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1、Chapter6FormulasDiscountedCashFlowValuationMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1KeyConceptsandSkillsBeabletocomputethefuturevalueofmultiplecashflowsBeabletocomputethepresentvalueofmultiplecashflowsBeabletocompu
2、teloanpaymentsBeabletofindtheinterestrateonaloanUnderstandhowinterestratesarequotedUnderstandhowloansareamortizedorpaidoff6F-22ChapterOutlineFutureandPresentValuesofMultipleCashFlowsValuingLevelCashFlows:AnnuitiesandPerpetuitiesComparingRates:TheEffecto
3、fCompoundingLoanTypesandLoanAmortization6F-33MultipleCashFlows–FutureValueExample6.1P145Findthevalueatyear3ofeachcashflowandaddthemtogetherToday(year0):FV=7000(1.08)3=8,817.98Year1:FV=4,000(1.08)2=4,665.60Year2:FV=4,000(1.08)=4,320Year3:value=4,000Total
4、valuein3years=8,817.98+4,665.60+4,320+4,000=21,803.58Valueatyear4=21,803.58(1.08)=23,547.87书上是另一种算法,每年推移滚动6F-44MultipleCashFlows–FVExample2Supposeyouinvest$500inamutualfundtodayand$600inoneyear.Ifthefundpays9%annually,howmuchwillyouhaveintwoyears?FV=500
5、(1.09)2+600(1.09)=1,248.056F-55MultipleCashFlows–Example2ContinuedHowmuchwillyouhavein5yearsifyoumakenofurtherdeposits?两种方法思考Firstway:FV=500(1.09)5+600(1.09)4=1,616.26Secondway–usevalueatyear2:FV=1,248.05(1.09)3=1,616.266F-66MultipleCashFlows–FVExample3
6、Supposeyouplantodeposit$100intoanaccountinoneyearand$300intotheaccountinthreeyears.Howmuchwillbeintheaccountinfiveyearsiftheinterestrateis8%?FV=100(1.08)4+300(1.08)2=136.05+349.92=485.976F-77MultipleCashFlows–PresentValueExample6.3P149FindthePVofeachcas
7、hflowsandaddthemYear1CF:200/(1.12)1=178.57Year2CF:400/(1.12)2=318.88Year3CF:600/(1.12)3=427.07Year4CF:800/(1.12)4=508.41TotalPV=178.57+318.88+427.07+508.41=1,432.936F-88Example6.3Timeline01234200400600800178.57318.88427.07508.411,432.936F-99MultipleCash
8、FlowsUsingaSpreadsheetYoucanusethePVorFVfunctionsinExceltofindthepresentvalueorfuturevalueofasetofcashflowsSettingthedataupishalfthebattle–ifitissetupproperly,thenyoucanjustcopytheformulasClickontheExceliconforanexample6F-1010Mul