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1、Chapter4TimeValueofMoney:ValuingCashFlowStreams49Chapter4TimeValueofMoney:ValuingCashFlowStreamsNote:AllproblemsinthischapterareavailableinMyFinanceLab.Anasterisk(*)indicatesproblemswithahigherlevelofdifficulty.Editor’sNote:Aswemoveforwardtomorecomplexfinancialan
2、alysis,thestudentwillnoticethatsomeproblemsmaycontainalargeamountofdatafromdifferenttimeperiodsthatrequiremorecomplicatedandintensiveanalysis.Moderninformationtechnologyhasevolvedintheformoffinancialcalculatorswithbuilt-inanalysisfunctionsandTimeValueofMoneyfunct
3、ionsthatarebuiltintocomputer-basedelectronicspreadsheetsoftwaresuchasExcel.Thesolutionsformanydata-andcomputationallyintensiveproblemswillbepresentedinformulaformwithasolution,aswellaswiththeappropriatefinancialcalculatorcommandsandExcelfunctionstoproducethesamec
4、orrectanswer.Inthisway,itisourexpectationthatstudentswilldevelopproficiencyinsolvingfinancialanalysisproblemsbymathematicalcalculationaswellasbyusingfinancialcalculatorsandelectronicspreadsheets.1.a.Year12345CF1020304050b.Year12345CF5040302010©2015PearsonEducatio
5、nLimitedChapter4TimeValueofMoney:ValuingCashFlowStreams49c.Thepresentvalueisdifferentbecausethetimingofthecashflowsisdifferent.Inthesecondset,yougetthelargercashflowsearlier,soitismorevaluabletoyouandshowsupasahigherPV.2.Year1234CF100-100200-2003.Year12345CF10000
6、-2000-3000-3500-3975,soyes,thePVofyourpaymentswouldjustcovertheloanamount(actuallyexceedingitby12cents).Thus,themaximumyoucouldborrowwouldbe10,000.124.Month12345678CF500550600650700750800850So,thePVofyourpaymentswillexceedtheloanbalance.Thismeansthatyourplannedpa
7、ymentswillbeenoughtopayoffyourcreditcard.5.012345 4,000–1,000–1,000–1,000–1,000–1,000Fromthebank’sperspective,thetimelineisthesameexceptallthesignsarereversed.©2015PearsonEducationLimitedChapter4TimeValueofMoney:ValuingCashFlowStreams496.0123
8、448 –300–300–300–300–300Fromthebank’sperspective,thetimelinewouldbeidenticalexceptwithoppositesigns.7.Plan:Drawthetimelineandthencompute
