fundamentals of corporate finance brealey richard

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1、Rev.ConfirmingPagesWALK-THROUGHBrealey/Myers/MarcusYourguidethroughthechallenginglandscapeofcorporatefinance.ChapterOpenerEachchapterbeginswithachapternarrativetohelpsetthetoneforthematerialthatfollows.LearningCHAPTERObjectivesarealsoincludedto5provideaquickintroductiontothemate

2、rialstudentswilllearnandshouldunderstandfullybeforeTheTimeValueofMoneymovingtothenextchapter.KeyTermsintheMargin5.4LevelCashFlows:PerpetuitiesandAnnuitiesKeytermsarepresentedinboldandFrequently,youmayneedtovalueastreamofequalcashflows.Forexample,ahomedefinedinthemarginastheyarem

3、ortgagemightrequirethehomeownertomakeequalmonthlypaymentsforthelifeintroduced.Aglossaryisalsoavail-oftheloan.Fora30-yearloan,thiswouldresultin360equalpayments.A4-yearcarloanmightrequire48equalmonthlypayments.Anysuchsequenceofequallyspaced,ableatthebackofthebook.annuitylevelcashf

4、lowsiscalledanannuity.Ifthepaymentstreamlastsforever,itiscalledaEquallyspacedlevelperpetuity.streamofcashflows,withafinitematurity.HowtoValuePerpetuitiesSometimeagotheBritishgovernmentborrowedbyissuingloansknownasconsols.perpetuityConsolsareperpetuities.Inotherwords,insteadofrep

5、ayingtheseloans,theBritishStreamoflevelcashgovernmentpaystheinvestorsafixedannualpaymentinperpetuity(forever).paymentsthatneverHowmightwevaluesuchasecurity?Supposethatyoucouldinvest$100atanends.interestrateof10%.Youwouldearnannualinterestof.10 3 $100 5 $10peryearandcouldwithdraw

6、thisamountfromyourinvestmentaccounteachyearwithouteverrun-▲NumberedExamplesEXAMPLE5.8WinningBigattheLotteryNumberedandtitledexamplesareInAugust2006eightluckymeatpackersfromNebraskapooledtheirmoneytobuyPowerballlotteryticketsandwonarecord$365million.Wesuspectthatthewinnersintegra

7、tedineachchapter.Studentsreceivedunsolicitedcongratulations,goodwishes,andrequestsformoneyfromdozensofmoreorlessworthycharities,relations,andnewlydevotedfriends.Incanlearnhowtosolvespecificprob-response,theycouldfairlypointoutthattheprizewasn’treallyworth$365million.Thatsumwasto

8、bepaidin30equalannualinstallmentsof$12.167milli