(chapter 4-7)(公司理财-对外经济贸易大学)new

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1、CORPORATEFINANCIALCORPORATEFINANCIALMANAGEMENTMANAGEMENTPARTIIDETERMINANTSOFVALUATION(chapter4-7)Chapter4Chapter4TheTimeValueofMoneyIntroductionIntroduction1.Interest2.FutureValueandPresentValue3.Annuity4.UnevenpaymentNotationNotationItodenotesimpleinterestitodenotetheintere

2、strateperperiodntodenotethenumberofperiodsPMTtodenotecashpaymentPVtodenotethepresentvaluedollaramountttodenotetimeTtodenotethetaxratePV=principalamountattime00FV=futurevaluentimeperiodsfromtime0n1.Interest1.InterestòSimpleInterest–InterestpaidontheprincipalsumonlyòCompoundIn

3、terest–InterestpaidontheprincipalandonpriorinterestthathasnotbeenpaidorwithdrawnòInFinance,CompoundInterestismoreimportant5Figure4.1Simpleinterestandcompoundinterest...continued...continued(PMT=$1,000;i=6%)Figure4.2Growthofa$100Investmentat...continued...continuedVariousComp

4、oundInterestRates72.Futurevalue2.Futurevalueò“Howmuchisadollarworthlater?”AttheendofyearnforasumcompoundedatinterestrateiisFV=PV(1+i)nFormulan0InTableIinthetext,(FVIF)showsthefuturevaluei,nof$1investedfornyearsatinterestratei:FVIF=(1+i)nTableIi,nWhenusingthetable,FV=PV(FVIF)

5、n0i,n8......continuedcontinuedInterestfactors(IF)Timeperiods(n)Interestratesperperiod(i)Ifyouknowanytwo,youcansolvealgebraicallyforthethirdvariable.PresentValuePresentValueò“Howmuchisadollarinthefutureworthtoday?”1PV0=FVn[](1+i)nFormula1PVIFi,n=(1+i)nTableIIPV=FV(PVIF)TableI

6、I0ni,nFigure4.3PresentValueof$100atVarious...continued...continuedDiscountRates11......continuedcontinued•WhatisthePVof$100oneyearfromnowwith12percentinterestcompoundedmonthly?PV=$100×1/(1+.12/12)(12×1)0=$100×1/(1.126825)=$100×(.88744923)=$88.74PV=FV(PVIF)0ni,n=$100(.887)Fro

7、mTableII=$88.7012SpecialProblemsSpecialProblemsòSolvingfortheinterestrateòSolvingforthenumberofcompoundingperiodsInterestcompoundedInterestcompoundedmorefrequentlythanonceperyearmorefrequentlythanonceperyearm=#oftimesinterestiscompoundedn=#ofyearsnm=numberofperiodsFutureValu

8、einmnomFV=PV(1+)n0mPresentValueFVnPV=0i(1+nom)nmmEffectiveinterestrateEffec