英文版公司理财课件chapter 4

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1、Chapter4Thetimevalueofmoney1Inthischapteryouwillgainanunderstandingoftheimportanttime-valueconceptsandmathematicsthatarewidelyusedinthefinancialdecision-makingprocessandareemployedinlaterchapters.2ObjectivesCalculatethefuturevaluetowhichmoneyinvestedatagiveninterestrate

2、willgrowCalculatethepresentvalueofafuturepaymentCalculatepresentandfuturevaluesofaseriesofcashpaymentsFindtheinterestrateimpliedbypresentandfuturevaluesUnderstandthedifferencebetweenrealandnominalcashflowsandbetweenrealandnominalinterestrates.Compareinterestratesquotedo

3、verdifferenttimeintervals—forexample,monthlyversusannualrates.3ContentFuturevaluesandcompoundinterestPresentvaluesMultiplecashflowsLevelcashflows:perpetuitiesandannuitiesInflationandthetimevalueofmoneyEffectiveannualinterestrates4Futurevalue:终值、未来价值Compoundinterest:复利Si

4、mpleinterest:单利5Timeline,whichisahorizontallineonwhichtimezeroisattheleft-handendandfutureperiodsareshownasyoumovefromlefttoright,canbeusedtodepictthecashflowsassociatedwithagiveninvestment.Thenegativevaluesrepresentingcashoutflowsandthepositivevaluesrepresentingcashinf

5、lows.PF0123n-2n-1n6Future-valuesaretypicallymeasuredattheendofaproject’slife,whilepresent-valuesaremeasuredatthestartofaproject’slife(timezero).7Supposeyouhave$100investedinabankaccount,interestrateof6%peryearInterestinyear1=.06×$100=$6Valueofinvestmentafter1year=$100+$

6、6=$106Interestinyear2=.06×$106=$6.36Valueofinvestmentafter1year=$106+$6.36=$112.368Foraninterestrateofrandahorizonoftyears,Futurevalueof$100=$100×(1+r)tFuturevalue:amounttowhichaninvestmentwillgrowafterearninginterest9Compoundinterest:interestearnedoninterestSimpleinter

7、est10Thereisanimportantdistinctionbetweencompoundinterestandsimpleinterest.Whenmoneyisinvestedatcompoundinterest,eachinterestpaymentisreinvestedtoearnmoreinterest(earninterestoninterest)insubsequentperiods.Incontrast,theopportunitytoearninterestoninterestisnotprovidedby

8、aninvestmentthatpaysonlysimpleinterest.11Thetablecomparesthegrowthof$100investedatcompoundversussimpleinterest