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1、Thepresentvalueofthefournewoutletsisonly$954,316.78.Theoutletsareworthlessthantheycost.TheTrojanPizzaCompanyshouldnotmaketheinvestmentbecausetheNPVis–$45,683.22.IftheTrojanPizzaCompanyrequiresa15percentrateofreturn,thenewoutletsarenotagoodinvestment.SPREADSHEETAPPLICATION
2、SHowtoCalculatePresentValueswithMultipleFutureCashFlowsUsingaSpreadsheetWecansetupabasicspreadsheettocalculatethepresentvaluesoftheindividualcashflowsasfollows.Noticethatwehavesimplycalculatedthepresentvaluesoneatatimeandaddedthemup:SummaryandConclusions1.Twobasicconcepts
3、,futurevalueandpresentvalue,wereintroducedinthebeginningofthischapter.Witha10percentinterestrate,aninvestorwith$1todaycangenerateafuturevalueof$1.10inayear,$1.21[=$1×(1.10)2]intwoyears,andsoon.Conversely,presentvalueanalysisplacesacurrentvalueonafuturecashflow.Withthesame
4、10percentinterestrate,adollartobereceivedinoneyearhasapresentvalueof$.909(=$1/1.10)inyear0.Adollartobereceivedintwoyearshasapresentvalueof$.826[=$1/(1.10)2].2.Wecommonlyexpressaninterestrateas,say,12percentperyear.However,wecanspeakoftheinterestrateas3percentperquarter.Al
5、thoughthestatedannualinterestrateremains12percent(=3percent×4),theeffectiveannualinterestrateis12.55percent[=(1.03)4–1].Inotherwords,thecompoundingprocessincreasesthefuturevalueofaninvestment.Thelimitingcaseiscontinuouscompounding,wherefundsareassumedtobereinvestedeveryin
6、finitesimalinstant.3.Abasicquantitativetechniqueforfinancialdecisionmakingisnetpresentvalueanalysis.Thenetpresentvalueformulaforaninvestmentthatgeneratescashflows(Ci)infutureperiodsis:Theformulaassumesthatthecashflowatdate0istheinitialinvestment(acashoutflow).4.Frequently
7、,theactualcalculationofpresentvalueislongandtedious.Thecomputationofthepresentvalueofalong-termmortgagewithmonthlypaymentsisagoodexampleofthis.Wepresentedfoursimplifyingformulas:5.Westressedafewpracticalconsiderationsintheapplicationoftheseformulas:1.Thenumeratorineachoft
8、heformulas,C,isthecashflowtobereceivedonefullperiodhence.2.Cashflowsaregenerallyirregularinpract
