公司理财(双语)timevalu.ppt

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1、Chapter2FundamentalsofCorporateFinanceNinthEditionPresentValue,TheObjectivesofTheFirm,andNetPresentValueTimevalueofmoneyAdollartodayisworthmorethanadollartomorrow.ThedollartodaycanbeinvestedtostartearninginterestimmediatelyPresentandFutureValuePresentValueValuetodayofafutureca

2、shflow.FutureValueAmounttowhichaninvestmentwillgrowafterearninginterestSimpleandCompoundinterestSimpleinterestInterestisnotreinvested,isearnedeachperiodonlyontheoriginalprincipal.CompoundinterestInterestmeansearninginterestoninterest.DiscountFactorsandRatesDiscountRateInterest

3、rateusedtocomputepresentvaluesoffuturecashflows.DiscountFactorPresentvalueofa$1futurepayment.Supposeyouinvest$1000foroneyearat5%peryear.Whatisthefuturevalueinoneyear?Interest=1000(.05)=50Valueinoneyear=principal+interest=1000+50=1050FutureValue(FV)=1000(1+.05)=1050Supposeyoule

4、avethemoneyinforanotheryear.Howmuchwillyouhavetwoyearsfromnow?FV=1000(1.05)(1.05)=1000(1.05)2=1102.50FutureValuesFutureValueof$100=FVFV=PV(1+r)tFV=futurevaluePV=presentvaluer=periodinterestratet=numberofperiodsFuturevalueinterestfactor=(1+r)tQuickQuizWhatisthedifferencebetween

5、simpleinterestandcompoundinterest?Supposeyouhave$500toinvestandyoubelievethatyoucanearn8%peryearoverthenext15years.Howmuchwouldyouhaveattheendof15yearsusingcompoundinterest?Howmuchwouldyouhaveusingsimpleinterest?5C-9FutureValuesExample-FVWhatisthefuturevalueof$100ifinterestisc

6、ompoundedannuallyatarateof6%forfiveyears?FutureValuesExample-FVWhatisthefuturevalueof$400,000ifinterestiscompoundedannuallyatarateof5%foroneyear?5-12PresentValuesHowmuchdoIhavetoinvesttodaytohavesomeamountinthefuture?FV=PV(1+r)tRearrangetosolveforPV=FV/(1+r)tWhenwetalkaboutdis

7、counting,wemeanfindingthepresentvalueofsomefutureamount.Whenwetalkaboutthe“value”ofsomething,wearetalkingaboutthepresentvalueunlesswespecificallyindicatethatwewantthefuturevalue.QuickQuiz–PartIIWhatistherelationshipbetweenpresentvalueandfuturevalue?Supposeyouneed$15,000in3year

8、s.Ifyoucanearn6%annually,howmuchdoyouneedtoinvesttoday?Ifyouc