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ID:51626527
大小:1.05 MB
页数:35页
时间:2020-03-26
《现代财务管理全套配套课件詹姆斯R.麦圭根 Ch05 MMK11.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、5TheTimeValueOfMoney©2009South-Western/Cengage12IntroductionThischapterintroducestheconceptsandskillsnecessarytounderstandthetimevalueofmoneyanditsapplications.3SimpleandCompoundInterestSimpleInterestInterestpaidontheprincipalsumonlyCompoundInterestInterestpaidonthepr
2、incipalandonpriorinterestthathasnotbeenpaidorwithdrawn456ttodenotetimePV0=principalamountattime0FVn=futurevaluentimeperiodsfromtime0PMTtodenotecashpaymentPVtodenotethepresentvaluedollaramountTtodenotethetaxrateItodenotesimpleinterestitodenotetheinterestrateperperiodnt
3、odenotethenumberofperiodsNotation7FutureValueofaCashFlowAttheendofyearnforasumcompoundedatinterestrateiisFVn=PV0(1+i)nFormulaInTable1inthetext,(FVIFi,n)showsthefuturevalueof$1investedfornyearsatinterestratei:FVIFi,n=(1+i)nTableIWhenusingthetable,FVn=PV0(FVIFi,n)89Tabl
4、eshaveThreeVariablesInterestfactors(IF)Timeperiods(n)Interestratesperperiod(i)Ifyouknowanytwo,youcansolvealgebraicallyforthethirdvariable.10PresentValueofaCashFlow111213ExampleUsingFormulaWhatisthePVof$100tobereceivedthreeyearsfromnowifwecanearn4percentinterestcompoun
5、dedannually?14ExampleUsingTableII15AnnuityAseriesofequalCFamountsCFsoccurforafinitenumberofperiodsCFsoccuratthesamepointineachperiodReceivercaninvestCFstoearnatthesamerateovertheannuityperiod16OrdinaryAnnuityandAnnuityDueOrdinaryannuityiswheretheCFsoccurattheendofeach
6、period.AnnuitydueiswheretheCFsoccuratthebeginningofeachperiod.17OrdinaryAnnuityandAnnuityDue1718FVIFAi,n=FormulaforIFFVANn=PMT(FVIFAi,n)TableIIIFutureValueofanOrdinaryAnnuity(1+i)n–1i1920202122PresentValueofanOrdinaryAnnuity232425AnnuityDueFutureValueofanAnnuityDueFVA
7、NDn=PMT(FVIFAi,n)(1+i)TableIIIPresentValueofanAnnuityDuePVAND0=PMT(PVIFAi,n)(1+i)TableIV2627OtherImportantFormulasSinkingfundPaymentsonaloanPresentvalueofaperpetuityPVAdditionalCashFlowPatternsUnevenpaymentstreamDeferredannuities282930InterestCompoundedMoreFrequentlyT
8、hanOncePerYear31m=#oftimesinterestiscompoundedperyearn=#ofyears323334EffectiveRateCalculationsRateofinterestpercompoundingpe
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