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1、TheTimeValueofMoney9ChapterOutlineTimevalueassociatedwithmoneyDeterminingfuturevaluebasedonnumberofperiodsoverwhichfundsaretobecompoundedatgiveninterestratePresentvaluebasedoncurrentvalueoffundstobereceivedTablesforfutureandpresentvalues,theirneedincomputations,determinationofyieldCompou
2、ndingordiscountingoccurringonalessthanannualbasis2Relationshipto theCapitalOutlayDecisionDeterminewhetherfuturebenefitsaresufficientlylargetojustifycurrentoutlaysMathematicaltoolshelpinmakingcapitalallocationdecisions3FutureValue–SingleAmountMeasuringvalueofanamountthatisallowedtogrowata
3、giveninterestoveraperiodoftimeisnecessaryAssumingthattheworthof$1,000needstobecalculatedafter4yearsata10%interestperyear,wehave:1styear……$1,000X1.10=$1,1002ndyear…...$1,100X1.10=$1,2103rdyear……$1,210X1.10=$1,3314thyear……$1,331X1.10=$1,4644FutureValue–SingleAmount(cont’d)Ageneralizedformu
4、lais:WhereFV=FuturevaluePV=Presentvaluei=Interestraten=Numberofperiods;Inthepreviouscase,PV=$1,000,i=10%,n=4,hence;5FutureValueof$1(FVIF)6FutureValue–SingleAmount(cont’d)Indeterminingfuturevalue,thefollowingcanbeused:Where=TheinterestfactorIf$10,000wereinvestedfor10yearsat8%,thefutureval
5、uewouldbe:7PresentValue–SingleAmountAsumpayableinthefutureisworthlesstodaythanthestatedamountTheformulaforthepresentvalueisderivedfromtheoriginalformulaforfuturevalue:Thepresentvaluecanbedeterminedbysolvingforamathematicalsolutiontotheformulaabove,thusrestatingtheformulaas:Assuming8Prese
6、ntValueof$1(PVIF)9RelationshipofPresent andFutureValue10FutureValue–AnnuityAseriesofconsecutivepaymentsorreceiptsofequalamountThefuturevalueofeachpaymentcanbetotaledtofindthefuturevalueofanannuityAssuming,A=$1,000,n=4,andi=10%11FutureValue ofanAnnuityof$1(FVIFA)12CompoundingProcessforAnn
7、uity13PresentValue–AnnuityCalculatedbydiscountingeachindividualpaymentbacktothepresentandthenallofthesepaymentsareaddedupAssumingthatA=$1,000,n=4,i=10%,wehave:14Presentationof TimeValueRelationshipRequiresvariouscomparisonwhichinclude:Therelationshipbetweenpresentvalueand
