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ID:40000774
大小:886.50 KB
页数:59页
时间:2019-07-16
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1、Chapter3TheTimeValueofMoneyAfterstudyingChapter3,youshouldbeableto:Understandwhatismeantby"thetimevalueofmoney."Understandtherelationshipbetweenpresentandfuturevalue.Describehowtheinterestratecanbeusedtoadjustthevalueofcashflows–bothforwardandbackward–toasinglepointintime.Calculateboththefutureandp
2、resentvalueof:(a)anamountinvestedtoday;(b)astreamofequalcashflows(anannuity);and(c)astreamofmixedcashflows.Distinguishbetweenan“ordinaryannuity”andan“annuitydue.”Useinterestfactortablesandunderstandhowtheyprovideashortcuttocalculatingpresentandfuturevalues.Useinterestfactortablestofindanunknowninte
3、restrateorgrowthratewhenthenumberoftimeperiodsandfutureandpresentvaluesareknown.Buildan“amortizationschedule”foraninstallment-styleloan.TheTimeValueofMoneyTheInterestRateSimpleInterestCompoundInterestAmortizingaLoanCompoundingMoreThanOnceperYearObviously,$10,000today.YoualreadyrecognizethatthereisT
4、IMEVALUETOMONEY!!TheInterestRateWhichwouldyouprefer–$10,000todayor$10,000in5years?TIMEallowsyoutheopportunitytopostponeconsumptionandearnINTEREST.WhyTIME?WhyisTIMEsuchanimportantelementinyourdecision?TypesofInterestCompoundInterestInterestpaid(earned)onanypreviousinterestearned,aswellasontheprincip
5、alborrowed(lent).SimpleInterestInterestpaid(earned)ononlytheoriginalamount,orprincipal,borrowed(lent).SimpleInterestFormulaFormulaSI=P0(i)(n)SI:SimpleInterestP0:Deposittoday(t=0)i:InterestRateperPeriodn:NumberofTimePeriodsSI=P0(i)(n)=$1,000(0.07)(2)=$140SimpleInterestExampleAssumethatyoudeposit$1,0
6、00inanaccountearning7%simpleinterestfor2years.Whatistheaccumulatedinterestattheendofthe2ndyear?FV=P0+SI=$1,000+$140=$1,140FutureValueisthevalueatsomefuturetimeofapresentamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.SimpleInterest(FV)WhatistheFutureValue(FV)ofthedeposit?ThePresentV
7、alueissimplythe$1,000youoriginallydeposited.Thatisthevaluetoday!PresentValueisthecurrentvalueofafutureamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.SimpleInterest(PV)WhatisthePresentValue(
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