基础会计英文版课件第二版郭桂杭 ISBN9787566307125 PPTSupplement3 Applications of Present Value.ppt

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1、Supplement3ApplicationsofPresentValueTheConceptofPresentValueThepresentvalueofanexpectedfuturecashreceiptistheamountthataknowledgeableinvestorwouldpaytodayfortherighttoreceivethatfutureamount.Thepresentvaluedependsonthreefactors:TheexpectedmoneyamounttobereceivedinthefutureThelength

2、oftimeuntilthefutureamountwillbereceivedTherateofreturn(calledthediscountrate)requiredbytheinvestor.TheConceptofPresentValueP=presentamountF=FutureamountPT:thelengthoftimeFPT:thediscountrateFT:thedifferencebetweenFandPTheConceptofPresentValueAnExample:Aspecificinvestmentisexpectedt

3、oresultina100yuancashattheendofoneyear.Aninvestorrequiringa10%annualratereturnwouldbewillingtopay90.9yuantodayforthisfutureamount.TheConceptofPresentValueAmounttobeinvested(presentvalue)90.9Requiredreturnoninvestment(90.910%)9.1Amounttobereceivedinoneyear(futurevalue)100AnExample:I

4、fthe100yuanistobereceivedtwoyearsinthefuture,theinvestorwouldpayonly82.6yuanfortheinvestmenttodayTheConceptofPresentValueAmounttobeinvested(presentvalue)82.6Requiredreturnoninvestmentinfirstyear(8.2610%)8.3Amountinvestedafteroneyear90.9Requiredreturnoninvestmentinsecondyear(90.910

5、%)9.1Amounttobereceivedintwoyears(futurevalue)100TheConceptofPresentValueSetthefuturevalueas1yuan.Thepresentvalueof1yuanis:p=1/(1+i)nTableofpresentvaluesTheConceptofPresentValueAnExample:Iftheabove-mentionedinvestorexpectstoearn100yuanfromhisinvestmenteachyearofthenextthreeyears,how

6、muchshouldheinvestnow?YearExpectednetPresentvalueof=Presentvalueofcashflow1yuandiscountednetcashflowsat10%1100yuan.90990.9yuan2100.82682.63100.75175.1Totalpresentvalueoftheinvestment:248.6yuanAnnuitytableAccountingApplicationsofthePresentValueConceptValuationofLongTermNotesReceivab

7、leandPayableGuangliCo.Ltdissuedaninstallmentnotepayablewithafaceamountof9600yuanandnostatedrateofinterest.Itistobepaidin24monthlyinstallmentsof400yuaneach.Thepresentvalueofthisnote,discountedattherealisticmarketinterestrateof1%permonth,was8497yuanThedifferencebetweenthe9600yaunfacea

8、mountofthenoteandit