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1、ConfirmingPagesCHAPTER6TimeValueofMoneyConceptsOVERVIEWTimevalueofmoneyconcepts,specificallyfuturevalueandpresentvalue,areessentialinavarietyofaccountingsituations.Theseconceptsandtherelatedcomputationalproceduresarethesubjectsofthischapter.Presentvaluesandfuturev
2、aluesofsingleamountsandpresentvaluesandfuturevaluesofannuities(seriesofequalperiodicpayments)aredescribedsepa-ratelybutshowntobeinterrelated.LEARNINGAfterstudyingthischapter,youshouldbeableto:OBJECTIVES●LO6–1Explainthedifferencebetweensimpleandcompoundinterest.(p.
3、322)●LO6–2Computethefuturevalueofasingleamount.(p.323)●LO6–3Computethepresentvalueofasingleamount.(p.324)●LO6–4Solveforeithertheinterestrateorthenumberofcompoundingperiodswhenpresentvalueandfuturevalueofasingleamountareknown.(p.326)●LO6–5Explainthedifferencebetwee
4、nanordinaryannuityandanannuityduesituation.(p.331)●LO6–6Computethefuturevalueofbothanordinaryannuityandanannuitydue.(p.333)●LO6–7Computethepresentvalueofanordinaryannuity,anannuitydue,andadeferredannuity.(p.334)●LO6–8Solveforunknownvaluesinannuitysituationsinvolvi
5、ngpresentvalue.(p.339)●LO6–9Brieflydescribehowtheconceptofthetimevalueofmoneyisincorporatedintothevaluationofbonds,long-termleases,andpensionobligations.(p.342)sspi2532X_ch06_320-357.indd320pi2532X_ch06_320-357.indd320003/01/125:16PM3/01/125:16PMConfirmingPagesFIN
6、ANCIALREPORTINGCASETheWinningTicketAlCastellanohadbeenbuyingCaliforniaStatelotteryticketsfor15yearsathisneighborhoodgrocerystore.OnSunday,June24,2001,hisworldchanged.Whenheawoke,openedthelocalnewspaper,andcomparedhislotteryticketnumberswithSaturdaynight’swinningnu
7、mbers,hecouldn’tbelievehiseyes.Allofthenumbersonhisticketmatchedthewinningnumbers.Hewentoutsideforawalk,camebackintothekitchenandcheckedthenumbersagain.HewokehiswifeCarmen,toldherwhathadhappened,andtheydancedthroughtheirapartment.Al,a66-year-oldretiredsupermarketc
8、lerk,andCarmen,a62-year-oldsemiretiredsecretary,hadwonwhatatthattimewastherichestlotteryinCalifornia’shistory,$141million!OnMondaywhenAlandCarmenclaimed
