodCalculatingtheFutureValueSupposethatyouhaveanextra$100todaythatyouwishtoinvestforoneyear.Ifyoucanearn10%peryearonyourinvestment,h

5、owmuchwillyouhaveinoneyear?012345-100?CalculatingtheFutureValue(cont.)Supposethatattheendofyear1youdecidetoextendtheinvestmentforasecondyear.Howmuchwillyouhaveaccumulatedattheendofyear2?012345-110?GeneralizingtheFutureValueRecognizingthepatternthatisdeveloping,w

6、ecangeneralizethefuturevaluecalculationsasfollows:Ifyouextendedtheinvestmentforathirdyear,youwouldhave:CompoundInterestNotefromtheexamplethatthefuturevalueisincreasingatanincreasingrateInotherwords,theamountofinterestearnedeachyearisincreasingYear1:$10Year2:$11Y

7、ear3:$12.10ThereasonfortheincreaseisthateachyearyouareearninginterestontheinterestthatwasearnedinpreviousyearsinadditiontotheinterestontheoriginalprincipleamountCompoundInterestGraphicallyTheMagicofCompoundingOnNov.25,1626PeterMinuit,aDutchman,reportedlypurchase

8、dManhattanfromtheIndiansfor$24worthofbeadsandothertrinkets(珠子和其他饰品).WasthisagooddealfortheIndians?Thishappenedabout371yearsago,soiftheycouldearn5%peryeartheywouldnow(